The Tech Panda takes a look at how India has been making 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 US$46.6 million in 2018 to US$993.8 million by 2023, at a CAGR of 84.4%, driven by increasing support for OSS/BSS processes and rising security concerns among telcos. While North America is expected to hold the largest market size in the blockchain in telecom market, Indian companies like Auxesis Group and Sofocle are major vendors.
And telecom isn’t the only arena where blockchain is shining in India.
CrossTower, a trading platform, is partnering with Ripple, the 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 the CrossTower NFT marketplace.
The next stage of digitalisation in India is the automation of government services in the last mile and Web3 based personal control of data allowing the use of the data with the complete control and approval of the individualProf. S Sadagopan, founder of IIIT Bangalore and Chief Mentor of VREV
In a move towards building robust public digital infrastructure using blockchain, Bengaluru based non-profit VREV Foundation and startup Dhiway Networks have joined hands 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 the CORD, an enterprise blockchain infrastructure made in India, for the world.
“India leads the world in Digital governance with large scale implementations in Aadhaar, UPI and Jan Dhan projects. As India takes over the Presidency of G20, we have an opportunity to bring in further innovation in Governance and a Public Digital Infrastructure in this domain is critical to fulfil the aspirations of a billion plus Indians,” says Prof. S Sadagopan, founder of IIIT Bangalore and Chief Mentor of VREV.
Also, I-PIXI – India Public Information eXchange Infrastructure will be the digitalized information backbone on an Indian Blockchain as a governance infrastructure of aggregated registries.
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, its blockchain mainnet. Business expansion to India is also planned.