Polkadot

Mandala Chain, a pioneering Polkadot parachain, is set to transform digital identity and blockchain adoption across Southeast Asia with its innovative initiatives. Recently, the project unveiled details on its initial partnerships and groundbreaking use cases, starting with IDCHAIN in collaboration with Indonesia’s top-level .id web domain. This strategic partnership aims to introduce over 10 million new wallets, establishing a robust digital identification infrastructure in Indonesia.<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXewa-rzNOFjUtGwRY-sBsAoLnliRoTXi0SvQC7jPj1aiJHX9eCoEDs9uMLlpRTkvkI6ORuMeh7H7Pl-8ORdiFvdw3LRqemVUxiWfWH1X0cq3Jhx6hQgBWZRTSC36vq1SUx-x9ius7IMm6o-dN_Y3sa4Qnnv?key&#61;it5wZQOPbtisnwytPnBzCg" />Built on <a href="https://www.mandalachain.io/" rel="noopener noreferrer nofollow">Mandala Chain</a>, IDCHAIN is designed to provide a secure digital identity solution on the .id domain, enabling users to store identity documents and interact with various government and enterprise portals securely. This initiative is poised to turn Indonesia’s existing .go.id (government) and .co.id (business and banking) domains into Web3-enabled portals, facilitating seamless creation and utilization of digital IDs across banking, healthcare, insurance, and academic sectors, thereby revolutionizing the region’s economic landscape.<h2 id="header-0">Expanding Use Cases Across Sectors</h2>IDCHAIN serves as a foundational data infrastructure layer for Mandala Chain, supporting multiple new use cases and applications. Several pilot projects have already been secured, leveraging Mandala Chain’s technology stack for the launch of other decentralized applications (DApps) and layer-2 solutions. These initiatives include:Banking: Collaborating with more than 90 banks to migrate data and transactions onto the blockchain, initially targeting an addition of 40,000 new wallets.Healthcare: Partnering with over 20 hospitals to secure medical data and insurance information on-chain, projected to add up to 900,000 new wallets initially.Gold Tokenization: Exploring tokenization opportunities with a major Indonesian gold corporation holding $500 million in gold reserves, aiming to onboard approximately 300,000 new users.Infrastructure: Signing a memorandum of understanding (MOU) with Indonesia’s largest data infrastructure providers to explore diverse blockchain applications.Product Authenticity: Collaborating with BKRAF to develop authentication certificates for intellectual property (IP) and products, addressing a market encompassing over 80 million products.<h2 id="header-1">Catalyzing Blockchain Adoption in Southeast Asia</h2>Mandala Chain has strategically chosen Indonesia as its primary market for launching these innovative use cases. With the world’s fourth-largest population and a projected top-four GDP by 2040, Indonesia represents unparalleled growth potential. The Indonesian government has prioritized blockchain as a foundational infrastructure in its Digital Vision 2045 framework. Additionally, with an average population age of under 30 years, Indonesia boasts a young and tech-savvy demographic ideally suited for blockchain adoption.Mandala Chain secured a Polkadot parachain in April 2024, with the public bonding over $1.2 million during the auction. The project is set to launch its testnet in June and plans a token generation event in September 2024. This timing aligns strategically with Mandala Chain’s role as a co-title sponsor at Coinfest, a major blockchain conference in Southeast Asia.Mandala Chain’s ambitious initiatives and robust partnerships position it as a pivotal player in Southeast Asia’s burgeoning blockchain ecosystem. By focusing on secure digital identities and integrating blockchain across various sectors, Mandala Chain is poised to redefine digital interactions and transactions in the region. As they roll out transformative use cases such as IDCHAIN, the potential for widespread blockchain adoption in Indonesia and beyond becomes increasingly tangible.

Polkadot L1 Mandala Chain Launches as It Targets 10M+ New Wallets

Table of Contents

BlockchainReporter

Other articles published on Jun 5, 2024

BNB Price Increases To $700 As Market Value Crosses $100 Billion

Ripple Partners with Clear Junction for Cross-Border Payment

Ethereum ETFs Could Attract Up To $4.8B Inflows In 5 Months Post Launch

Ripple Collaborates Clear Junction To Boost Cross-Border Payments In UK & EU

GameStop-Themed Cryptocurrency Surges Following Roaring Kitty's Social Media Activity

Ripple Scores Major Partnership in Europe

Join our free newsletter for daily crypto updates!