coincodex.com
Key takeaways
- Mandala Chain is introducing IDCHAIN
- It's projected to onboard over 10 million new wallets in Indonesia.
- The initiative integrates government, enterprise, and public sectors on a secure blockchain platform.
Mandala Chain and its vision
Mandala Chain is a Polkadot parachain aiming to integrate government and enterprise applications with the public and retail sectors. The project focuses on creating real-world utility and fostering adoption, particularly in Indonesia. As a secure Layer 1 blockchain, Mandala Chain plans to revolutionize various sectors and plans to onboard over 10 million new wallets through its inaugural use case, IDCHAIN.
IDCHAIN and its impact
IDCHAIN is a digital identity solution built on Mandala Chain, in collaboration with the entity managing Indonesia's top-level .id web domain. This initiative is set to transform digital identification in Indonesia as it, offers users the ability to store identity documents securely and interact with government and enterprise portals. This development is significant since there are over 100 million active users of Indonesia’s second-level domains, such as .go.id and .co.id.
Pilot projects and future use cases
Mandala Chain has already secured several pilot projects leveraging its technology stack for various dApps and Layer 2 solutions. Key sectors include banking, healthcare, tokenization of gold, infrastructure, and product authenticity.
Mandala Chain is strategically focusing on Indonesia due to its growing market. With a young population mostly aged under 30 years and a government prioritizing blockchain in its Digital Vision 2045 framework, Indonesia is the ideal place for blockchain adoption. Indonesia is projected to be the fourth-largest country by 2040 with total GDP just behind China, India, and USA.
Mandala Chain secured a Polkadot parachain in April 2024, with over $1.2M bonded by the public during the auction. The testnet is set to go live in June, with a token generation event planned for September 2024. Mandala Chain will also be a co-title sponsor at Coinfest, one of Southeast Asia’s largest blockchain conferences.
Conclusion
Mandala Chain's integration of IDCHAIN marks a significant step in Indonesia's digital transformation. Mandala Chain aims to be a leader in the blockchain space in Southeast Asia, driving adoption and creating real-world utility for millions. As the project progresses, it will surely set a new standard for blockchain applications in the region.