Mandala Chain, a parachain on the Polkadot network, has made an exciting announcement regarding its initial partnerships and use cases. The first collaboration, known as IDCHAIN, involves joining forces with the organization responsible for managing Indonesia’s top-level.id domain. This partnership aims to introduce over 10 million new wallets, revolutionizing digital identification in Indonesia.
IDCHAIN is a cutting-edge digital identity solution built on the Mandala Chain platform. Its main objective is to establish a secure digital identity infrastructure within the .id domain. This infrastructure will enable users to store identification documents and interact with enterprise and government portals seamlessly.
The impact of IDCHAIN is significant. Currently, there are approximately 100 million active users on Indonesia’s second-level domains, specifically .go.id (government) and .co.id (commercial and banking). Through IDCHAIN, these second-level domains will transform into web3 enabled portals, requiring users to create digital IDs for communication purposes.
This transformation is set to revolutionize various economic sectors in Southeast Asia, including banking, healthcare, insurance, and educational institutions.
For Mandala Chain, IDCHAIN serves as a crucial data infrastructure layer that opens the door to numerous new use cases. The platform has already secured several pilot projects that leverage this technology stack, paving the way for the launch of additional DApps (decentralized applications) and L2s (Layer 2 solutions) on Mandala Chain. Some of these pilot projects include:
1. Banking: Collaboration with over 90 banks to incorporate data and transactions onto the blockchain, resulting in the creation of 40,000 new wallets initially.
2. Healthcare: Partnership with more than 20 institutions to secure insurance and medical data on-chain, leading to the introduction of 900,000 new wallets initially.
3. Gold Tokenization: Onboarding approximately 300,000 new users through collaboration with a prominent Indonesian gold corporation, which holds $500 million in gold reserves, to explore tokenization solutions.
4. Infrastructure: Signing an MOU with Indonesia’s largest data infrastructure providers to explore various blockchain applications.
5. Product Authenticity: Collaborating to issue authentication certificates for artist intellectual property and products, with a target market exceeding 80 million products.
Mandala Chain has strategically decided to focus its initial use cases on Indonesia, targeting a market with the fourth-largest population globally. By 2040, Indonesia is projected to have the fourth-largest GDP, trailing only behind the United States, China, and India. This presents an unparalleled growth opportunity.
Recognizing the significance of blockchain technology, the Indonesian government has prioritized its integration as a fundamental component of the Digital Vision 2045 framework. With a tech-savvy population, particularly among the younger demographic with an average age of under thirty, Indonesia is primed for blockchain adoption. Mandala Chain, riding the wave of this blockchain revolution, is poised to lead the way.
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