Bali, Indonesia, June 5, 2024, Chainwire
Mandala Chain: Real-world utility and adoption, from Indonesia
Mandala Chain, a Polkadot parachain that seamlessly integrates government and enterprise applications with the public and retail sectors, has released details on their initial partnerships and use cases. The inaugural use case, IDCHAIN, is in collaboration with the entity oversee Indonesia's top-level .id web domain. This initiative aims to introduce more than 10 million new wallets, which will have a significant impact on digital identification in Indonesia.
IDCHAIN : Pioneering Digital Identity Solution
IDCHAIN, built on Mandala Chain, is designed to create a secure digital identity infrastructure on the .id domain, allowing users to store identity documents and interact with government and enterprise portals.
The implications of this are profound. The Indonesian second-level domains .go.id (government) and .co.id (business and banking) currently have over 100 million active unique users. IDCHAIN transforms these second-level domains into Web3-enabled portals that prompt users to create their digital ID when they interact. Applications include banking, healthcare, insurance and academic institutions, revolutionizing many economic sectors in Southeast Asia.
IDCHAIN forms a crucial data infrastructure layer for Mandala Chain that will support a multitude of new use cases. Several pilot projects have already been secured and will leverage the technology stack for additional DApps and L2s to be launched on Mandala Chain. These include:
Banking: Mandala Chain collaborates with over 90 banks to place data and transactions on-chain, initially adding 40,000 new wallets.
Health care: Partnered with 20+ hospitals to secure on-chain medical data and insurance, planned to add 900,000 new wallets to start.
Gold tokenization: Working with a large Indonesian gold company with $500 million in gold reserves to explore tokenization options, onboarding approximately 300,000 new users.
Infrastructure: Signed a memorandum of understanding with Indonesia's largest data infrastructure providers to explore several blockchain applications.
Product Authenticity: Collaboration with BKRAF to create authentication certificates for artists' intellectual property and products, a TAM of over 80 million products.
Waking up the sleeping giant of Southeast Asia
Mandala Chain chose to focus on Indonesia as the initial market to roll out its first use cases. With the fourth largest population in the world, Indonesia is expected to have the fourth largest GDP by 2040, behind China, India and the United States. The growth potential here is almost unprecedented.
The Indonesian government has prioritized blockchain as core infrastructure in its Digital Vision 2045 framework. With an average age of less than 30, Indonesia has a young, tech-savvy population likely to adopt blockchain. blockchain technology. Mandala Chain is positioned to be at the forefront of this explosion in blockchain adoption.
About the Mandala channel
Mandala Chain secured a Polkadot Parachain in April 2024 with over $1.2 million pledged by the public at the time of the auction. Testnet will be live in June and a token generation event is planned for September 2024, strategically timed for when Mandala Chain will be co-title sponsor of Coinfest, one of the largest Blockchain conferences in Southeast Asia .
Co-founder
Matthew Paul
Mandala Chain
(email protected)