Mahindra Group, IBM to develop blockchain solution for supply chain finance, The Mahindra Group and IBM joined together to develop blockchain solution. It is the Mahindra & IBMfirst projects of its kind in India outside of banking industry. The blockchain solution is cloud-based application which is designed to transform supplier-to-manufacturer trade finance transactions through a permissioneddistributed ledger.
iii. This 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.
What is Blockchain :
♦ A blockchain is a distributed database that maintains a continuously-growing list of records called blocks. Each block contains a timestamp and a link to a previous block.
♦ The first blockchain was conceptualised by Satoshi Nakamoto in 2008
♦ ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD in October, 2016.