Grow Digi gets two patents for sector agnostic blockchain technology layer from govt
Grow Digi Founder and Managing Director Sachin Kumar said that the company has developed a level 1 layer of blockchain technology with base in India that will allow enterprises to develop their blockchain-based applications.
Indian blockchain technology startup Grow Digi has been granted two patents comprising technology that reduces the need for data storage by about 95%, reduces 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 a 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% in the blockchain and reduce transaction time from a minimum of 5 seconds to less than 300 milliseconds," Kumar said.
Layer 1 is the first layer 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 expects to start monetising the platform this year.
"The other patent we have received is for security. We have developed a technology, where we randomise the 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 the development of several blockchain applications on our Jumbo Blockchain," Grow Digi Chief Technology Officer Vaibhav Tripathi said.