Blockchain | Business Upturn

Affle 3i secures patent for blockchain-based fraud mitigation technology

Kinjal — Wed, 25 Mar 2026 14:43:41 +0000

Affle 3i Limited has been granted a new patent in India for its blockchain-based fraud mitigation technology, which was previously patented in the United States. This development enhances the company’s AI-powered consumer platform stack by establishing a decentralised repository of fraudulent IP addresses and publishers.

The patented technology provides a blockchain-enabled, decentralised shared repository for fraud intelligence across the digital advertising ecosystem. It allows authorised participants to securely record, verify, and act on suspicious traffic signals in real time. By capturing and analysing real-time and historical ad interaction data, the system applies scoring and validation mechanisms to identify potentially fraudulent IP addresses, device IDs, device types, and publishers. These are then classified into shared blacklist or whitelist repositories for coordinated fraud mitigation.

This innovative framework is designed to enhance trust and reliability across the digital advertising ecosystem. It distinguishes genuine from non-genuine engagements, reduces invalid traffic and inefficient ad spends, and enables more authentic, cost-efficient, and measurable consumer outcomes across connected devices.

Affle 3i’s commitment to innovation-led technology development is reflected in this patent grant, which strengthens its fraud intelligence capabilities and enhances the efficiency, authenticity, and future-readiness of its AI-powered consumer platform stack. As of now, the company holds 18 unique patents out of a total IP portfolio of 39 unique patents, with over 300 unique patent claims.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Taiko secures $37 Million in funding for Ethereum-equivalent ZK Rollup

Tushar Aggarwal — Sat, 02 Mar 2024 16:48:04 +0000

Taiko, a blockchain innovator, has secured $37 million in funding for its Ethereum-equivalent ZK rollup, a technology aimed at enhancing transaction speed and reducing costs. This funding round, led by Generative Ventures and Token Bay Capital, with contributions from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, OKX Ventures, GSR, and WW Ventures, marks a significant milestone for Taiko as it seeks to revolutionize the Ethereum blockchain space.

At the core of Taiko’s mission is the development of an “Ethereum-equivalent ZK rollup,” a technology that Ethereum co-founder Vitalik Buterin has described as the “holy grail” for scaling networks. ZK rollups are layer-2 solutions that promise to improve blockchain efficiency by enabling faster and more cost-effective transactions while maintaining the integrity and security of the main Ethereum blockchain. Taiko’s approach leverages zero-knowledge (ZK) cryptography to provide unparalleled transaction throughput without compromising decentralization or security.

This funding round not only demonstrates the confidence of leading investors in Taiko’s vision but also sets the stage for accelerated development and expansion. With a total of $37 million raised across three rounds, Taiko is well-positioned to push the boundaries of blockchain technology. This influx of capital will enable the firm to further refine its ZK rollup solution, aiming to alleviate the high gas fees and slow transaction speeds that currently hinder the Ethereum network.

Taiko’s innovative solution represents a significant advancement in the quest for a more scalable, secure, and user-friendly blockchain ecosystem. By offering an Ethereum-equivalent ZK rollup, Taiko aims to strengthen the Ethereum network and set a precedent for future blockchain innovations. This technology has the potential to pave the way for broader adoption of blockchain and cryptocurrencies, making them more accessible and efficient for users worldwide. The strategic backing by a diverse group of investors underscores the potential impact of Taiko’s technology on the future of finance and technology.

Overall, Taiko’s development of an Ethereum-equivalent ZK rollup has the potential to revolutionize transaction processing on the Ethereum network, dramatically increasing transaction speed and reducing costs. This breakthrough addresses some of the most pressing challenges facing the blockchain industry today and positions Taiko as a key player in shaping the future of blockchain technology.

Transak and SKALE forge partnership to revolutionize Web3 Gaming

Tushar Aggarwal — Thu, 29 Feb 2024 16:32:26 +0000

Transak and SKALE have announced a strategic partnership aimed at transforming the Web3 gaming landscape. This partnership aims to tackle two major obstacles to blockchain adoption: unpredictable gas fees and the complexities of entering the world of digital assets seamlessly.

