The Indian tech giant Tech Mahindra Ltd. announced Monday that it is teaming up with Amazon Web Services Inc. to build solutions based on distributed ledger blockchain technology.
Tech Mahindra intends to introduce a blockchain solution using Amazon Managed Blockchain that will use AWS to connect to customers across the globe. Amazon Managed Blockchain is a fully managed service that makes it easier to create, manage and operate multiple scalable blockchain networks – the same infrastructure that underlies the popular cryptocurrency bitcoin.
As part of this collaboration, Tech Mahindra will offer several new solutions through the AWS Marketplace focused on aviation, telecom and medical supply chains.
For the aviation and aerospace industry, the company will offer “Kit Management” supply management kits, which will provide effective track and trace ‘kits’ as they are produced from multitier suppliers in the aviation industry.
For the telecom supply chain, the company will offer “Outbound Logistics” telecom supply chains, for enhanced visibility on original equipment manufacturers and expected time of arrival for business to consumers on the supply chain. That will allow supply chain management to better understand bottlenecks in their management and streamline their shipping so that they can be on time.
For the healthcare supply chain, the company will offer “Medical Material Track and Trace” timely tracking and identification of fraudulent medical materials. This will assist with the authentication of personal protective equipment, kits, face masks, gloves, sanitizers, medical devices and anything else going through the medical supply chain.
“Global businesses are facing sustained headwinds and struggling to collectively navigate and strategize in this new, unchartered territory and facilitate business continuity in the current COVID world,” Rajesh Dhuddu, blockchain and cybersecurity practice leader at Tech Mahindra, said in a statement. “Ensuring supply chain continuity is paramount and needs more attention in the coming times. Organizations are advised to leverage technologies like Blockchain to address the challenges and create a competitive advantage for themselves.”
Tech Mahindra also plans to develop transformative blockchain solutions that will extend into industries such as banking, financial services, telecom, retail, manufacturing, oil and gas, travel and logistics. The company also teamed up with IBM Corp. in July to adopt IBM’s blockchain to power a digital rights management platform.
One benefit of blockchain technology is that once recorded transactions become tamper-evident, which makes the distributed ledgers extremely trustworthy. Although that doesn’t stop all types of potential fraud, it greatly reduces many types of errors.
According to the 2020 Supplier Information Study, provided by Tech Mahindra, 81% of supply chain leaders aren’t completely confident in their supplier data, while 60% say it took them four days to update outdated supplier information. This has resulted in missed deadlines, unhappy clients and financial loss.
The company hopes that by applying blockchain technology, which can be updated on-the-fly and read in real-time, it should help supply chain management become faster, less error-prone and let companies feel more confident about their moving parts.
“Our collaboration with AWS will support future pandemic preparedness and accelerate an economic rebound post-COVID-19 for organizations operating global supply chains and eliminate silos,” said Dhuddu.
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