CEO of Algorand Foundation, Staci Warden, emphasised the significance of India as a key geography for the company in an interview with CNBC-TV18. Her consideration is based on India's rapid growth within the G20 nations.
Anticipating India's sustained growth over the next decade, Warden highlighted the country's leadership in crucial Web 3 elements such as identity, citing the well-established Aadhaar system and the India stack with innovations like UPI for direct payments.
"We believe India is our most important geography because it is one of the fastest growing G20 countries. We expect it to be one of the fastest growing countries in the G20 for the next 10 years. The Indian government has already been very leading in terms of things that matter to Web 3 - first identity, and so you have the Aadhaar system which is so many years old now," Warden stated.
"You also have the India stack built on Aadhaar with direct payments or UPI. So countries like the United States are trying to catch up to India for some of the other strides that it is making particularly in identity and direct payments. So we want to be with India as it pushes further ahead yet again at the forefront of Web 3," she added.
Algorand, a blockchain technology leader, has forged partnerships with NASSCOM, TiE Bangalore, and Mann Deshi, a rural finance bank for women. The establishment of "AlgoBharat," a dedicated wing for India, aims to foster the Web3 ecosystem and support startups in the country.
Warden outlined Algorand's three-pronged strategy for India, beginning with grassroots engagement targeting the developer community. The initiative seeks to enhance awareness and skills in building on the Algorand platform.
Subsequently, the focus extends to nurturing the entrepreneurial ecosystem through activities like pitch competitions and collaborations with incubators. The third aspect involves collaboration with the government and large corporations to implement solutions on a scalable level, creating a positive cycle that attracts developers and generates nationwide impact.
Algorand has already been successful in bringing blockchain solutions to government bodies in India. In December 2022, Algorand collaborated with MAPay and the Maharashtra Government to securely store health data on the blockchain, showcasing the practical application of blockchain technology in India.
Watch the accompanying video for the entire conversation.
(Edited by : Sangam Singh)
First Published: Dec 1, 2023 10:51 PM IST
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