Transak, a leading Web3 payment solution for onboarding infrastructure, brings new possibilities to SKALE, the leading Appchain scaling network offering zero gas fees. This collaboration offers a comprehensive solution: while SKALE ensures affordability and usability with its cutting-edge technology, Transak simplifies the user journey, enabling easy and efficient entry pathways.

This partnership is poised to remove hurdles that have long hindered the mass adoption of blockchain technology, particularly in the Web3 gaming sector.

Transak + SKALE Integration: A Global Impact
A report by Dappradar highlighted that nearly $3 billion was invested in Web3 gaming projects in 2023, yet this figure was more than 60% lower than the previous year. This indicates significant interest in blockchain-based games, but easy accessibility for mainstream and casual gamers remains a challenge.

The partnership between Transak and SKALE aims to open the doors of Web3 gaming to over 180 countries in a practical and affordable manner for most users.

With the integration of Transak, SKALE is launching fiat-to-crypto deposits in more than 180 countries, including emerging Asian markets. This allows users to easily purchase blockchain-based assets and use them across 20 SKALE Appchains.

This integration not only simplifies transactions but also enhances user experiences by embedding Transak’s services directly into SKALE dApps, providing developers with a powerful tool to enhance engagement.

“Our partnership with SKALE represents a significant advancement in Web3 gaming and blockchain accessibility. By combining SKALE’s zero gas fee architecture with Transak’s streamlined onboarding infrastructure, we’re eliminating key barriers to blockchain adoption and opening new avenues for gamers worldwide,” said Yeshu Agarwal, CTO of Transak.

Impact on Web3 Gaming and Beyond
SKALE has been a frontrunner in the Web3 gaming space, recognized as the most active gaming chain in 2023 by CoinGecko and boasting the world’s fastest blockchain accolade from Dartmouth.

By eliminating over $4 billion in gas fees and supporting 20 million Unique Active Wallets (UAWs), SKALE has established a robust foundation for growth.

With Transak’s integration, gamers and developers alike can anticipate a more fluid and cost-effective gaming experience, further driving user engagement and platform growth.

To support the Web3 gaming industry and its users, Transak is supporting NFT purchases for as low as $0.01. This opens up the viability of micro-transactions, which is essential for fast-paced AAA and MMORPG games to thrive in a decentralized environment.

SKALE’s rapid growth and market dominance in Web3 gaming is a testament to a superior user experience created by a modular architecture and zero gas fee economic model. Partnering with Transak strengthens this edge by improving access and reducing costs for users and gamers across the ecosystem. Incorporating Transak’s efficient on-and-off ramp services is a strategic move to drive further growth and empower developers in the SKALE Ecosystem. – Jack O’Holleran, CEO of SKALE Labs

Innovations and Success Stories
SKALE’s ecosystem is filled with innovation, hosting a variety of projects ranging from AAA-quality games to AI integrations. Key highlights include:

StrayShot – Integrates NFTs into gameplay, enabling players to mint weapons directly to their wallets.
ReHold – Uses SKALE’s infrastructure for cost-effective data storage and transparent transaction recording, saving users thousands in gas fees.
Exorde – An AI-based dApp that harnesses SKALE’s zero gas fee environment for efficient data scraping, saving millions in potential costs.
With the integration of Transak’s services into SKALE dApps, gamers can quickly onboard onto trending games, addressing a major challenge in the Web3 gaming landscape.

This ease of transaction is not just a convenience; it’s a game-changer, enabling gamers to fully engage with and benefit from their participation in the SKALE ecosystem.

As SKALE and Transak forge ahead, their collaboration is set to unleash a new wave of innovation and accessibility in the blockchain space. By focusing on user-friendly solutions and technologies, they are addressing the current needs of the blockchain community and shaping the future of Web3 gaming and blockchain utilization.

