February 23, 2018 10:36 PM
IT giant Tech Mahindra will invest almost $80 million in blockchain and AI research.
On February 23, the Indian company Tech Mahindra revealed that it will spend 100 million Canadian dollars (roughly $79 million at press time) over the next five years to establish a so-called Center of Excellence in Canada. The investment, announced during a state visit to India by Canada’s prime minister, is intended to spur the development of blockchain and AI solutions.
The move follows several other forays into the blockchain space by the Mahindra Group conglomerate and its subsidiaries.
In November 2016, the Mahindra Group announced that it was working with IBM to develop a “supply chain finance” system based on a permissioned distributed ledger.
In January 2017, it emerged that Mahindra & Mahindra had plans to establish a blockchain startup incubator somewhere outside of India.
Tech Mahindra itself is already involved in at least a couple of blockchain-related projects as well. In September 2017, the company disclosed that it was working with the blockchain-based P2P energy trading marketplace Power Ledger on a Microgrid-as-a-Service platform, and that trials of the technology had been planned.
In December 2017, a The Economic Times reported that the firm was developing a blockchain-integrated vehicle registration system.
Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.
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