Indian tech company Tech Mahindra, a subsidiary of the conglomerate Mahindra Group, has decided to use cryptos' underlying technology to speed up cross-border transactions.
The company has reportedly become the first Indian firm to use R3's Marco Polo blockchain network.
Marco Polo is a consortium of major financial and banking institutions around the world focused on streamlining international trade. The network is based on R3’s open-source blockchain platform Corda.
The use of blockchain tech has significantly accelerated the process while reducing the paperwork and time required for the whole transaction cycle.
Tech Mahindra has teamed up with Singapore’s DBS Bank, which has been responsible for facilitating the transactions and acting as the company's main commercial bank.
According to Sriram Muthukrishnan, head of trade product management at DBS Bank, the bank's goal is to provide a comprehensive trade finance experience for its clients:
"Technology plays a monumental role in breaking down barriers in cross-border trade and will remain key in facilitating the continued growth of international trade and businesses. This joint initiative with Marco Polo and Tech Mahindra complements DBS’ efforts to help our clients unlock greater efficiencies through the digitalization of often manual and complex trade finance processes."
Tech Marindra has been studying the possible uses of blockchain technology for quite some time. For instance, last month it launched a blockchain accelerator with the government of one of India's states.
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