India’s online gaming industry gears up for growth with regulation

Eesha Chakraborty — Fri, 23 Feb 2024 16:37:59 +0000

India’s online gaming industry which is the world’s second-largest gamer base, finds itself at a crossroads. Despite its immense potential, the lack of a cohesive regulatory framework has hampered its growth, casting a shadow over investments, talent acquisition, and innovation. However, the Modi government has taken the initiative to establish a comprehensive regulatory framework.

The challenges plaguing the online gaming domain are manifold. The implementation of a new tax framework in late 2023 saw the sector’s GST contribution skyrocket by 400%, translating to a staggering Rs. 1,200 crore per month. Furthermore, the industry employs over one lakh individuals directly and indirectly, a number poised to double within the next five years under a supportive regulatory environment.

The absence of clear-cut regulations creates uncertainty for investors, making them hesitant to pour capital into a market riddled with ambiguities. This, in turn, restricts the industry’s growth potential and hampers job creation. Additionally, the lack of a uniform regulatory framework across different states leads to conflicting interpretations of laws, creating operational hurdles for gaming companies. This inconsistency discourages talent from entering the sector, further impeding its progress.

Recognizing the critical role online gaming can play in India’s journey towards becoming a “Viksit Bharat” by 2047, the Modi government has taken decisive steps towards establishing a regulatory framework. The formation of an “informal Group of Ministers” (GoM) encompassing key ministries like MeitY, MIB, MoF, MHA, and PMO signifies the government’s commitment to a comprehensive and inclusive approach. Minister of State for Electronics and Information Technology Rajeev Chandrasekhar’s recent statements emphasizing an open, transparent, and consultative approach further underscore this commitment.

The potential benefits of regulation are manifold. Firstly, it can unlock a significant revenue stream for the government, particularly through the taxation of skill-based real-money games, a major driver of industry income. Secondly, it can create a plethora of job opportunities, with estimates suggesting a potential rise to 250,000 within the next few years. Thirdly, it can act as a catalyst for the growth of ancillary industries like cybersecurity, customer service, digital payments, and marketing, creating a ripple effect throughout the economy.

Furthermore, regulation can foster innovation in key technologies like AI, blockchain, and data analytics, propelling the industry to the forefront of technological advancements. This, in turn, can attract foreign investment and global gaming companies, further accelerating the sector’s growth.

Recent indications suggest a potential shift away from the Skill Regulation Bill (SRB) model, paving the way for a more independent regulatory body akin to the Telecom Regulatory Authority of India (TRAI). This centralized model can ensure fair competition, protect consumer interests, and maintain high-quality standards within the industry.

The Blockchain Revolution: A Glimpse into Its Past, Present, and Future

Tushar Aggarwal — Thu, 22 Feb 2024 11:54:59 +0000

The advent of blockchain technology in 2009 with the introduction of Bitcoin marked the beginning of a revolutionary era. Over the years, blockchain has evolved significantly, impacting various industries and transforming the way we perceive and interact with digital assets. This article takes a deep dive into the history of blockchain, its current applications, and speculates on its future trajectory.

A Journey Through Time: The Evolution of Blockchain Technology

Blockchain technology emerged as a disruptive force, challenging traditional centralized systems. Similar to the evolution of desktop computers and the internet, blockchain started with a limited scope but quickly expanded with the introduction of killer applications. Bitcoin, the first killer app of blockchain, demonstrated the potential of decentralized currencies and digital assets.

As blockchain technology matured, new applications emerged, including Ethereum, which introduced smart contract capabilities. These developments paved the way for decentralized finance (DeFi) and decentralized applications (DApps), expanding the reach and impact of blockchain across various sectors.

The Current Landscape: Applications and Innovations

The current blockchain landscape is diverse and dynamic, with applications spanning health, cybersecurity, supply chain management, and even video gaming. One of the most significant advancements is the introduction of non-fungible tokens (NFTs), which enable ownership of unique digital assets such as artworks, collectibles, and in-game items.

