Science and Technology

Mahindra Group, IBM to develop blockchain solution for supply chain finance

The Mahindra Group and IBM announced the development of a blockchain solution that has the potential to reinvent supply chain finance across India by enhancing security, transparency and operational processes.

  • This cloud-based application, one of the first projects of its kind in India outside of traditional banking, is designed to transform supplier-to-manufacturer trade finance transactions through a permissioned distributed ledger, said the company .
  • The blockchain-based supply chain finance solution will enable all parties involved in the transaction to act on the same shared ledger, with each party updating only their part of the process, ensuring efficiency, consistency, trust and transparency, while safeguarding sensitive information.
  • “The Mahindra Group is pioneering the use of blockchain to disrupt its traditional businesses and drive future growth. We are actively looking at other applications across the Group in financial services, auto, mobility and agritech,” said Anish Shah, Group President (Strategy), Mahindra Group.

IBM:

International Business Machines Corporation is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries.

Headquarters: Armonk, North Castle, New York, United States
Founder: Charles Ranlett Flint
Founded: June 16, 1911, New York City, New York, United States
Revenue: 81.74 billion USD (2015)