The Global Blockchain Market size is estimated to reach USD 842.24 Billion by 2031 growing at a CAGR of 62.5 percent during the forecast period (2024-2031) according to SkyQuest. In India, this technology is still in the nascent stages but the business ecosystem has witnessed an increased awareness of this technology across industries. Blockchain is marching beyond crypto orientation and bringing about a world of possibilities that can bring about a transformation in overall business processes. However, clients who are implementing this technology have to avail it from providers who are not registered in the country. This affects consumer behavior and creates trust issues between the client and the service provider.

Jumbo Blockchain is a one-of-its-kind India based Layer 1 Blockchain and has filed 3 patent applications for its innovation in this technology in India and PCT worldwide. It gives the company much competitive advantage over the other providers and also helps create trust in clients.

The company was started in 2021 and was limited to a singular blockchain-based use case but eventually, the founders were able to derive a complete technology product that can be applicable for many industries. “All the other layer 1 blockchain that are used in India are registered in some other countries. Jumbo Blockchain is EVM-compatible and is registered in India. We are offering sustainable, scalable, and cost-effective blockchain solutions”, mentioned Sachin Kumar, MD, Jumbo Blockchain.

Technology Innovation

The company has overcome initial hurdles and thought beyond restricted implementations of blockchain technology and created solutions for industries that can significantly bring down transaction costs and manage client data in an accurate way that enables a smooth flow of business processes and saves a sufficient amount of time.

Jumbo Blockchain, at its core, hosts a new consensus and sharding mechanism which makes it faster, more resilient, and cost-effective as compared to other layer one blockchains on the market. The consensus mechanism, which is called ‘Proof of Nexus’ randomizes the validator selection process. This makes the chain robust from Sybil attacks and 51 percent attacks which are most common in the blockchain world.

Jumbo blockchain also uses a sharding mechanism which effectively states that all participants of the network (nodes) do not hold complete data. The data is maintained by the nodes which are the part of the pool responsible for validation of a transaction reducing the infrastructure requirement to a minimum. With this innovation, the Jumbo blockchain is the most cost effective blockchain on the market as of today.

“We are working on blockchain-based solutions for multiple industry use cases including Track & Trace, Industry-specific solutions for the EV industry, and a Unified lending platform which is among one of the future goals of RBI”, stated Vaibhav Tripathi, the CTO of Jumbo Blockchain.

Organizations can unlock seamless carbon usage monitoring with the company’s innovative integration of IoT technology and Blockchain. It creates a very powerful synergy that ensures precise, real-time tracking of carbon emissions across various industry segments of the business

ecosystem. The technology helps in enhancing transparency and compliance with international sustainability standards. The IoT devices capture accurate energy consumption data, while Jumbo Blockchain secures and immutably records this information. This report helps the company in simplifying carbon credit claims and building stakeholder trust. Clients can embrace the future of sustainable growth today.

The company’s blockchain-based document signing offers a compelling alternative, addressing industry challenges with enhanced security and transparency . “By utilizing blockchain's immutable and tamper-proof features, our solution ensures document authenticity and supports seamless international transactions. Its global accessibility and advanced encryption techniques provide a secure and reliable foundation for your business operations”, said the MD.

Jumbo Blockchain is a one-of-its-kind India-based Layer 1 Blockchain that has filed patents for its innovation in this technology in India and PCT worldwide

Web3 Expertise

Jumbo Blockchain believes that the future of Web3 in India holds significant potential, driven by the country's growing tech-savvy population, government initiatives, and a vibrant startup ecosystem. With various sectors including finance, supply chain, healthcare, and government looking for enhanced transparency and security blockchain technology adoption is being explored to a vast extent. Various government initiatives and the draft national blockchain strategy released by Meity emphasize building blockchain infrastructure for public services like land registration, digital identity management, and education certificates, paving the way for mass web3 technology adoption.

Vaibhav Tripathi, CTO

Further to this the introduction of CBDC by RBI will bring a new dimension of web3 in India. One of the largest pools of blockchain developers and Web3 enthusiasts in India will position us as a key player in the global Web3 landscape. With innovations and Green blockchain initiatives mainstream acceptance of decentralized technology is globally getting traction. The rise in tokenization of real-world assets, adoption of DAOs, and sustainability are increasing the institutional adoption of this technology worldwide. All this put together has shaped the long-term future potential of Web3 in India as well as worldwide.

Data Security

The data security and safety of user data is the key to any blockchain project and so was ours. All our innova - tions revolve around the security of data with our in - novative consensus Proof of Nexus preventing vulner - abilities and network attacks like 51 percent and Sybil attacks. Our innovative data distribution mechanism ensures decentralization in such a way that the data is distributed extensively and reliability is ensured. Also, our Smart contract-based private chain/hybrid chain setup allows enterprises with extreme data pri - vacy requirements to have a setup that ensures pri - vacy through private setup along with benefits of a public chain like immu - tability, security, and encryption. The company can transform supply chain management processes by providing a blockchain-powered solution that en - sures product authenticity and end to-end traceability. “Our technology significantly reduces the risks of coun - terfeiting, protecting brand integrity and boosting revenue. With real-time geo-location tracking and advanced data analytics, our platform not only enhances counterfeit management but also optimizes supply chain efficiency and sustainability, ensuring complete visibility and regulatory compliance”, stated Vaibhav.

Future Goals

Jumbo Blockchain is unwavering in its commitment to promoting sustainable living, driven by our core Vision and Mission. We are diligently developing Jumbo Blockchain to tackle real world industry challenges. Numerous practical use cases have been identified, which promise to not only transform industry operations with efficient, seamless solutions but also provide significant benefits to consumers. Since its inception, the company has developed a variety of blockchain based solutions that have added value to the business ecosystem as a whole. It is working on ESG reporting solutions that will soon hit the market. “We plan on collaborating with blockchain solution providers from different geographies across the world and setting up joint ventures in the coming years. It will help us in recognizing the requirements arising in different regions across the world and help us in building the needed solutions that will make business more sustainable and future-ready”, concluded the MD.