Indian IT giant Tech Mahindra and Samsung SDS have reportedly partnered with each other in an attempt to enter the overseas blockchain market, as reported by The Korea Times on Sunday, April 14.

SDS, the systems integration arm of Korean tech behemoth Samsung is allegedly planning to expand the use of its Nexledger blockchain platform in India, the United States, and Europe. As per the agreement, the two companies will purportedly look for more business opportunities in the region.

Further, Samsung SDS will cooperate Tech Mahindra in order to develop further Nexledger updates. The agreement adds that Nexledger, a blockchain security platform launched in 2017 and has been deployed in finance, manufacturing, logistics and other areas. For instance,  the Korea Customs Service trailed the solution in its export customs logistics services. Forty-eight different organizations, including public agencies, shipping and insurance companies, also joined the test.

 Samsung SDS has announced recently that it will launch its own blockchain accelerator technology, Nexledger Accelerator, following a successful test with Hyperledger Fabric. Reportedly, the solution improves transaction processing speed.

Notably, in March it was reported that parent company Mahindra trained 70% of its employees to enable them to befriend new technologies, such as blockchain, AI, Internet of Things and cybersecurity. Furthermore,  Mahindra have had previously employed IBM blockchain technology in order to create a solution for discounting invoices between its auto division and suppliers. According to IBM, the company is also investigating the use of blockchain to track parts and improve auto recalls.

Read more: The Current Cryptocurrency Price Trends May Indicate End of Bear Market, Says Binance

Image Source: Unsplash.com