India Welcomes its First Blockchain Protocol Eleven01, Rolls Out Testnet

‘Better late than never,’ following the famous saying, India is going to open its door for the blockchain and the upcoming opportunities which are expected to come with the developing technology.

Eleven01, India’s first native blockchain protocol is all set to go live with its services, and it has already introduced its testnet. The launch of the country’s own blockchain protocol was announced in last year. Testnet is aimed to make sure that the developed technology is ready to provide services in real-world use cases. The protocol will be deployed to achieve tasks in both, public and private sectors. The testnet of Eleven01 which is recently made available is designed to create an ecosystem to develop, publish, and extend the core blockchain services.

Eleven01 affirms that the platform is focussed on emerging markets intending to implement blockchain into largely influential industries like retail, agriculture, banking, healthcare, finance, and more. The blockchain firm’s CEO Ausaf Ahmad suggested that now they would like to onboard dApps, where they can get direct feedback from the customers. He said,

Our team has been busy working on the platform seeking to improve on existing protocols in the market and engage the developer community. We have two key launch partners: KhethiNext, a growing Agritech startup and DocsInBlock, a financial documentation blockchain project, to start using and deploying the code to test run the platform.”

Previously, Ahmad was working at Microsoft where he led ‘the creation of world’s largest blockchain council.’ Also, Eleven01’s website claims to have a good number of established partners. Additionally, along with the software firm Intuit, the blockchain firm Eleven01, has signed agreements with the department of information and technology (DoIT) in order to carry out startup operation in Goa.

With that, PwC also talked about Eleven01’s initiative in India. The leading firm noted that the country is poised to be a world blockchain leader in the near future while having the desired balance of industry and government participation. The establishment of the blockchain firm Eleven01 will pave the way for the blockchain revolution in the region. India, being the second largest economy in the world, is expected to play a significant role in the development and adoption of the technology.