BENGALURU: IT services major Tech Mahindra has partnered with Stockholm-based ChromaWay to deliver blockchain technology solutions to the Indian market.
ChromaWay and Tech Mahindra will focus on developing core technologies primarily for land registration and real estate process orchestration.
The company said ChromaWay’s experience in building blockchain solutions for government agencies in Sweden and Andhra Pradesh would be useful for the technology solutions to be developed through this partnership.
“Together, they aim to build on the existing strong relationship with the governments, and in due course expand to neighboring states. The ultimate goal through this partnership is to have the open-source technology platform powering a rich ecosystem of applications both in land registration and beyond, on a global scale,” said the company in a statement.
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In fact, Indian government is currently exploring opportunities to bring more transparency in land records and registration systems.
The country’ policy think tank NITI Aayog said it would soon bring out a discussion paper on prospective use of blockchain technology on areas such as land records, electronic health records.
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ChromaWay has worked with banks, companies, and organizations across five continents and its product, Postchain, the world’s first consortium database, unites the best features of database and blockchain technology, said Tech Mahindra. “Distributed ledger technology is becoming mainstream. Public sector and governments would be amongst the largest beneficiaries, as blockchain technology would help them in streamlining their processes and making them transparent. We have found ChromaWay’s solution quite powerful; something that can definitely help address some of the challenges our public sector has,” Vivek Agarwal, Global Head Enterprise Verticals Solutions and Portfolio Companies at Tech Mahindra, was quoted in the statement.