Algorand is working on onboarding India onto the web3 train with its Indian arm - the AlgoBharat initiative. The entity already has several partnerships in the healthcare and education sector in India, as well as in the burgeoning startup space.
As stated by the team, AlgoBharat’s mission in India is to use blockchain to help democratise access to markets and capital for the general populace, by helping develop sustainable Web3 solutions. Speaking of the receptivity of Indian users for blockchain and web3 tech and AlgoBharat’s work, Anil Kakani- VP and India country head at Algorand Foundation, said, “There's a huge amount of receptivity and appetite. What we're trying to do is deepen understanding [of web3 and blockchains]. I think there's a real openness to how we use blockchain to the greatest effect and impact here in India.”
Algorand has already brought blockchain solutions for integration with several government infrastructure and activities in India. In December 2022, MAPay and the Maharashtra Government began storing health data on the Algorand blockchain as NFTs. Further, in February 2023, Algorand participated as the tech collaborator for a $50 million Global Climate Resilience Fund arranged by the Clinton Foundation, with the SEWA or the Self-Employed Women's Association onboard as well. The fund was meant to help women micro-entrepreneurs address climate change and relevant challenges.
In a partnership with the Emerging Technologies Wing of the Telangana Government, Algorand has also developed blockchain-based systems to promote sustainable production, and boost transparency and traceability. When discussing their contributions to these projects, Kakani cited examples, “They're trying to reduce carbon footprint for say, village lighting. So we're working on a project where you're using certain IOT technologies to track and reduce greenhouse gas emissions, by adopting clean technologies.”
AlgoBharat is further collaborating with top IT colleges in India; it has already associated with the Indian School of Business and Jawaharlal Nehru Technological University to initiate faculty and student training programs on blockchain. As the team points out, the goal is to create a series of master classes as well, for new companies taking the web3 leap.
While the full impact of the AlgoBharat mission is yet to be seen, the Indian regulatory atmosphere is certainly making room for innovative developments in the space.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash