India is one of the leading countries in the software and IT industry. So, it’s no surprise that our country is well on its way to dominate in the blockchain space. India is fast adopting blockchain technology and creating some of the most brilliant applications for the technology we’ve seen. Let’s read up on some of India’s biggest blockchain projects now.
LegitDoc is a revolutionary new platform for issuing and verifying tamper-proof digital documents. It is the most secure way of dealing with documents for two reasons. One, the platform is built on Ethereum ensuring complete decentralisation. Two, the a patent guaranteeing no counterfeit platforms backs the algorithm.
Users enjoy 100% privacy as only the senders and recipients can do access documents. The platform is extremely intuitive to use, doesn’t require any crypto wallets or high tech knowledge or infrastructure, making it accessible to all. It is absolutely free, which gives it a huge competitive advantage over the cloud services that companies normally pay a high monthly premium for.
Chainlink is a decentralised oracle network that provides real-world and real-time data to smart contracts on the blockchain network. Smart contracts are pre-defined orders that analyse data. In the event that certain conditions are met, the desired functions are automatically executed.
So what exactly does ChainLink do? In order for a smart contract to work, it requires an off-chain data (any non-transactional data that is too large to be stored in the blockchain) in an on-chain format (the format in which transactional data is stored in the blockchain). The key problem arises here, in connecting outside information to the smart contract. Enter ChainLink, ChainLink uses oracles to solve this problem. An oracle is a “middleman” software that translates data from the real world to smart contracts on the blockchain and back again. Chainlink expands the potential and scalability of smart contracts while maintaining reliability and security.
Polygon, aka Ethereum’s Internet of Blockchains, is a top blockchain projects recognised globally. It is a protocol and framework that enables developers to build and connect Ethereum-based blockchain networks. It has combined the best of Ethereum and other blockchains to construct a full-fledged multi-chain system.
It tackles all the issues that Ethereum has faced namely its high gas fees, scalability limitations, lack of sovereignty. Polygon is the equivalent to Ethereum in terms of developer experience with no requirement for protocols, fees or token deposits. The crux of its supremacy is the zero-gas and instantaneous transactions.
Its native coin MATIC has outperformed other major coins. It stands at #22 in the list of top 25 cryptocurrencies by market cap.
Instadapp is one of the most advanced platforms leveraging the power of decentralised finance. Built with maximum security, only users are able to access your own funds without engaging or trusting any third party or intermediary. The value locked on this platform (at the time of writing) stands at $11,318,345,971!
Instadapp uses smart contracts to input your data and translate the same to perform complex actions. Using smart contracts integrated with several other Dapps, users can lend, borrow, swap and leverage at a zero service fee!
Instadapp functions using a governance token INST that fulfils the very definition of decentralisation. The token holders will decide the evolution and progress of this platform. Check out how user friendly and intuitive it is to use!
Signzy is one leading project that uses Artificial Intelligence and Blockchain technology. The AI powered project offers a digital on-boarding solution for banks, financial institutions and other bodies. The founders say the platform will reduce banks on-boarding expenditure, cut costs by 75% and improve its efficiency by 3x.
AI classifies and verifies data. A blockchain network then stores and validates the data further. The use of this technology eliminates the risk of bank fraud on a high scale, which is a major problem in India.
Signzy is one of the revolutionary projects as banking is one of the broadest and most essential industries in any country. The platform helps in automating processes and reducing paperwork. This is rather impressive as it does so inspite of dealing with a large consumer pool and high regulations. Many reputed banks and bodies like ICICI bank, Axis Bank, Mahindra Finance, LIC mutual funds trust Signzy.
The future of the blockchain does looks very promising and bright in India. We can expect more such brilliant and innovative projects in the near future!