At Mahindra, we operate in a wide spectrum of industries — from automotive and farm equipment, to financing, IT services, hospitality and clean energy. Our “Rise” values and the spirit of entrepreneurship, drive innovation and creation of industry-leading brands. We strive to stay ahead of the technology curve and maintain a start-up mindset.
It was early last year that we highlighted blockchain as the next big industry revolution, like Uber’s taxi service and fleet aggregation, which has disrupted the traditional automobile and mobility businesses. Our thought was, if there is something that can disrupt us, then we need to be in it.
We spent the next couple of months understanding blockchain. While in concept it seems simple, in reality it is extremely complex. Our senior leadership team was excited about it and spent a fair amount of time assessing why blockchain has the potential to be almost as big as the internet and what the implications were for us.
Our introduction to blockchain
A major catalyst in our journey to blockchain was last year’s Consensus conference in New York — the world’s largest blockchain conference. That’s where we realized that, although this was a very hyped up idea, there were only a few very serious, large players in the space. IBM was one of them; not only creating their own platform based on The Linux Foundation’s Hyperledger Fabric, but also contributing broadly to the blockchain ecosystem alongside its consortium partners. Several start-ups had entered this space as well.
We assessed IBM and the start-ups. Most of the blockchain work from IBM was happening out of India at that time. Our team visited Bangalore to meet the people working in the research labs. They were immersed and truly invested in blockchain.
We identified multiple use cases across our businesses and short-listed supply chain financing as the starting point for our journey.
Mahindra and IBM are working to create a common platform for Mahindra Finance’s supplier to manufacturer transactions, allowing all parties to view transactions in real time, driving trust and transparency through the supply chain.
This cloud based application is one of the first such blockchain-enabled projects of its kind in India outside of traditional banking. This initiative aims to deliver immense value to customers and would also help Mahindra Finance to design and deliver new products.
As a diverse federation of businesses ranging from agriculture to aerospace, Mahindra is uniquely positioned to leverage the benefits of a blockchain-enabled solution for supply chain finance in India. This initiative aligns perfectly with Mahindra’s tech and innovation driven growth strategy.
Blockchain technology is still at an early stage when it comes to business applications. However, there is no doubting its massive potential as it transforms the business landscape in India and globally over the coming years.
Mahindra at InterConnect 2017
Join Mahindra tonight from 4:45 – 5:30 PM in South Pacific F. We will be talking about our journey with blockchain and IBM, and our plans moving forward. We will talk about the first supply chain finance blockchain project in India, and what we are doing to make existing businesses more efficient while discovering new opportunities.
Learn more about Mahindra and find out more information on how to stay current with the latest in IBM Blockchain technology and solutions.
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As an IBM Distinguished Engineer, I have spent the last two and a half years working on blockchain with our U.S. banking and insurance clients. More recently, I have been the IBM technical executive overseeing open Insurance Data Link (openIDL), the insurance network partnership with the American Association of Insurance Services (AAIS). It’s been very […]