AlgoBharat Aims to Foster Real-World Utility for Blockchain in India
Blockchain protocol Algorand (ALGO) has announced the launch of AlgoBharat, a project aimed at supporting India’s transformation from being the back office of Web2 to a hub of Web3 innovation. The project seeks to foster real-world utility for blockchain in India with relevance for the rest of the world. According to two senior representatives who spoke to CoinDesk, India was previously the back office of Web2, and the innovation might have been led somewhere else. However, they noted that blockchain use cases with the greatest real-world utility are happening in India.
AlgoBharat to Focus on Web3 Education, Startup Support, and Partnerships with Governments
AlgoBharat will have a dedicated team focusing on broadening the Web3 developer base through education and events at universities. The initiative will also prioritize supporting startups that are moving from Web2 to Web3, as well as establishing significant partnerships with the central and state governments for use cases. The team behind AlgoBharat has been traversing the nation’s engineering universities and blockchain-friendly states for several weeks, seeking to understand the appetite for Web3 in India.
AlgoBharat Partnerships Already Underway with State Governments and Women-led Enterprises
According to Anil Kakani, the vice president and the India country head at the Algorand Foundation, partnerships with governments and ministries are already underway, with hundreds of thousands, if not millions of users. The Algorand Foundation has made several significant announcements regarding its strategic partnerships. One such partnership is with the state of Maharashtra to create a whopping 100 million non-fungible tokens (NFTs) for storing personal health data.
The Self Employed Women’s Association (SEWA) has partnered with the Algorand Foundation to offer assistance to women-led enterprises working on blockchain solutions. In addition, the foundation has formed partnerships with Jawaharlal Nehru Technological University and the Indian School of Business to initiate programs aimed at developing faculty. As part of its objective of supporting startups, the foundation has collaborated with T-Hub, a well-known innovation hub, as its key blockchain partner.
AlgoBharat Aims to Engage with Regulators to Institutionalize the Space
Although AlgoBharat will not have a registered entity in India, the team intends to interact with regulators this year. Kakani, who previously served as a senior adviser for India at the U.S. Treasury, said that they would present their track record of collaborating with the National Bank of Italy and the Marshall Islands CBDC project when engaging with regulators. In 2022, India’s stance on crypto evolved from the central bank’s attempt to restrict the industry’s access to financial services to the imposition of a strict tax system.
Currently, as the President of the Group of 20 nations (G-20), India is striving for global consensus on rules for crypto assets while urging the Web3 and blockchain industry to disassociate itself from crypto. Nikhil Varma, AlgoBharat’s tech lead, believes that subjecting India’s Web3 companies to the prevention-of-money-laundering rules for clarity with respect to know-your-customer and anti-money laundering regulations is an indication of institutionalizing the space and is a positive development.
Conclusion
The Algorand Foundation’s initiative, AlgoBharat, aims to promote the adoption of Web3 and blockchain technology in India. By focusing on education, community-building, and supporting startups, AlgoBharat is well-positioned to drive innovation and growth in the Indian tech industry.
The Foundation’s partnerships with various organizations, including the state of Maharashtra, SEWA, and T-Hub, demonstrate its commitment to making a positive impact on society. With India’s increasing interest in blockchain technology and the government’s push for global consensus on crypto asset rules, AlgoBharat’s mission is more relevant than ever. We look forward to seeing the impact of this initiative on the Indian tech industry and beyond.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
