Set to revolutionize digital identity and blockchain adoption in Southeast Asia, Mandala Chain, a cutting-edge Polkadot parachain, is unveiling its groundbreaking initiatives. The project recently announced its initial partnerships, starting with IDCHAIN in collaboration with Indonesia’s prestigious .id web domain. This strategic alliance aims to introduce over 10 million new wallets, establishing a robust digital identification infrastructure in Indonesia.
Developed on the Mandala Chain platform, IDCHAIN offers a secure digital identity solution on the .id domain, allowing users to securely store identity documents and interact with various government and enterprise portals. This initiative will transform Indonesia’s existing .go.id (government) and .co.id (business and banking) domains into Web3-enabled portals, facilitating the seamless creation and usage of digital IDs across sectors like banking, healthcare, insurance, and academia, thereby reshaping the region’s economic landscape.
Expanding into Various Sectors
IDCHAIN acts as a fundamental data infrastructure layer for Mandala Chain, enabling a multitude of new use cases and applications. Several pilot projects have already been initiated, utilizing Mandala Chain’s technology stack to launch decentralized applications (DApps) and layer-2 solutions in the following sectors:
Banking:
Working with more than 90 banks to migrate data and transactions onto the blockchain, with an initial target of adding 40,000 new wallets.
Healthcare:
Partnering with over 20 hospitals to secure medical data and insurance information on-chain, expecting to add up to 900,000 new wallets initially.
Gold Tokenization:
Exploring tokenization opportunities with a major Indonesian gold corporation holding $500 million in gold reserves, aiming to onboard approximately 300,000 new users.
Infrastructure:
Signing a memorandum of understanding (MOU) with Indonesia’s largest data infrastructure providers to explore various blockchain applications.
Product Authenticity:
Collaborating with BKRAF to develop authentication certificates for intellectual property (IP) and products, addressing a market that includes over 80 million products.
Driving Blockchain Adoption in Southeast Asia
Mandala Chain has strategically selected Indonesia as its primary market for launching these innovative use cases. With the fourth-largest population globally and a projected top-four GDP by 2040, Indonesia offers immense growth potential. The Indonesian government has emphasized blockchain as a foundational infrastructure in its Digital Vision 2045 framework. With an average population age of under 30, Indonesia has a young and tech-savvy demographic ideally suited for blockchain adoption.
Having secured a Polkadot parachain in April 2024, Mandala Chain raised over $1.2 million from the public during the auction. The project plans to launch its testnet in June and host a token generation event in September 2024. This timing aligns strategically with Mandala Chain’s role as a co-title sponsor at Coinfest, a prominent blockchain conference in Southeast Asia.
With ambitious initiatives and strong partnerships, Mandala Chain is positioned as a key player in Southeast Asia’s growing blockchain ecosystem. By focusing on secure digital identities and integrating blockchain across various sectors, Mandala Chain is set to redefine digital interactions and transactions in the region. As transformative use cases like IDCHAIN are introduced, the potential for widespread blockchain adoption in Indonesia and beyond becomes increasingly tangible.