IT Giant Tech Mahindra Joins India's Early Blockchain 'Bulls'

Despite a bearish outlook on cryptocurrencies from regulators, progressive Indian states and companies are charging ahead in exploring the applications of blockchain technology.

Announced Thursday, Swedish blockchain startup ChromaWay and Indian IT giant Tech Mahindra are joining hands to bring blockchain solutions to the Indian market.

The project is also expected to build blockchain solutions for government agencies, a release said.

This wide-lens approach fits with Tech Mahindra's interests, according to Rachit Batham, head of the company's Blockchain Center of Excellence.

"Tech Mahindra is bullish on blockchain technology, and is making focused investments in building sustainable solutions and platforms."

Still, the announcement is a notable one for ChromaWay, which is seeking to position its Postchain technology and its unique combination of SQL database and blockchain technology.

Hra Pradesh announced a partnership with blockchain startup ChromaWay to pilot a land registry ledger last October.

All this amounts to early signs that blockchain is gaining momentum in India in both in the government and the private sectors.

The government think tank, NITI Aayog, said recently that it is exploring blockchain applications by developing other proofs-of-concept in sectors including education, health and agriculture.

In this way, Vivek Agarwal, global head of enterprise verticals solutions at Tech Mahindra, stated that blockchain can help address some of the challenges of Indian public sector.