Blockchain Supply Chain

The Mahindra Group has begun using blockchain to improve its supply chain finance business and, by the end of next year, hopes to introduce the technology to other parts of its business, reports Economic Times. Blockchain - the technological backbone of cryptocurrency Bitcoin - allows the creation of ledgers that are virtually impossible to tamper.

"We have a digital team and about 11 months ago, we created a subset of that team, to look at blockchain. We have about five use-cases for this, but we decided to pilot it with supply chain finance," Anish Shah, Group President of Strategy for the Mahindra Group, told ET. Shah added that the solution would likely take a month or two to show results. And, if successful, the group would start working on other blockchain use-cases.

The group is also in the initial stages of exploring how to use augmented reality and virtual reality in its business. Mahindra is working with technology giant IBM on blockchain, though it has also explored working with a startup.

The blockchain offering is expected to cut the time it will take for Mahindra to run its invoice discounting business. Invoice discounting is the process of bundling and selling unpaid bills at a slight discount and is a major source of working capital for suppliers who would otherwise need to wait a month or more to be paid.

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