DeFi has emerged as a major use case for blockchain, offering decentralized financial services without the need for traditional intermediaries. Additionally, decentralized autonomous organizations (DAOs) are revolutionizing organizational structures, enabling global collaboration and innovation.

Blockchain as a service (BaaS) has simplified blockchain development, allowing companies to leverage cloud-based services for faster and more cost-effective deployment of blockchain applications. Central bank digital currencies (CBDCs) are also gaining traction, offering digital versions of fiat currencies that are secure and efficient.

Looking Ahead: The Future of Blockchain Technology

The future of blockchain technology holds immense promise, with several key areas poised for significant growth and innovation. DeFi, DApps, and DAOs are expected to continue evolving, offering more efficient and accessible financial services to a global audience.

CBDCs are likely to become more prevalent, providing central banks with a digital alternative to physical currencies. The Metaverse, a virtual reality space where users can interact with digital environments and assets, is another area where blockchain is expected to play a crucial role.

Smart contracts will continue to streamline international trade, reducing costs and improving efficiency. Additionally, the integration of blockchain with artificial intelligence (AI) is expected to unlock new possibilities in smart and interactive learning.

Blockchain technology has come a long way since its inception, and its journey is far from over. The past decade has seen significant advancements in blockchain applications, from cryptocurrencies to NFTs and DeFi. The future of blockchain holds even more promise, with innovations such as CBDCs, the Metaverse, and AI integration expected to reshape the digital landscape. As blockchain continues to evolve, it will redefine the way we perceive and interact with digital assets, paving the way for a more interconnected and secure digital future.

Unlocking seamless Interoperability: The Impact of XAH Teleport on the XRP Ledger ecosystem

Tushar Aggarwal — Sun, 18 Feb 2024 10:34:05 +0000

In a significant stride towards enhancing interoperability in the blockchain realm, the XRP Ledger (XRPL) is set to undergo a transformative change with the advent of ‘XAH Teleport.’ This groundbreaking feature, spearheaded by developer Wietse Wind, is poised to redefine the movement of XAH tokens between the Xahau network and XRPL, promising a seamless user experience and expanded utility for XAH tokens.

At its core, ‘XAH Teleport’ represents a monumental shift in how XAH tokens can seamlessly traverse between the Xahau network and the XRPL. This not only broadens the spectrum of utility for XAH tokens but also sets a new benchmark for user-centric blockchain innovations. With internal testing already underway and plans to grant early access to Xaman (Xumm) Pro users, the anticipation surrounding ‘XAH Teleport’ is palpable, hinting at its potential to redefine digital asset interactions.

Wietse Wind’s emphasis on rigorous testing and user feedback underscores a pivotal shift towards community-driven development, ensuring that ‘XAH Teleport’ exceeds expectations upon its release. This meticulous approach reflects a broader trend in the blockchain community, where user-centric design and functionality are paramount in shaping future innovations.

The introduction of Xahau as a sidechain of XRPL, coupled with the advent of the XAH token for transaction fees, marks a significant stride towards addressing scalability and interoperability challenges in blockchain networks. By enabling seamless asset movement between Xahau and XRPL, ‘XAH Teleport’ is poised to enhance the efficiency and flexibility of the digital finance ecosystem.

Moreover, ‘XAH Teleport’ is just one facet of the innovative developments within the XRPL ecosystem. Projects like XPUNKs, an XRPL-based NFT collection that made history by reaching the moon aboard a SpaceX Falcon 9 rocket, and xSPECTAR, a project that rapidly sold out parcels, underscore the dynamic nature of the XRPL community. Additionally, Casino Coin’s plans to expand to other blockchain networks highlight the ecosystem’s commitment to pushing the boundaries of digital finance.

