India’s leading IT firm Tech Mahindra has announced a new venture to use blockchain technology for vehicle registration. While ambitious, the project remains in the early stages. Nevertheless, the company believes this project can optimize domestic vehicle registrations.
Easier, Cheaper, More Trustworthy
Tech Mahindra’s blockchain foray announcement came at an Annual Innovation Day event organized by the company.
The idea underlying the move is simple: adopting the technology will not only make the registration process easier but also more trustworthy and cheaper. The current registration system in the nation is lanky, forcing dealers to take vehicles to the Road Transport Authority (RTA) for registration.
Accordingly, the Mahindra blockchain project should eventually enable the issuance of registration certificates and vehicle numbers without the need to visit the RTA.
A company official noted the promise of the move:
“RTA is coming to the dealer because of the blockchain technology we are using. Vehicle dealer, RTA, buyer, and the financier are getting connected by the technology.”
Mahindra: Blockchain Rids Corruption
Additionally, two southern Indian states have declared their interest in the Mahindra blockchain project.
“The proof of concept is ready from a technical perspective. Road transport departments of two states have shown interest. We are in discussion with them for undertaking pilots,” a Mahindra spokesperson commented.
To this end, blockchain adoptions of this sort can boost transparency in business or governance — a great solution for India, a country that has suffered from continuous corruption issues in recent decades.
And while the Indian government has failed to set clear regulations for the popular cryptocurrency Bitcoin, it seems they have no problems with the underpinning blockchain tech.
Mahindra’s Other Blockchain Experiments
At the start of 2017, the company shared its optimistic views on implementing blockchain tech in the telecommunication and finance industries, all the while scouring for US partner companies.
Last year, the company partnered with IBM to develop supply-chain applications. Moreover, the company wants to engage with blockchain startups from across the globe to help propel the revolutionary technology to its full capacity.
This year, Tech Mahindra planned to set up global blockchain start-up incubation center. Anish Shah, Mahindra Group Global President of Strategy, said: “We are looking at an incubation center for blockchain, which will be a global center.”
And in November, Tech Mahindra partnered with a blockchain-based energy trading platform Power Ledger to launch a new service that focuses on clients dealing in microgrids. Power Ledger aims to trade electricity at an affordable price to efficiently distribute energy.
Alas, the march toward widespread blockchain adoption continues on.
Can blockchain technology be a game changer in 2018? Let us know your views in the comments section below.
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