IDS Inc. and IIT Madras Forge Strategic Partnership to Propel Blockchain Innovation and Adoption

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Hyderabad, 10 June, 2024 : IDS Inc. and the Indian Institute of Technology Madras (IIT Madras) announced a strategic partnership to jointly conduct applied research in blockchain-based products and solutions. This collaboration aims to strengthen the Indian blockchain ecosystem and advance research, innovation, and adoption of blockchain technology across various industries.

The partnership leverages the expertise of both institutions: IDS Inc. brings its industry experience and knowledge of blockchain solutions, while IIT Madras contributes its strong academic foundation and research capabilities in blockchain and Distributed Ledger Technology (DLT). By working together, IDS and IIT Madras aim to develop impactful solutions that address national interests and industry needs.

Mr. Sudharshan Reddy, CEO of IDS Inc., expressed his enthusiasm for this landmark partnership, stating, “We are thrilled to partner with IIT Madras, an institute renowned for its technological innovation. This collaboration will empower us to develop state-of-the-art blockchain solutions and expedite their adoption across diverse sectors. Blockchain technology has immense potential to revolutionize industries, and together with IIT Madras, we are committed to driving this transformation on a global scale.”

Mr. Aravind Voruganti, Global Vice President – Blockchain at IDS, emphasized the strategic importance of this collaboration in bridging the gap between academia and industry. “Our partnership with IIT Madras represents a pivotal step towards fostering innovation and creating a robust blockchain ecosystem. By merging our industry insights with IIT Madras’s academic prowess, we aim to develop scalable solutions that will drive India’s leadership in the global blockchain space.” Voruganti further highlighted the expansive scope of this collaboration, which includes deep research and development on several critical fronts of blockchain technology. These areas encompass the development of new blockchain protocols, innovative consensus mechanisms, and solutions for interoperability and security. Additionally, the partnership will focus on applied research for blockchain use cases of national importance, ensuring that the benefits of this transformative technology are realized in sectors crucial to India’s growth and development.

Prof. John Augustine, founder of the Blockchains research Laboratory and member of the Centre for Cybersecurity at IIT Madras echoed the sentiment on the importance of collaboration between academia and industry. He added that IIT Madras can add significant value to the collaboration owing to its expertise in distributed computing and cryptography that are the foundational bedrock of blockchain systems. Furthermore, he added that the industry exposure offered by IDS and entrepreneurial mindset prevalent at IIT Madras will complement each other in fostering innovation in the blockchain space.

Prof. Prabhu Rajagopal, faculty in charge for Innovation and Entrepreneurship and associate of the Blockchains Laboratory of IITM added, that ‘IIT Madras has been at the forefront of Blockchain innovation, launching initiatives informing healthcare, voting, supply chain and digital data network management. Our Webops and Blockchain club of the Centre for Innovation for example, has the distinction of hosting Asia’s first student council elections on Blockchain. Today we also have several startups in the Web3 and Blockchain space including Docswallet and Plenome. IIT Madras also hosts the pioneering Centre for Cybersecurity, recognised as a Laboratory of Excellence under the Institution of Eminence programme. Through the partnership with IDS, we hope to charge up and scale these developments, and take our solutions to industries, businesses and communities across India and the world’.

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