The introduction of ‘XAH Teleport’ not only signifies a technological milestone but also underscores the collaborative spirit driving blockchain innovation. As developers continue to pioneer solutions that address core challenges like interoperability and scalability, the future of digital finance appears brighter than ever. The ripple effect of such developments is poised to transcend the XRPL ecosystem, potentially setting new standards for blockchain technology worldwide.

With TestRP’s recent launch of a browser extension for the XRPL, facilitating direct communication and asset transfers between XRP wallet users, the ecosystem’s momentum is palpable. These advancements, coupled with projects like XPUNKs and Casino Coin’s expansion plans, paint a picture of an ecosystem that is thriving and evolving.

As we embrace this new era of blockchain interconnectivity, features like ‘XAH Teleport’ are not mere additions but foundational elements shaping the future of digital finance. The seamless movement of XAH tokens facilitated by ‘XAH Teleport’ heralds a future where blockchain technology transcends limitations, becoming an integral part of everyday life.

Dubai’s gaming start-up Exverse levels up with $3 million investment for blockchain gaming ambitions

Eesha Chakraborty — Sat, 17 Feb 2024 14:32:56 +0000

Dubai’s gaming scene is witnessing a revolution, and at the forefront stands Exverse, a pioneering startup that has secured a $3 million investment to propel its ambitious vision of bringing AAA-quality gaming experiences to the Web3 space. This significant funding round, led by Cogitent Ventures, Cointelligence, and Moonrock Capital, marks a major milestone for Exverse, attracting additional support from industry giants like KuCoin Labs, Seedify, and ChainGPT.

Exverse, founded in 2020 by Nikita Uriupin, has already garnered a loyal following, boasting over 65,000 registered users eager to dive into its unique blend of AAA-quality gameplay and Web3 functionalities. The platform leverages blockchain technology to foster a sense of ownership and community, allowing players to not only engage in thrilling first-person shooter action but also participate in social events, build user-generated worlds, and even earn rewards in the form of tokens. Top performers can even claim a share of the profits generated through in-game NFTs, further blurring the lines between player and stakeholder.

This latest funding round will serve as a springboard for Exverse’s ambitious plans. The company intends to utilize the capital to support the launch of its highly anticipated token, a crucial step in establishing its in-game economy. Additionally, the funds will be directed towards expanding marketing efforts, particularly within the Asia-Pacific region, a market brimming with potential for the platform’s unique offerings. Furthermore, Exverse plans to leverage the investment to bolster its test net, ensuring a smooth and seamless user experience upon launch.

Collaborations with industry heavyweights like KuCoin Labs, a prominent player in the Web3 scene, signify a powerful validation of Exverse’s approach. As players seek more ownership, control, and community-driven experiences, blockchain technology emerges as a powerful tool to unlock these possibilities.

Exverse, with its AAA-quality gameplay, tokenized rewards, and focus on community building, stands poised to become a frontrunner in this exciting new era of gaming.

Dojima network redefining blockchain interoperability in Web3 space

Tushar Aggarwal — Sat, 17 Feb 2024 14:13:59 +0000

The Dojima Network is making waves in the world of decentralized applications (DApps) by revolutionizing cross-chain development. By bridging Ethereum Virtual Machine (EVM) and non-EVM chains, Dojima is fostering a more interconnected and innovative Web3 space.

Blockchain interoperability is a key challenge in the digital landscape, and Dojima Network is at the forefront of addressing it. By enabling seamless communication and transaction capabilities across different blockchain networks, Dojima is not only enhancing the functionality of DApps but also redefining what they can achieve. The platform’s focus on eliminating barriers between EVM and non-EVM chains is empowering developers to create and deploy applications that are versatile and accessible to a broader audience.

Since its inception, Dojima Network has been committed to technological innovation and fostering collaboration within the Web3 space. Its achievements reflect a dedication to excellence and a deep understanding of the ecosystem’s needs. Looking ahead, the platform aims to further enhance its capabilities, ensuring that the Web3 space is not only more interconnected but also more conducive to innovation.

