VeChain is set to play a crucial role in the equipment manufacturing sector in India, thanks to a groundbreaking collaboration between Stroke India and Authentic8. By harnessing the tamper-proof capabilities of VeChain, the partnership aims to revolutionize equipment security in the Indian construction industry. This innovative alliance, which utilizes QR/NFC technology and blockchain ledgers powered by VeChain, promises a new era of transparency and efficiency. As the industry prepares for significant growth, this collaboration positions itself at the forefront of security innovation.
Authentic8 has expressed its vision to propel the Indian Construction Equipment Industry to the global second position by 2030. Recent reports have revealed that the Construction Industry Institute (CII) predicts a remarkable 15% year-on-year growth in the next five years. This ambitious trajectory positions 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 such as the Builders Association of India (BAI) and the Infrastructure Equipment Skill Council (IESC), this event will focus on themes like alternative fuels, Artificial Intelligence (AI), sustainability, and automation.
Authentic8.tech, in collaboration with Stroke Equipments India Pvt Ltd, will showcase how their solutions, running on VeChain’s blockchain, can revolutionize the construction sector. EXCON 2023 is not just an exhibition of cutting-edge technologies, but also an advocacy for economically viable solutions. The event aims to elevate Chennai and its residents to new heights, with a focus on certifications for specialization in construction machinery operations to enhance safety and efficiency.
According to Sakthi Kumar V.G., 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, following China and the USA. Mr. Kumar envisions India surpassing the United States and securing the global second position by 2030.
Forbes Digital Assets has applauded VeChain for its transformative role in the traditionally assembly-line-dominated manufacturing industry. VeChain is leading the charge by bringing information-age technology to the forefront and empowering industries with its innovative solutions. As of the latest available 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 has released a Decentralized Application (dApp) Kit, which is set to transform decentralized application development on the VeChainThor blockchain. This toolkit offers features such as simplified wallet management, enhanced UI components, React integration, and support for various languages and frameworks. The availability of npm packages and the upcoming release of open code repositories for community collaboration highlight VeChain’s commitment to fostering innovation and collaboration within the blockchain community.