Mandala Chain, a trailblazing Polkadot parachain, is poised to revolutionize digital identity and blockchain adoption throughout Southeast Asia with its innovative endeavors. The project recently revealed details about its initial partnerships and groundbreaking applications, starting with IDCHAIN in collaboration with Indonesia’s top-level .id web domain. This strategic alliance aims to introduce over 10 million new wallets, establishing a strong digital identification infrastructure in Indonesia.
IDCHAIN, built on the foundation of Mandala Chain, offers a secure digital identity solution on the .id domain, enabling users to securely store identity documents and interact with various government and enterprise portals. This initiative is set to transform Indonesia’s existing .go.id (government) and .co.id (business and banking) domains into Web3-enabled portals, facilitating seamless creation and use of digital IDs across sectors such as banking, healthcare, insurance, and academia, thereby revolutionizing the economic landscape of the region.
Expanding its scope across sectors, IDCHAIN serves as a fundamental data infrastructure layer for Mandala Chain, supporting numerous new use cases and applications. Several pilot projects have already been established, leveraging Mandala Chain’s technology stack to launch decentralized applications (DApps) and layer-2 solutions. These initiatives include:
Banking: Collaborating with over 90 banks to migrate data and transactions onto the blockchain, with an initial target of adding 40,000 new wallets.
Healthcare: Partnering with more than 20 hospitals to secure medical data and insurance information on-chain, with an initial projection of adding up to 900,000 new wallets.
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 diverse blockchain applications.
Product Authenticity: Collaborating with BKRAF to develop authentication certificates for intellectual property (IP) and products, addressing a market encompassing over 80 million products.
Mandala Chain has strategically chosen Indonesia as its primary market for launching these innovative use cases. With the world’s fourth-largest population and a projected top-four GDP by 2040, Indonesia offers unparalleled growth potential. The Indonesian government has prioritized blockchain as a foundational infrastructure in its Digital Vision 2045 framework. Moreover, with an average population age of under 30 years, Indonesia possesses a young and tech-savvy demographic ideally suited for blockchain adoption.
In April 2024, Mandala Chain secured a Polkadot parachain, with the public contributing over $1.2 million during the auction. The project plans to launch its testnet in June and hold a token generation event in September 2024. This timing aligns strategically with Mandala Chain’s role as a co-title sponsor at Coinfest, a major blockchain conference in Southeast Asia.
With its ambitious initiatives and strong partnerships, Mandala Chain is positioned as a pivotal player in Southeast Asia’s flourishing blockchain ecosystem. By focusing on secure digital identities and integrating blockchain across various sectors, Mandala Chain is poised to redefine digital interactions and transactions in the region. As they implement transformative use cases like IDCHAIN, the potential for widespread blockchain adoption in Indonesia and beyond becomes increasingly tangible.