The broader trends in the Web3, Blockchain, and Cryptocurrency sectors also reflect a push towards scalability, efficiency, and security. Initiatives such as Uniswap v4’s optimizations post Ethereum’s Dencun upgrade and TRON’s plans for integrating tokens with Bitcoin demonstrate a commitment to improving the blockchain ecosystem. The correction of inflated figures in crypto donation reports related to terrorism funding by the U.S. Treasury underscores the importance of accuracy and trust in the digital economy. Challenges faced by industry leaders, such as SEC Chairman Gary Gensler’s scrutiny and innovative marketing strategies by platforms like Coinbase, highlight the complex dynamics of regulation, innovation, and market forces.

Dojima Network’s mission extends beyond technology. By enhancing blockchain interoperability, the platform is facilitating smoother cross-chain app development and laying the groundwork for a more collaborative, innovative, and liquid Web3 ecosystem. This vision aligns with notable performances in the blockchain sector, with ZetaChain leading with a 347.9% increase in the 7-day change index. These achievements not only showcase the potential of interoperable platforms but also set the stage for the future of the blockchain industry.

The Dojima Network’s focus on bridging the gap between EVM and non-EVM chains is a significant step towards realizing the full potential of the Web3 space. As the platform continues to push boundaries in blockchain interoperability, it not only supports the development of sophisticated and accessible DApps but also contributes to a more integrated and dynamic digital economy. Amidst significant developments across the Web3, blockchain, and cryptocurrency sectors, the Dojima Network emerges as a key player in shaping the future of blockchain innovation and collaboration.

Solana and Filecoin partner to transform Decentralized Storage

Tushar Aggarwal — Sat, 17 Feb 2024 08:57:39 +0000

Solana and Filecoin have announced a groundbreaking partnership that aims to tackle some of the most pressing challenges in the blockchain sector, including data redundancy, scalability, and security. The collaboration between these two industry leaders is set to redefine decentralized storage solutions, paving the way for a more secure and accessible digital world.

At the core of this partnership is the integration of Solana’s high-speed blockchain network with Filecoin’s decentralized storage technology. By leveraging Filecoin’s robust storage capabilities, Solana users can expect to benefit from unprecedented levels of data redundancy, scalability, and enhanced security measures. This collaboration represents a significant step forward in the evolution of the blockchain sector, highlighting the importance of cooperation and integration among projects.

One of the key objectives of this partnership is to drive innovation and adoption in the blockchain sector. By setting a new standard for decentralized storage solutions, Solana and Filecoin are not only enhancing their own platforms but also contributing to the growth and maturation of the entire industry. This collaboration is expected to bring immediate benefits to users, including improved access to data and enhanced security measures.

As the blockchain industry continues to evolve, partnerships like the one between Solana and Filecoin are crucial for pushing the boundaries of what is possible. By joining forces, these two industry leaders are not only improving the user experience but also setting the stage for the next wave of technological advancements in the sector. This collaboration underscores the importance of continued cooperation among blockchain projects to achieve the shared goal of a more decentralized, secure, and accessible digital world.

The partnership between Solana and Filecoin represents a significant milestone in the blockchain industry’s journey. By working together to enhance decentralized storage solutions, these two industry leaders are paving the way for a more secure and accessible digital future. As this partnership continues to unfold, the impact on the blockchain sector is expected to be profound, driving innovation and adoption to new heights.

Citibank Ventures into tokenized securities on Blockchain, pioneers institutional adoption

Tushar Aggarwal — Thu, 15 Feb 2024 11:17:03 +0000

Citibank, a global financial institution renowned for its innovative approach to banking, is spearheading a groundbreaking initiative alongside Wellington Management and WisdomTree to explore the potential of tokenized securities on the blockchain. This collaborative effort marks a significant step towards accelerating the adoption of distributed ledger technology (DLT) in the financial industry, paving the way for transformative changes in how assets are managed and traded.

