Blockchain protocol in the works

August 04, 2018 12:20 am | Updated 12:20 am IST - HYDERABAD

Eleven01, a multi-year blockchain initiative seeking to foster an ecosystem for startups focused on the technology, was launched at the International Blockchain Congress (IBC) here on Friday.

A joint effort of Tech Mahindra and the multi-organisation conglomerate Eleven01 Foundation, the Eleven01 protocol will power an entire ecosystem of services for Indian blockchain startups, from advisories, incubators, centres of excellence (CoEs) and venture funds.

With the protocol, Indian blockchain companies no more need to rely on foreign technologies to build world class decentralised applications. The protocol promises to fix several issues with existing blockchain platforms.

A statement on the launch said Eleven01 was built to provide a foundation for building decentralised applications that would scale several million users, capable of performing over 10,000 transactions a second. Several high profile blockchain companies had already committed to using the protocol as their primary technology platform. Names of these companies would be announced soon.

Speaking on the activities proposed by Foundation, India CEO Rama Iyer said Tech Mahindra provided the technology prowess and the State government played an important role.

Besides the high performance protocol, the Foundation would have labs, incubators, accelerators as part of its focus on building the world’s largest ecosystem out of Hyderabad. The different arms include those providing advisory to startups, promoting blockchain education through an academy and also having an exchange to allow people to participate in the blockchain economy.

CEO and MD of Tech Mahindra C.P. Gurnani said the company has a taken a less than 10% stake in Eleven01 Foundation.

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