India’s equipment manufacturing sector is set to undergo a transformative change with the help of VeChain, a leading blockchain platform. Stroke India and Authentic8 have partnered to leverage VeChain’s tamper-proof capabilities and revolutionize equipment security in the Indian construction industry. This collaboration, which utilizes QR/NFC technology and blockchain ledgers, promises to bring transparency and efficiency to the industry as it prepares for substantial growth.
Authentic8 has expressed its vision to propel the Indian Construction Equipment Industry to the second position globally by 2030. Recent reports indicate that the Construction Industry Institute (CII) predicts a remarkable 15% year-on-year growth in the next five years, positioning India as a key player in the global construction equipment market.
The unveiling of these advancements will take place at Excon 2023, an event scheduled from December 12-16 in Bengaluru. Supported by industry associations like the Builders Association of India (BAI) and the Infrastructure Equipment Skill Council (IESC), the event will focus on themes such as alternative fuels, Artificial Intelligence (AI), sustainability, and automation.
Authentic8.tech, in collaboration with Stroke Equipments India Pvt Ltd, will demonstrate how their solutions, running on VeChain’s blockchain, can revolutionize the construction sector. The event aims to not only showcase cutting-edge technologies but also advocate for economically viable solutions. It will also emphasize certifications for specialization in construction machinery operations to enhance safety and efficiency.
According to Sakthi Kumar V.G., the Managing Director of Schwing Stetter (India) Pvt Ltd, the Indian equipment construction sector is experiencing significant growth. With an annual supply of approximately 86,000 units and a market value of $7.2 billion, India has become the world’s third-largest player in the industry, following China and the USA. Mr. Kumar envisions India surpassing the United States and securing the global second position by 2030.
VeChain has been recognized by Forbes Digital Assets for its transformative role in the traditionally assembly-line-dominated manufacturing industry. The platform is leading the charge in bringing information-age technology to the forefront and empowering industries with its innovative solutions. As of the latest data, VeChain (VET) is trading at $0.02755, reflecting a 7.8% increase in the past 24 hours and boasting a market capitalization of over $2 billion.
In a recent development, VeChain released a Decentralized Application (dApp) Kit, which is set to revolutionize decentralized application development on the VeChainThor blockchain. The toolkit offers features such as simplified wallet management, enhanced UI components, React integration, and support for various languages and frameworks. VeChain’s commitment to fostering innovation and collaboration within the blockchain community is highlighted by the availability of npm packages and the upcoming release of open code repositories for community collaboration.
In conclusion, VeChain’s partnership with Stroke India and Authentic8 is set to bring about significant changes in India’s equipment manufacturing sector. With the aim of revolutionizing equipment security and promoting transparency and efficiency, this collaboration positions itself at the forefront of security innovation in the Indian construction industry.