Grow Digi Patents: Blockchain Tech Reduces Storage, Speeds Up Transactions
By Rediff Money Desk, New Delhi Nov 17, 2024 15:04
Indian startup Grow Digi receives two patents for its blockchain technology, offering reduced data storage, faster transactions, and enhanced security. Learn about the benefits of this innovative layer 1 blockchain.
New Delhi, Nov 17 (PTI) Indian blockchain technology startup Grow Digi has been granted two patents comprising technology that reduces need for data storage by about 95 per cent, reduced time for transactions and enhances security, a top official of the firm said.
Grow Digi Founder and Managing Director Sachin Kumar told PTI that the bootstrapped company has developed a layer 1 or base layer of blockchain technology with base in India that will allow enterprises to develop their blockchain-based applications.
"We have been granted two patents from the government's patent office. We are the first Indian firm to have layer 1 registered in India. The patents will reduce data storage requirement by 95 per cent in the blockchain as well as reduce transaction time from minimum of 5 seconds to less than 300 millisecond," Kumar said.
Layer 1 serves as the first layer which is required for enterprises to develop their applications.
Kumar said the company's patented technology can replace the present system of multiple points required to store information to verify transactions.
Started in 2021, Grow Digi has roped in a team of 41 people engaged in the development of technology and expect to start monetising the platform this year.
"The other patent we have received is for security. We have developed technology where we randomise verification of transactions. This will check influential entity in the blockchain from colluding with others to get their transaction approved," Kumar said.
Kumar said the company has developed multiple in-house industry blockchain-based use-cases, such as track and trace solutions and industry-focused platforms for sectors like electric vehicles (EV).
"We will now open our platform to onboard customers. We are also working on an application in the health domain where a patient can show his medical history through a blockchain app. The history will disappear from the doctor's or clinic database after the patient revokes permission. Similarly, we will facilitate development of several blockchain applications on our Jumbo Blockchain," Grow Digi Chief Technology Officer Vaibhav Tripathi said.
Grow Digi Founder and Managing Director Sachin Kumar told PTI that the bootstrapped company has developed a layer 1 or base layer of blockchain technology with base in India that will allow enterprises to develop their blockchain-based applications.
"We have been granted two patents from the government's patent office. We are the first Indian firm to have layer 1 registered in India. The patents will reduce data storage requirement by 95 per cent in the blockchain as well as reduce transaction time from minimum of 5 seconds to less than 300 millisecond," Kumar said.
Layer 1 serves as the first layer which is required for enterprises to develop their applications.
Kumar said the company's patented technology can replace the present system of multiple points required to store information to verify transactions.
Started in 2021, Grow Digi has roped in a team of 41 people engaged in the development of technology and expect to start monetising the platform this year.
"The other patent we have received is for security. We have developed technology where we randomise verification of transactions. This will check influential entity in the blockchain from colluding with others to get their transaction approved," Kumar said.
Kumar said the company has developed multiple in-house industry blockchain-based use-cases, such as track and trace solutions and industry-focused platforms for sectors like electric vehicles (EV).
"We will now open our platform to onboard customers. We are also working on an application in the health domain where a patient can show his medical history through a blockchain app. The history will disappear from the doctor's or clinic database after the patient revokes permission. Similarly, we will facilitate development of several blockchain applications on our Jumbo Blockchain," Grow Digi Chief Technology Officer Vaibhav Tripathi said.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- ARC Finance
- 1.34 (+ 4.69)
- 117414945
- Vodafone Idea L
- 7.77 (+ 4.02)
- 78706608
- Srestha Finvest
- 0.86 (+ 2.38)
- 39218412
- Franklin Industries
- 2.46 ( -4.65)
- 16530594
- G G Engineering
- 1.50 ( -0.66)
- 12389377
MORE NEWS
Maharashtra CM Launches Technical Textile...
Maharashtra CM Devendra Fadnavis announces the establishment of Maharashtra Technical...
SBI Life Invests in Bima Sugam India Federation
SBI Life has acquired a 10% stake in Bima Sugam India Federation, an insurance...
Sebi Allows Non-Convertible Securities...
Sebi has updated insider trading norms, permitting subscription to non-convertible...