With blockchain rapidly becoming a part of Indian companies, it doesn’t come much as a surprise when Information Technology would be following suit.
Larson and Toubro, an Indian IT giant, announced on Thursday that they will be tying up with Microsoft Azure to offer blockchain-based solutions to trade finance dilemmas.
The solution will track the the flow of goods in a value chain, improving transparency across multiple entities involved. The collaboration aims to combine L&T’s knowledge of the blockchain abilities and Microsoft’s expert knowledge on cloud-based solutions.
Aftab Ullah, Chief Operating Officer, LTI said,
Our vision is to deliver exponential operational efficiencies to the world’s leading companies through digital innovation. LTI’s Blockchain services include end-to-end consulting and implementation and are designed to help transform our clients’ business operations. The collaboration with Microsoft will accelerate our ability to deliver these services on Cloud.”
Excited about the collaboration, Ausaf Ahmad, global blockchain solutions lead, One Commercial Partner, Microsoft added, “Blockchain has the potential to significantly transform business by providing organizations a way to speed transactions, digitally track assets and streamline complex business processes. By using Microsoft Azure Blockchain technology, LTI and its clients can focus on accelerating real-world blockchain-based application deployment.”
Surprisingly, there is no word of this proposed collaboration on the company’s Twitter handle and the Facebook page. Even Microsoft Azure has made no mention of this on their blog, when the article was going to press. Crypto-News reached out to Larson and Toubro for a comment. We will update the article once we hear from them.
Recently, Maharashtra government identified five sectors where blockchain technology could be implemented. The sectors included public distribution system (PDS), Rationing Department, school education, farm compensations, digital certification and land records. Not long after, the government also signed a Memorandum of Understanding with Monetary Authority of Singapore to explore jointly various financial technologies, including blockchain.
Liked what you read? Join us on Telegram