The Algorand Foundation, a layer-1 blockchain, has recently announced the launch of AlgoBharat in India. AlgoBharat is a dedicated team focused on bringing real-world utility for blockchain in India, with relevance to the rest of the world.
The AlgoBharat in India is based on three key pillars of activity. The first one is focused on broadening the Web3 developer base, which is essential in supporting the rapidly growing needs of blockchain-based companies globally.
The second is aimed at supporting and investing in the Web3 start-up ecosystem directly. AlgoBharat is providing mentorship, access to capital and developer support to help these start-ups grow.
The third pillar is strategic partnerships with more established organisations. AlgoBharat recognises that significant opportunities reside in partnerships with established companies, non-profit organisations, government and academic institutions that can utilise and promote blockchain to accelerate achievement of their business and policy objectives.
"Our motto is 'In Bharat for Bharat.' AlgoBharat is committed to supporting the creation of employment opportunities and solutions. I am confident blockchain technology will help drive India’s graduation from its position as a service provider to the world’s leading companies, to its role as an innovation leader in developing solutions to create a more inclusive economy,” said Anil Kakani, vice president and India Country Head at Algorand Foundation.
Algorand's India wing will work to forge partnerships to accelerate innovation and adoption of blockchain technology in India. Led by Anil Kakani and Nikhil Varma, the Tech Lead for AlgoBharat, the India team is determined to create a more inclusive economy through the use of blockchain technology to democratise access to markets and capital.
Overall, the launch of AlgoBharat in India is a significant step towards the democratisation of blockchain technology in the region. By focusing on the three key pillars of activity, AlgoBharat aims to create more opportunities for Web3 developers, start-ups and established organisations to leverage blockchain technology to achieve their objectives. With AlgoBharat's mission to create a more inclusive economy in India, it is expected that more organisations and institutions will explore the benefits of blockchain technology, leading to its adoption and implementation across various sectors in India.