Grow Digi, an Indian blockchain startup, has obtained two patents for groundbreaking blockchain technology that reduces data storage by 95% and transaction times to less than 300 milliseconds. The company pioneered a Layer 1 blockchain, enabling enterprises to build applications securely. They are also developing various industry-focused blockchain solutions, including applications in healthcare and electric vehicles.
Indian blockchain startup Grow Digi has successfully secured two patents focused on innovative blockchain technology that significantly minimizes data storage needs by approximately 95 percent, accelerates transaction speeds, and enhances security systems. According to Sachin Kumar, the Founder and Managing Director of Grow Digi, the company has developed a foundational layer of blockchain technology that enables enterprises to construct their blockchain-based applications more effectively. The firm is proud to announce that it is the first Indian company to have registered a Layer 1 blockchain technology with the government’s patent office. This sophisticated technology will not only slash data storage demands but will also reduce transaction times from a minimum of five seconds to under 300 milliseconds. Layer 1 operates as the essential building block enabling businesses to create tailored applications. Additionally, Grow Digi has developed a patented security feature that enhances the transaction verification process through randomization, thereby preventing influential entities from colluding to approve fraudulent transactions. Since its inception in 2021, the company has assembled a talented team of 41 professionals dedicated to refining this advanced technology. They anticipate monetizing their platform within the current year. Kumar elaborated on the company’s diverse in-house blockchain applications, which include solutions for tracking and tracing as well as industry-specific platforms, particularly within the electric vehicle sector. They are exploring potential partnerships and plan to open their platform to new customers shortly. Moreover, the company is in the process of creating an application in the healthcare domain that enables patients to share and subsequently retract access to their medical histories securely through blockchain technology.
The article discusses the recent advancements made by Grow Digi, an Indian startup specializing in blockchain technology. The firm has developed a Layer 1 blockchain system, securing two patents that promise to revolutionize data storage, transaction speed, and security protocols. This innovative approach may streamline operations for various enterprises looking to integrate blockchain technology into their applications, while also addressing current limitations associated with data management and verification processes.
In conclusion, Grow Digi stands at the forefront of blockchain innovation in India, with the achievement of two significant patents that enhance the efficiency and security of blockchain applications. As the first Indian firm to develop and patent a Layer 1 system, Grow Digi is poised to significantly impact various industries, particularly as they prepare to monetize their platform. Their focus on practical applications in sectors like healthcare and electric vehicles underscores their commitment to addressing real-world challenges through technological advancements.
Original Source: www.business-standard.com
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