The experimental phase of this initiative involves the tokenization of a private equity fund on Avalanche, a blockchain platform known for its scalability and efficiency. By leveraging blockchain technology, the partners aim to streamline the distribution of tokens and explore new possibilities for collateral usage, thereby enhancing operational efficiency and regulatory compliance in the management of private assets.

Citi’s involvement in this initiative represents a strategic move to harness the benefits of blockchain technology in optimizing various aspects of financial operations. The trial conducted by Citi encompassed token transfers, secondary trading, and collateralized lending, demonstrating the potential of smart contracts to automate and streamline complex transactions while ensuring compliance with regulatory requirements.

Nisha Surendran, the lead of Citi Digital Assets, emphasized the importance of introducing new operational efficiencies through the tokenization of private assets. By digitizing these assets on the blockchain, Citi aims to unlock new possibilities for liquidity, transparency, and security, ultimately creating a more efficient and accessible financial ecosystem for investors and issuers alike.

Furthermore, Citibank’s recent foray into Bitcoin Depository Receipts and BondbloX Bond Exchange underscores its commitment to embracing blockchain innovation and exploring new avenues for integrating digital assets into traditional financial markets. These initiatives reflect Citibank’s forward-thinking approach to adapting to the evolving landscape of finance, positioning itself at the forefront of blockchain adoption in the banking sector.

Industry leaders, including Franklin Templeton CEO Jenny Johnson, have praised Citibank’s move towards tokenized securities on the blockchain, signaling a broader shift towards optimism regarding blockchain and cryptocurrencies in the financial industry. As more institutions recognize the potential of blockchain technology to revolutionize financial services, initiatives like Citibank’s are paving the way for a more inclusive, efficient, and secure financial ecosystem powered by blockchain innovation.

Hashgraph Association and Saudi Ministry of Investment launch $250 Million Deep Tech Venture Studio

Tushar Aggarwal — Mon, 12 Feb 2024 15:59:53 +0000

In a landmark collaboration, the Hashgraph Association, a Swiss nonprofit advocating for the Hedera blockchain, has joined forces with Saudi Arabia’s Ministry of Investment to inaugurate a groundbreaking $250 million Deep Tech Venture Studio. This venture aims to propel technological innovation by supporting 500 companies in the fields of artificial intelligence (AI), blockchain, and quantum computing, in line with the ambitious goals of Saudi Vision 2030.

The Deep Tech Venture Studio, valued at $250 million, sets forth an ambitious mission to empower 500 companies between 2024 and 2028. With a focus on fostering innovation and entrepreneurship, the studio aims to provide selected companies with the necessary resources and support to thrive in the competitive global market.

Munirah Alaboudi, General Manager of Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, expressed enthusiasm for the venture, highlighting its alignment with the principles of Saudi Vision 2030. Emphasizing the importance of entrepreneurship in driving economic growth and innovation, Alaboudi underscored the studio’s role in shaping a vibrant entrepreneurial ecosystem in the kingdom.

The collaboration between the Hashgraph Association and the Saudi government signifies a strategic partnership aimed at fostering a thriving digital economy. Kamal Youssefi, president of the Hashgraph Association, praised the partnership, emphasizing the organization’s commitment to contributing to the goals outlined in Saudi Vision 2030. By providing comprehensive support services, including technical engineering, training, and certification, the venture aims to nurture a new generation of tech entrepreneurs in Saudi Arabia.

The venture will adopt a phased approach, with a focus on local operations in its initial year, integrating 100 projects. Subsequent phases will expand to incorporate 200 projects each, culminating in a total of 500 empowered ventures. Startups and enterprises eligible for support may receive funding of up to $250,000 and $500,000, respectively, reflecting the venture’s commitment to nurturing innovation at all levels.

