By Staff Writer
Indian digital services provider Tech Mahindra and the Eleven01 Foundation have joined hands to launch a new blockchain initiative which is billed as India’s first regulatory compliant indigenous blockchain protocol, according to a press release.
The Eleven01 Foundation is a blockchain group that provides services across the blockchain ecosystem and has partnered exclusively with Tech Mahindra for technology innovation to create the Eleven01 Protocol, a blockchain protocol designed for emerging markets.
Tech Mahindra is play a key role as a partner in the new initiative that aims to “foster a cutting-edge ecosystem for blockchain startups in India,” said the statement released by the company.
The new initiative was launched at the International Blockchain Congress in Hyderabad which was held on 3 and 4, August, 2018.
“Eleven01 is an ambitious initiative which will put India right at the centre of the global Blockchain landscape,” said CP Gurnani, Tech Mahindra’s CEO & MD. “It will power the Indian blockchain ecosystem and create exponential value for all stakeholders…we are proud to play a pivotal role in this pursuit of excellence.”
Eleven01 is built to provide a foundation for building decentralized applications that will scale several million users and will be capable of performing over 10,000 transactions a second, the statement said.
This will essentially allow Indian companies to build world class applications without having to rely on foreign technologies, the statement said.
The protocol will power an entire ecosystem of services for Indian blockchain startups, ranging from advisories, incubators, center for excellences (COEs) and venture funds. With this, early stage blockchain startups will get every kind of support required from a single, cohesive entity, according to the press release.
Several high profile blockchain companies have already committed to using the Eleven01 protocol as their primary blockchain platform. These companies will be announced in the coming months, and for the first time, an Indian blockchain protocol, built by India’s leading IT services provider, Tech Mahindra, will see global adoption, the statement said.
The initiative has the support of the government. Speaking about the partnership, Amitabh Kant, CEO NITI Aayog, Government of India, said, “Tech Mahindra and Eleven01 partnership is a significant development in making India a blockchain powerhouse.”
Blockchain is poised to witness mass scale adoption amongst corporates and governments alike and is slated to become a trillion-dollar market in the coming years. With over a 500 million internet enabled users, India will be the driver of this mass adoption. Furthermore, there are several government initiatives that are working towards employing blockchain in governance and citizen facing applications.
“We will work with the smartest minds in the country to put India on the blockchain map of the world,” said Rama Iyer, India head of Eleven01 Foundation said. “And with the help of our able partners, it is just a matter of time before India’s blockchain prowess is open for the world to see.”