Strategic binding robust PDI using blockchain and investments
Tech Panda takes a look at how India has made waves in the blockchain arena with strategic partnerships, robust public digital infrastructure using blockchain, and investments.
According to a report, the blockchain in telecom market is expected to grow from USD 46.6 million in 2018 to USD 993.8 million by 2023, at a CAGR of 84.4%, driven by increasing support for OSS/BSS processes and rising security concerns among telecommunications companies. While North America is expected to have the largest market size in the blockchain in the telecom market, Indian companies such as Auxesis Group and Sofocle are major providers.
And telecom is not the only arena where blockchain shines in India.
Read more: How is blockchain transforming the banking industry?
CrossTower, a trading platform, partners with Ripple, a leader in enterprise blockchain and crypto solutions, to add NFTs (non-fungible tokens) minted on the XRP Ledger (XRPL), the ultra-fast, low-cost and carbon-neutral blockchain, to CrossTower NFT – the marketplace.
The next phase of digitization in India is automation of last mile government services and Web3 based personal control of data which allows use of the data with full control and approval of the individual
Prof. S Sadagopan, Founder of IIIT Bangalore and Chief Mentor of VREV
In a move to build robust public digital infrastructure using blockchain, Bengaluru-based non-profit VREV Foundation and startup Dhiway Networks have joined forces to create I-PIXI (India Public Information eXchange Infrastructure), a Public Digital Infrastructure (PDI ). Dhiway operates and maintains India’s first verifiable data exchange platform, #MARK Studio anchored on CORD, an enterprise blockchain infrastructure made in India, for the world.
“India is leading the world in digital governance with large-scale implementations in Aadhaar, UPI and Jan Dhan projects. As India takes over the presidency of the G20, we have an opportunity to bring in further innovation in governance and a public digital infrastructure in this domain is critical to fulfill the aspirations of a billion plus Indians, says Prof. S Sadagopan, founder of IIIT Bangalore and Chief Mentor of VREV.
Read more: Acceleration in Crypto Blockchain and NFTs Job Listings: Indeed
I-PIXI – India Public Information eXchange Infrastructure will also be the digitized information backbone on an Indian Blockchain as a governance infrastructure for aggregated records.
In addition, Wemade announced a strategic investment in Shardeum, an Indian blockchain project. The company aims to seek synergistic effect through working with Shardeum for WEMIX3.0, the blockchain network. Business expansion to India is also planned.
