Bengaluru-based
Subex has clocked a fresh all-time high on Friday after the company partnered with IT-giant Tech Mahindra to roll-out blockchain-based solutions for telecom operators globally.
At around 2.23 pm, Subex was trading at Rs19.45 per piece up 4.29% on Sensex. The stock has touched a 52-week high of Rs19.55 per piece in early trade.
Rohit Maheshwari, Head – Strategy & Products, Subex, said, "It is indeed a great pleasure for Subex to be joining hands with Tech Mahindra, towards making Blockchain a business reality within the telecom world. With Subex's strategy of enabling businesses to build trust within the digital ecosystem, we believe that Blockchain-based technologies will play an important piece to that puzzle. Towards this, we have made significant strides towards leveraging Blockchain in solving challenges across multiple use cases."
According to the regulatory filing on Thursday, the partnership will enable real-time reconciliation reports with summarized data to minimise discrepancies, leading to reduction of multiple validations and quick dispute resolution through tamper-proof verifiable transactions.
Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader, Tech Mahindra, said, "Being a service provider of choice for global telecom operators, Tech Mahindra will help reduce overheads and enhance business profitability. As part of TechMNxt Charther, Tech Mahindra aims to offer a cutting-edge solution built on Blockchain and smart contracts that optimizes spends and proactively mitigates disputes. In the collaboration with Subex, adding blockchain as the middleware will add the necessary layer of security and ensure faster and efficient operational process. ”
Also, the partnership will expedite settlement for communication service providers (CSPs) and drive enhanced visibility in the end-of-the-month billing cycle. The CSPs will benefit from enhanced operational efficiencies by leveraging blockchain-based smart contracts and forge more impactful alliances to drive trust amongst diverse stakeholders, stated Subex in its filing.