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Project

IBM, Mahindra build blockchain solution for financial logistics

Customers: Mahindra Group

Information technologies

Contractors: IBM
Product: Projects based on blockchain technology

Project date: 2016/12

2016: Announcement

On December 8, 2016, the Indian corporation Mahindra Group and the American IBM announced the creation of a blockchain solution for financial logistics. The developers of the technology hope that it will improve the safety, transparency and quality of operational processes in the supply chain.

The blockchain application that Mahindra and IBM build from cloud computing will allow financial supply chain transaction participants to interact in a single registry. Each party will be responsible only for its own part of the processes, ensuring efficiency, consistency, trust and transparency, while maintaining confidential information.

Blockchain app that Mahindra and IBM build will allow financial supply chain transaction participants to interact in a single registry

The new solution will help more suppliers access credit resources and increase financial integration among suppliers, the companies said in a joint statement.

In developing the blockchain solution, Mahindra and IBM are aiming to accelerate discounting of invoices - a process of grouping and selling accounts at a discount that is a major source of working capital for many suppliers.

Through blockchain technology, Mahindra's finance division will gain access to transactions recorded on a joint registry in a mode close to real time. Thanks to this, the company will be able to develop and offer new products for small and medium-sized enterprises.

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This pilot project is a significant step forward in developing blockchain and turning it into a more sought-after and effective supply chain planning solution for Mahindra Finance's division in lending to small and medium-sized businesses. Partnering with IBM will enable us to build, test, scale and improve this solution over time
Anish Shah, President, Strategic Direction, Mahindra Group
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