Indian Tech Giant Hopes to Partner With US to Develop Blockchain Technology

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Tech Mahindra, the $6.3 billion tech giant of India, which generates $4.1 billion in annual revenue and employs around 120,000 people, has called for a partnership with the US to develop blockchain technology and implement it in the technology, telecommunications, and finance industries.

An interview with local publication Khaleej Times focused on the US government’s foreign worker policies and President Donald Trump’s “Buy American, Hire American” campaign, Tech Mahindra CEO C.P. Gurnani stated that the US simply lacks the necessary engineering and technology talent to lead innovation. In an era of information and technology, Gurnani emphasized that the US must partner and cooperate with India and its companies to target blockchain technology, data automation, and artificial intelligence:

“[US and Indian companies need to collaborate] to build a win-win solution for a more experienced, more blockchain-ready, more automation-ready, more artificial intelligence-ready, more digital world-ready smarter workforce. We both need each other because we have the intellectual capital and they have the capital flow there. It is in our interest, and I think it is in President Trump’s interest, and also it is in the interest of the various governors.”

Gurnani further noted that the Reserve Bank of India, the central bank of the country, along with other commercial banks and major financial service providers have begun to actively discuss the potential of blockchain technology in processing cross-border and cross-bank transactions efficiently, securely and transparently, without the necessity of intermediaries.

Only a year ago, the RBI and the Indian finance industry was completely dismissive of bitcoin and the potential of blockchain technology in various industries and markets including finance, healthcare, and insurance. Within the past 12 months, the RBI has become much more aware of the blockchain’s capacity due to the consistent requests from leading local bitcoin exchanges and startups

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