India’s equipment manufacturing sector is set to benefit from the tamper-proof capabilities of VeChain, thanks to a collaboration between Stroke India and Authentic8. This groundbreaking partnership aims to revolutionize equipment security in the country’s construction industry by utilizing QR/NFC technology and VeChain’s tamper-proof blockchain ledgers. The alliance positions itself as a leader in security innovation as the industry prepares for significant growth.
Authentic8, in a recent LinkedIn post, expressed its vision to propel the Indian Construction Equipment Industry to the global second position by 2030. Recent reports from the Construction Industry Institute (CII) predict 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, a major event in Bengaluru from December 12-16. Supported by industry associations like the Builders Association of India (BAI) and the Infrastructure Equipment Skill Council (IESC), the event will showcase 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 exhibit cutting-edge technologies but also advocate for economically viable solutions and enhance safety and efficiency through certifications for specialization in construction machinery operations.
According to Sakthi Kumar V.G., Managing Director of Schwing Stetter (India) Pvt Ltd, the Indian equipment construction sector is on a significant growth trajectory. 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, following China and the USA. Mr. Kumar envisions India surpassing the United States and securing the global second position by 2030.
VeChain’s role in global tech transformation has been recognized by Forbes Digital Assets. The platform is hailed for bringing information-age technology to the traditionally assembly-line-dominated manufacturing industry and empowering industries with its innovative solutions. VeChain (VET) is currently trading at $0.02755, with a 7.8% increase in the past 24 hours and a market capitalization of over $2 billion.
In a recent development, VeChain released a Decentralized Application (dApp) Kit, which is set to transform decentralized application development on the VeChainThor blockchain. The kit offers 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 evident through the availability of npm packages and the upcoming release of open code repositories for community collaboration.
For more information about VeChain and its features, such as buying guides, wallet tutorials, and 24-hour price checks, visit their website.