Blockchain Firm ChromaWay, Tech Mahindra Partner To Bring Blockchain Solutions To Indiabr>
Tech Mahindra is a $4.6 billion company with over 117,000 employees across 90 countries. It provides information technology (IT), networking technology solutions, and business process outsourcing (BPO) to the telecommunications industry, which includes Fortune 500 companies.
Founded in 2014, ChromaWay provides a platform for smart contracts and issuing and transferring assets through a blockchain. ChromaWay has been working with the Swedish Land Registry and other institutions and financial companies to provide smart contract solutions for the real estate field. Last year, the company teamed with the Government of Andhra Pradesh to build a blockchain solution for a secure and smart system of land registration.
Tech Mahindra and ChromaWay will focus on developing core technologies primarily for land registration and real estate process orchestration. The work will build on ChromaWay’s experience in building blockchain solutions for government agencies in Sweden and Andhra Pradesh.
The plan is to build on the existing strong relationship with local Indian governments and expand to neighboring states in the future. The ultimate goal of the 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.
Vivek Agarwal, Global Head Enterprise Verticals Solutions and Portfolio Companies at Tech Mahindra, said that blockchain technology is becoming mainstream, and governments would be among the largest beneficiaries, as the 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,” said Agarwal.
Postchain, which was launched last year, is a consortium database that combines the power and flexibility of mature database systems with the secure collaboration and disruptive potential of blockchain. The two ongoing projects in Sweden and Andhra Pradesh are the latest applications of smart contracts technology, which is powered by Postchain.
“We are enormously excited to be partnering with Tech Mahindra in India,” said Henrik Hjelte, CEO of ChromaWay. “With our blockchain-powered consortium database technology and their extensive expertise, we can together begin to build the next generation of secure, open, and sustainable digital architecture for the connected world. This partnership represents an opportunity to leverage our open source consortium database technology to bring real and measurable improvements to society by empowering individuals, fighting corruption, and fostering collaboration.”
Tech Mahindra’s blockchain Centre of Excellence (CoE) has been focusing on building enterprise grade solutions to help customers across various sectors and multiple geographies. The partnership with ChromaWay strengthens its initiative to make strategic investments in blockchain.