On September 7, 2020, Tech Mahindra announced that it would be teaming up with Amazon Web Services to create blockchain solutions for its global clients. Tech Mahindra, a leading provider of consulting, digital transformations, and reengineering services would offer blockchain solutions built on Amazon Managed Blockchain.
The Amazon Managed Blockchain service is a fully managed service that allows companies to create and manage blockchain networks using popular and open source frameworks. Some of the solutions that Tech Mahindra will offer include:
- Kit Management
They will create blockchain solutions that make it easy to track parts from multi-tier suppliers in the aerospace and aviation industries.
- Outbound Logistics
It will offer blockchain-based solutions that allow for better clarity in business regarding consumer supply chains in the telecommunication sector.
- Medical Material Track and Trace
The company plans to create solutions that allow the tracking and identifying of counterfeit medical products in the medical supply chain.
Tech Mahindra is also working on developing and marketing various transformation blockchain solutions across many other industries. For instance, it is working on solutions for the Banking and Financial Services sector, Retail, Oil and Gas, Healthcare, and others within the next 18 months.
According to the Blockchain and Cybersecurity Practice Leader at Tech Mahindra, Rajesh Dhuddu, global companies were facing sustained headwinds due to COVID19. As a result, many were struggling on how to ensure business continuity.
He added that ensuring the continuity of supply chains was essential and would require increased attention in the future. Dhuddu said that companies should leverage technologies such as the blockchain to deal with these challenges while gaining a competitive edge. According to him, the partnership with AWS would ensure better preparedness for any future pandemic and accelerate the post COVID19 economic recovery.
Tech Mahindra’s new partnership with AWS aligns perfectly with their TechMNxt charter. The charter has a focus on offering solutions that lead to digital transformation and meets the evolving needs of customers.
The company has established an all-encompassing framework called the Block System that is made up of various levels. It is designed to be used in the creation of innovative applications that unlock value for their clients. Tech Mahindra also helps clients create Blockchain Platform as a Service (BPaaS), System Integration, and Product Engineering Services on the AWS Blockchain.
How the Blockchain Could Improve Supply Chains
The 2020 Supplier Information Study found that 81% of leaders in the supply chain world were not confident with their supplier data. The study also revealed that it took 60% of them around four days to update their supplier data. It has led to unhappy clients, missed deadlines, and most importantly, loss of profits.
The world is in dire need of a solution that could help to speed up the post-COVID19 recovery. It has become clear that existing solutions will need to be greatly improved upon if the world is to make a full recovery. The blockchain technology and solutions being created and used by companies such as Tech Mahindra could not have surfaced at a better time.
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