Posted 1 year ago | by Ben Armstrong
Indian Tech Giant Mahindra Joins R3's Marco Polo Network
Tech Mahindra just joined R3's Marco Polo Network. Both entities are well-respected, and the new ties may create even more progress for blockchain-based data systems.
The Marco Polo Network was launched in 2017 and it aims to provide an “open enterprise platform for trade and working capital finance to banks”, corporates, and other large companies. It is also a blockchain based platform that works to provide better security for exchanging data between members.
According to a recent announcement, The Marco Polo Network stated that Tech Mahindra, India’s leading provider of innovative digital tech, has become the first company in India to join the Marco Polo Network.
The network is based on R3’s open-source blockchain that was created to make cross-border transactions easier and safer.
Tech Mahindra Joins a Winning Team
Tech Mahindra is working with DBS Bank to expand how it uses blockchain.
It carried out several digitized financial transactions with the network, and also used Marco Polo’s Receivables Discounting tool through its new partnership with the Marco Polo Network.
This tool allows companies to managing working capital, and also can enhance liquidity while reduceing any risks associated with credit.
Rob Barnes is the CEO of the Marco Polo Network as well as TradeIX which is the company behind the Marco Polo Network.
“We are in extremely difficult and challenging times now, with facilitating trade and minimizing supply chain disruptions becoming even more important now than ever. This is a great achievement with two leading institutions with more collaborations planned in the near future.”
India is Growing Blockchain Solutions
Tech Mahindra is exploring ways to use blockchain with a specialized blockchain unit. The company has a partnership with the government of one of India’s states, and it launched a blockchain accelerator in last month.
The blockchain accelerator is named T-Block, which is a four-month program presented by the Telangana government in collaboration with IBC Media, Microsoft, and Tech Mahindra.
After joining the accelerator, startup companies will be given a boot camp for one week, and then participate in a month long training even. Both of which are spearheaded by gurus in the blockchain space.
India is a major trading nation that does a tremendous amount of business with other countries around the world. If it is able to leverage blockchain to solve some of the issues that surround trade finance and logistics, the entire economy could benefit.