Indian IT major Tech Mahindra and financial technology specialist Adjoint have rolled out a blockchain-based solution for financial management and insurance services.

Developed using open-source distributed ledger platform Uplink, the new solution will enable companies to implement, maintain, authenticate and complete secure, multi-party workflows.

For every $1bn of financial risk management and banking relationships, the solution will enable entities to save up to $4m, claims Adjoint.

The solution will feature a messaging and consensus protocol mechanism, which will enable participants to decide whether data can be added to the blockchain ledger.

Using the Adjoint solution, companies can authenticate the business case with their own data in their own secure environment.

The process will abolish out-of-order and double data entry, creating a seamless and reliable user experience.

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As a result, auditors can gain access to an absolute record of all transactions to better support reporting and compliance.

Tech Mahindra global head of blockchain Rajesh Dhuddu said: “Tech Mahindra will partner with Adjoint to provide customised treasury and insurance solutions to Asia, Europe, and the US markets.

“The solutions will help the clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion.

“With Tech Mahindra focusing on the Banking, financial services and insurance (BFSI) sector across the globe, we are happy to collaborate with a financial technology company like Adjoint to enrich our Banking and Insurance Solutions offerings.”

Adjoint COO Somil Goyal said: “Our collaboration with Tech Mahindra will help us bring digital innovation to the corporate treasury and insurance space.

“Our solutions provide secure, end to end automation of business processes that reduce costs and eliminate the cumbersome process of data entry and reconciliations, which is common today in banks and corporates.”