Introducing Mandala Chain, The Polkadot L1 Targets 10M+ New Wallets in Indonesia
[PRESS RELEASE – Bali, Indonesia, June 5th, 2024]
Mandala Chain: Real World Utility & Adoption, Starting in Indonesia
Mandala Chain, a Polkadot parachain that seamlessly integrates government and enterprise applications with public and retail sectors, has released details on their initial partnerships and use cases. The inaugural use case, IDCHAIN, is in collaboration with the entity overseeing Indonesia’s top-level .id web domain. This initiative aims to introduce over 10 million new wallets, significantly impacting digital identification in Indonesia.
IDCHAIN: Pioneering Digital Identity Solution
IDCHAIN, built on top of Mandala Chain, is designed to create secure digital identity infrastructure on the .id domain, allowing users to store identity documents and interact with government and enterprise portals.
The implications of this are profound. Indonesia’s second-level domains .go.id (government) and .co.id (business and banking) currently have over 100M active unique users. IDCHAIN turns these second-level domains into web3-enabled portals that prompt users to create their digital ID when interacting. Applications include banking, healthcare, insurance, and academic institutions – revolutionizing multiple economic sectors across SE Asia.
IDCHAIN forms a crucial data infrastructure layer for Mandala Chain that will support a host of new use cases. Several pilot projects have already been secured that will leverage the technology stack for other DApps and L2s to launch on Mandala Chain. These include:
Banking: Mandala Chain is collaborating with over 90 banks to place data and transactions on-chain, initially adding 40,000 new wallets.
Healthcare: Partnering with 20+ hospitals to secure medical data and insurance on-chain, projected to add 900,000 new wallets to start.
Gold Tokenization: Working with a major Indonesian gold corp with $500M in gold reserves to explore tokenization options, onboarding approximately 300,000 new users.
Infrastructure: MOU signed with the largest Indonesian data infrastructure providers to explore multiple blockchain applications.
Product Authenticity: Collaborating with BKRAF to create authentication certificates for artist IP and products, a TAM of over 80 million products.
Awakening Southeast Asia’s Sleeping Giant
Mandala Chain has elected to focus on Indonesia as the initial market for rolling out their initial use cases. With the fourth largest population globally, Indonesia is projected to have the fourth largest GDP by 2040 behind only China, India, and the USA. The potential for growth here is nearly unparalleled.
The Indonesian government has prioritized blockchain as a core infrastructure in its Digital Vision 2045 framework. With an average age of under 30 years, Indonesia has a young, tech-savvy population likely to adopt blockchain technology. Mandala Chain is positioned to be at the forefront of this explosion in blockchain adoption.
About Mandala Chain
Mandala Chain secured a Polkadot Parachain in April 2024 with over $1.2M bonded by the public at the time of auction. Testnet will be live in June, and a token generation event is planned for September 2024, strategically timed for when Mandala Chain will be a co-title sponsor at Coinfest, one of SE Asia’s largest Blockchain conferences.
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