The launch of the $250 million Deep Tech Venture Studio represents a significant milestone in Saudi Arabia’s journey towards technological advancement and economic diversification. By providing financial support, technical expertise, and comprehensive services, the partnership between the Hashgraph Association and the Saudi Ministry of Investment is poised to catalyze innovation and drive sustainable growth in alignment with Saudi Vision 2030. This strategic collaboration not only benefits the participating companies but also contributes to the broader goal of building a dynamic and prosperous society in Saudi Arabia.

BGMI maker Krafton Labs partners with Solana Labs for blockchain-based gaming

Vineet Jain — Wed, 23 Mar 2022 13:28:28 +0000

Krafton Labs, the makers of the famous battle royale game Battlegrounds Mobile India (BGMI), announced on Wednesday the signing of a commercial deal with Solana Labs to facilitate blockchain-based gaming. For the uninitiated, Solana is a decentralized blockchain that is far more efficient than Bitcoin, Ethereum, or any other blockchain.

According to a report published by the Solana Foundation, one transaction on the Solana blockchain network uses less energy than two Google searches and 24 times less energy than charging a phone. Solana, which was created by Anatoly Yakovenko, works on a decentralized computer network that uses the blockchain ledger. The startup claims to be the world’s fastest blockchain and boasts of its capacity to validate 65,000 transactions per second for less than a penny each.

“Krafton will continuously see ways to work closely with blockchain companies like Solana Labs as we stride towards establishing our Web 3.0 ecosystem,” said Hyungchul Park, Lead of Web 3.0 Roundtable at KRAFTON, Inc. “As one of the best global high-performance blockchain with strength in high speed and low fees, Solana represents the best of the Web 3.0 ecosystem and its technologies. Through this collaboration, KRAFTON will acquire the insight needed to accelerate its investment in and output of blockchain-based experiences,” he further added.

According to a press release, Krafton and Solana Labs are preparing to form a long-term partnership for the creation and management of blockchain- and NFT-based games and services. The two firms will work together on the marketing and design of blockchain games and other blockchain innovations, as well as collaborative investment prospects.

“We are seeing gamers increasingly seek out on-chain games,” said Johnny Lee, Head of Games Business Development at Solana Labs.

Last month, the firm declared its intention to enter the web 3.0 and NFT markets, leveraging its BGMI game creation and operations capabilities. Since then, the business has announced investments and partnerships with partners in the NFT, metaverse, and blockchain industries, including Seoul Auction Blue, XX Blue, and NAVER Z. (Zepeto).

TCS partners with B3i Services AG to develop blockchain technology

Chittesh Dalmia — Tue, 03 Nov 2020 06:39:48 +0000

Tata Consultancy Services (TCS) announced on Tuesday that it has partnered with B3i Services AG to design, develop and launch ecosystem innovations based on distributed ledger technology (DLT) or Blockchain for the insurance industry.

The Mumbai based company stated in its BSE regulatory filing. “This partnership leverages TCS’ innovation capabilities and B3i’s industry-leading production DLT platform,
to accelerate the digitization of insurance for faster and more efficient delivery of tailored solutions to support risk managers, insurers, brokers, reinsurers, and industry service providers. Partners and customers will be able to leverage the B3i Fluidity® platform by reusing common components and services, as well as ensuring interoperability with other applications in the B3i ecosystem.”

“TCS works with leading financial institutions across the world to drive business model innovation with digital technologies such as DLT,” said Lakshminarasimhan Srinivasan, Global Head, TCS Interactive.

“TCS and B3i share a deep understanding of this cutting-edge technology as well as the insurance industry’s needs. Together we can leverage our complementary capabilities, deep industry experience, a modern technology platform, design prowess and core DLT technologies to shape the future of the insurance industry.”

“By working together with trusted partners, the insurance industry can solve longstanding problems that individual insurers and brokers can’t solve alone. TCS’s capabilities and global scale complement B3i’s specifically in the insurance industry, where participants in B3i are establishing protocols, curating minimum standards, safeguarding interoperability, and setting a solid foundation to digitally transform the insurance
industry,” said John Carolin, CEO, B3i.