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Blockchain Summit India 2019 Introduces India’s First Public Blockchain Network

India’s first public blockchain network Auxledger went live during the inaugural function at Blockchain Summit India 2019. The event is the first edition of the Vision Blockchain 2030 initiative, successfully concluded on 22-23 February 2019 in IIM Lucknow, Noida Campus. The summit has been supported by Department of Science & Technology, Government of India and State Government of Uttar Pradesh.

The summit was inaugurated by Mr. Suresh Prabhu, Minister of Commerce and Industry, who also announced about the agreement signed with Government of UAE. This agreement will help in learning and leveraging Blockchain technology in e-governance of India.

Auxledger’s public blockchain network enables business-ready functionalities including non-volatility of network fees and bringing data privacy on a public chain. Mr. Akash Gaurav, CEO of Auxesis Group and Chief Architect of Auxledger commented during the network launch, “Indian enterprises have well-formulated blockchain use cases over public and private chains. However existing shortcomings in current infrastructure such as network fee volatility, lack of data privacy, customizability, interoperability and fault tolerance makes it difficult for enterprises to adopt it. Auxledger is designed to solve the same.”

At the Blockchain Summit India 2019, Mr. Sudhir Chaudhary, CTO, Auxesis Group overviewed Auxledger infrastructure which included technology architecture, multi-tiering network and hybrid network capability in order to enable enterprises to adopt the technology better.

The enterprise-grade will be the core of Auxledger technology that will enable interoperability across the hundreds of private Auxledger chains. These chains are already live with over 60 million users of Indian State Governments. Aux-alpha, Auxledger public network, is built in line with the requirements and regulations of Indian IT and Data Laws.

Blockchain Summit India 2019 is one of the largest summits ever hosted that had multiple elements to offer. The only focus of the event was to speed up the blockchain ecosystem in India. The conference included the presentation on blockchain by Google, IBM, Cognizant, Auxesis, ConsenSys, Tech Mahindra, EIL and Accenture. Mr. Suresh Prabhu welcomed all the ideas presented at the summit. He agrees that this technology offers a great opportunity to think differently and bring in the strategic ideas that the Government is looking forward to implementing.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Aabha Singh finds time from her hectic editorial schedule to write finance articles.

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