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Indian IT Giant Tech Mahindra To Deploy Various Blockchain Solutions

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Blockchain technology has gained colossal popularity amongst prominent companies as well as governments. Several platforms across the globe have been trying to incorporate blockchain technology into various industries. With almost every country exploring the prospects of blockchain tech, India decided to jump onto the bandwagon. The country’s prominent IT company recently revealed the onboarding of blockchain tech.

Tech Mahindra Partners With Amazon Web Services

On Monday, Tech Mahindra revealed that the IT company was collaborating with Amazon Web Services [AWS] to roll out blockchain technology-based solutions. The platform will reportedly utilize the potential blockchain solutions specifically in healthcare, telecom as well as aviation sectors. However, the Indian multinational tech company intends to deploy blockchain solutions for other services including finance, banking, manufacturing, oil, and gas along with retail.

As reported by The Economic Times, Tech Mahindra is said to look into the aforementioned projects in the next 12 to 18 months. Elaborating on the firm’s latest move, Rajesh Dhuddu, the Blockchain and Cybersecurity Practise Leader at Tech Mahindra pointed out the importance of the inclusion of blockchain tech particularly during the time of the ongoing pandemic. He detailed,

“Global businesses are facing sustained headwinds and struggling to collectively navigate and strategize in this new, unchartered territory and facilitate business continuity in the current COVID world. Ensuring supply chain continuity is paramount and needs more attention in the coming times.”

For the aviation sector, the IT firm plans on utilizing blockchain tech during the delivery procedure to track and trace kits. Furthermore, for the medical industry, blockchain solutions would mainly be used to track and verify deceitful medical materials like face masks, gloves, PPE kits as well as sanitizers.

Additionally, Rajesh Dhuddu highlighted the need for platforms to tackle the issues they face via blockchain tech. He added,

“Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post COVID-19 for organizations operating global supply chains and eliminate siloes.”

Tech Mahindra is not new to blockchain tech as back in July, the Indian IT giant rolled out a platform dedicated to the entertainment industry with blockchain-based digital contracts and rights, developed by IBM’s blockchain platform.

Tech Mahindra Pushes For More Developments With SR Innovations Exchange Acceleration

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India has been warming up to the idea of using new technologies to develop products that can cater to a global audience. These technologies include blockchain, artificial intelligence, machine learning, etc.

To keep up with the times, Tech Mahindra has announced its latest tie-up with SR Innovation Exchange, Warangal to launch its own acceleration program. This was set to help nurture companies to their fullest potential.

The partnership between Tech Mahindra and SRiX has resulted in the launch of XELERATE, a 3-month acceleration program to create an ecosystem for faster incubation. The program intends to support startups working on niche technologies and want more resources and mentorship.

Geroge Mundassery, the Global Head of Automation and AI at Tech Mahindra had said:

“Enterprise adoption of Artificial Intelligence is on the rise, and we continue to expand our industry-aligned Artificial Intelligence solutions through our TechMNxT charter, where we co-innovate with the larger ecosystem of partners, academia and customers.  We are excited to fast track the business adoption of bright start-ups with our expert mentoring on technology through the Xelerate program.”

Officials close to the developments have stated that new technologies were the need of the hour and that more people need to dabble in it. Sreedevi Devireddy, the chief executive of SR Innovation Exchange has placed her bets on products that help improve the digital economy.

According to her, upcoming technologies need to involve sectors such as academia, corporate, incubators and startups. This was intended to create a fledging economy where resources could be shared across various industries. Others close to the project believe that the incubator will help struggling startups to better themselves and become a full-fledged company. According to the model of the accelerator, entrepreneurs will be able to use proven business models to scale up their businesses.

Proponents of new space have revealed that they are excited about a prospect where Indian companies can utilize state of the art technology to further their growth. Tech Mahindra plays a big part in this because of the company’s vision for an upgraded future.

Tech Mahindra was also in the news recently when it partnered with the state of Telangana to launch a blockchain accelerator. Both the parties involved have stated that they want to make Telangana the “blockchain capital of the world”. With the launch of the new T-Block accelerator, blockchain startups in India are expected to have a helping hand soon.

Telangana and Tech Mahindra Embark on Creating ‘Blockchain capital’ With Latest Accelerator Launch

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The usage of blockchain technology has been on the rise due to multiple organizations running to adopt it. This sentiment has also reached the shores of India where there is a ban on cryptocurrencies.

New reports now state that mainstream Indian companies were taking their interest in blockchain technology to the next level. Tech Mahindra announced that they will be partnering with the Telangana government to launch their own blockchain accelerator.

Tech Mahindra stated that the T-Block Accelerator will be a first of its kind innovation to boost growth in the state of Telangana, India. The launch was conducted in association with the Telangana Blockchain District, the state government and IBC Media.

The Telangana government informed people about the positives of the launch and claimed that the development would enable it to become the “blockchain capital of the world”. Rajesh Dhuddu, the Global Practice Leader of Blockchain at Tech Mahindra said:

“As part of our TechMNxt charter, we at Tech Mahindra have been bullish in our efforts to expand blockchain adoption in India and globally. Our partnership with the state government for the Telangana Blockchain District stems from our desire to build a world-class support infrastructure for blockchain startups and make Hyderabad a destination of choice among several new-age entrepreneurs and blockchain evangelists.”

To carry forward the idea of a “blockchain capital”, the Government of Telangana and Tech Mahindra had signed an MoU back in 2018. According to the MoU, the private company could take steps and measures to propagate blockchain use across the country. Companies interest in being a part of the Accelerator could register for it since February 3. Selected companies will then be subject to a one-week boot camp followed by a four-week long intensive training program.

The advancements made at the state level are expected to carry forward and create a more holistic central structure. The accelerator program plans to provide substantial concessions and benefits, tax relief as well as state-sponsored cloud storage subsidies.

The interest to bring blockchain to the state has been ingrained into the state’s laws. Just recently, changes were made in the district policy that provided for the creation of a regulatory sandbox. Along with this, the government also plans to establish educational initiatives and a Research and Development Institute.