• Algorand (ALGO) is up over 12% following the announcement of its partnership with AlgoBharat in India.
• The partnership focuses on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.
• In addition, they have also partnered with government entities and organizations like SEWA and Jawaharlal Nehru Technological University in order to create 100 million NFTs for storing personal health data, launch faculty development programs and support women-led enterprises.
Algorand (ALGO) Up Over 12% Following Partnership With AlgoBharat
The blockchain-based cryptocurrency protocol that leverages proof-of-stake technology, Algorand (ALGO), is up over 12% in 24-hour trading following the announcement of its partnership with AlgoBharat in India. The partnership aims to bring real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.
Partnerships For Health Data Storage & Faculty Development Programs
In addition, ALGO has formed partnerships with various entities in India such as the state of Maharashtra where they plan to create 100 million NFTs for storing personal health data. They have also partnered with the Self Employed Women’s Association (SEWA) to support women-led enterprises in building blockchain solutions and with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs, most of which focus on education.
Push Into India
Algorand’s recent push into India indicates their commitment towards supporting India’s burgeoning economy as it moves from Web 2 to Web 3. Anil Kakani – vice president & country head at the Algorand Foundation – stated that these partnerships would provide users access to a range of use cases from freelancing work opportunities all the way up complex financial transactions enabled by blockchain technology.
Real World Utility & Benefits
The aim is for Indians across different backgrounds and industries will be able to benefit from this transition from Web 2 – Web 3, thanks in part to ALGO’s new partnerships and initiatives. The introduction of blockchain technology can provide numerous benefits such as increased security, improved efficiency and cost savings when compared with traditional methods.
India is one of the world’s most populous countries and ALGO has seen an opportunity here by partnering up with government entities as well as other organisations like SEWA & Jawaharlal Nehru Technological University amongst others, who are all looking forward towards leveraging on blockchain technology for a variety of use cases including health data storage & faculty development programs which can ultimately benefit millions of Indian citizens