By Stan Higgins,

Indian business conglomerate Mahindra Group is working with IBM to develop blockchain-based supply chain applications.

Announced today, the partnership sees the two firms working on a prototype tool for tracking supply chain transactions via blockchain. Mahindra, a major business group in India, has operations in industries ranging from aerospace to automotives, as well as agriculture, finance and technology.

The collaboration comes as India’s business and finance sectors continue exploring the tech. Various banks in the country have been testing blockchain for use in cross-border payments and transaction settlement. Other firms, including IT consultancy Tata, have pursued various proofs-of-concept, while startups working in the bitcoin space have continued to develop products.

For now, Mahindra is testing the waters with the supply chain prototype, but the conglomerate says that it is looking at other applications across its various business lines, including agricultural technology and transportation.

Anish Shah, Mahindra’s group president for strategy, said in a statement:

“This proof of concept represents a significant step forward in making blockchain, still a new technology, a more compelling and efficient supply chain solution for Mahindra Finance’s small and mid-sized enterprises loans business.”

The company has been testing blockchain internally as part of a broader push to investigate new technologies. In June, Shah told Indian news source Mint that it was considering the tech for use in supply chain management.