New Delhi: The Algorand Foundation concluded its second annual India Summit in Hyderabad this year, with two packed days of workshops, pitch competitions and project spotlights demonstrating the real-world utility of blockchain solutions being built on the world-leading Algorand protocol.
India has one of the fastest growing blockchain ecosystems in the world, with over 1000 blockchain startups and the third-largest Web3 founder base. With a growth of more than 80% from the previous year, the ecosystem attracted an investment of over $460 million in just the first nine months of 2024. The Algorand India Summit brought together hundreds of Web3 developers, startup founders, investors, and thought leaders to explore and understand the power of blockchain-based solutions.
The two-day summit exemplified Algorand’s position as a platform dedicated to advancing blockchain innovation and adoption in India. Under the theme of ‘Discover what a blockchain can do, the Summit showcased on-ground solutions already beginning to penetrate key business verticals, from supply chain tracking and traceability to trade finance, and from sustainability to financial inclusion.
Building on the momentum of last year’s summit, Algorand India Summit 2024 showcased the progress made in the Web3 space in just one year. Partnerships announced in Delhi at the 2023 Summit with reputed organizations including T-Hub, NASSCOM, Mann Deshi Foundation, Self Employed Women’s Association, drove rapid expansion in the number of developers and startups building on Algorand. In addition to the launch of enterprise solutions built in partnership with Mann Deshi and SEWA with hundreds of members already on-boarded, over half of the first Startup Lab Cohort at T-Hub was on hand to demonstrate their solutions. Additionally, Team Carret (Bengaluru), Team Carbon Trace (Guwahati), and Team Rejolt Ed-Tech (Hyderabad) emerged as the winners of the Creating Impact! Pitch Competition, earning prizes in excess of $20,000.
Staci Warden, CEO of Algorand Foundation said, “This year’s summit was a sign of the incredible progress being made in India’s blockchain landscape. At Algorand, we are committed to enabling builders, entrepreneurs, and organizations to leverage blockchain for real-world impact. With initiatives like the Startup Lab and Road to Impact, we continue to see the Algorand blockchain being used to drive sustainability, transparency, and innovation in India and beyond.”
Anil Kakani, Vice President & India Country Head at Algorand Foundation added, “Algorand India Summit 2024 was a celebration not only of what you can do with blockchain, but what India’s developers, startups and change makers already are doing on Algorand. This event showcased the innovation and talent driving the Web3 revolution in India in alignment with India’s Viksit Bharat mission, which seeks to leverage technology to drive inclusive growth, foster innovation, and build a sustainable, equitable future for all Our approach, encapsulated in our months-long Road to Impact initiative and partnerships with leading universities across India, is key to building awareness and nurturing developers in their journey of building scalable and impactful Web3 solutions. The stories we saw and heard on the stage, in the hallways, at the project booths for the solutions being built only strengthened Algorand’s commitment to empowering builders and entrepreneurs in India. ”
Key Highlights from the Algorand India Summit 2024
- Road to Impact: Empowering Blockchain Innovators Across India:
The Road to Impact initiative brought together developers and startups through a series of workshops across eight cities, engaging several hundred participants nationwide. This initiative culminated in the final rounds of the Developer Track & Startup Pitch Competitions which saw nearly 300 submissions of groundbreaking projects tackling sustainability, financial inclusion, and transparency.
- Developer Activation:
The India Summit gathered several hundred Web3 developers from the region and across the country for an immersive experience featuring hands-on workshops, innovative project spotlights, and inspiring keynote addresses and fireside chats. Participants explored diverse topics from smart contract optimization to blockchain analytics, and then saw fellow developers pitch their open source solutions from the stage as well as those features being utilized in live applications.
- Startup Lab:
The summit celebrated the achievements of the inaugural cohort of the Startup Lab, collaboration between Algorand Foundation and T-Hub, while announcing plans for a second cohort in 2025. Over half of the first year cohort hosted booths to engage with potential customers, investors and Web3 talent, several of which – LW3, FilmFinance, Astrix, ARVO, Miniland and Terano – demonstrated their blockchain-based solutions on the main stage across supply chain transparency, trade documentation, digital ticketing, real estate tokenization, climate finance and film financing. Key announcements made at the Summit from the Web3 pioneers in the Algorand Startup Lab were:
a. Terano took the lead in eco-conscious innovation as the Sustainability Partner for the summit and Carbon Offsetting Partner for TIE Delhi NCR, championing green blockchain practices.
b. Astrix launched Astrix Tribes, a revolutionary feature redefining fan engagement through digital collectibles and gamified rewards, transforming live events into vibrant ecosystems of loyalty.
c. FilmFinance announced landmark collaboration with the Cine Equipment Owners Association of Kerala (CEOAK) to support regional filmmakers and unveiled four film projects leveraging its platform for decentralized funding.
d. LW3 formalized strategic MoUs with BatX Energies, Automovill, and Intu Energy Technologies to accelerate its Digital Product Passport System in the electric vehicle sector, promoting traceability and sustainability.
e. SecureDApp advanced blockchain security with cutting-edge solutions like Audit Express and SecureTrace, securing an IFSCA audit license and gaining recognition from DSCI as a top cyber-security innovator.
- Launch of Enterprise Solutions with Mann Deshi Foundation & Self Employed Women’s Association
Showcased with short films from the pilot launches and fireside chats with leaders from organizations, Chetna Sinha, Founder and Chair of Mann Deshi Bank & Foundation, and Susan Thomas, National Health Coordinator at SEWA, announced the successful pilot launches of their respective programs. Mann Deshi’s Digital Credit Scorecard will empower thousands of women entrepreneurs with an alternative credit score linked to a verified identity credential enabling access to loans at private banks to grow their businesses. SEWA, with a membership of over three million women working in the informal economy, on-boarded the first 200 members during the pilot phase of its Digital Health Scorecard rollout, empowering women with an identity-backed wallet with verified credentials to assist in enrollment in critical health and other safety net programs.
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. Designed by MIT professor and Turing Award-winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance but with immediate finality, near zero transaction costs, and on a 24/7 basis.
For more information, please visit https://algorand.foundation.
