India Fintech Forum, a non-profit entity that provides fintech companies with a forum to collaborate and voice their opinion on fintech related policy issues, has recently organized India Fintech Awards, through which it intends to reward and acknowledge the best teams and their innovations .
The fourth edition of India Fintech Awards was presented by National Payments Corporation of India (NPCI) and organised by India FinTech Forum in partnership with The Digital Fifth (Knowledge Partner) on 29th November at The Lalit , Mumbai. The event had more than 700 attendees from 20 plus countries.
EarthID, a decentralized identity management platform built on 3 rd generation DLT Hedera Hashgraph, won the “Best Use of Blockchain in Financial Services” at the event. The award is for recognizing an innovative Financial Institution in India which has utilized blockchain for solving complex business problems. Success was measured through a number of factors including customer impact, usage of disruptive technologies, impact on Indian Fintech Ecosystem, Scalability etc. Cateina Technologies, InStoreIn Technologies, Intain,MonetaGo India and Whrrl were nominated for the “Best use of Blockchain in Financial Services” category.
Shiv Aggarwal, founder of EarthID and Government Blockchain Association(GBA) Europe Lead said, “The success of a self-sovereign identity solution is driven by the platform it’s built upon. While choosing the underlying platform, we compared many options, and decided to build EarthID on Hedera.”
Sharat Chandra, Strategy Advisor to EarthID and President GBA India Chapter believes, “A completely scalable self-sovereign identity needs an open-source distributed network. With the emergence of platforms like Hashgraph, this is achievable. Using the existing Aadhar and India Stack platform, India can genuinely spur a self-sovereign identity revolution.”
EarthID uses blockchain to reduce the time, cost and duplicity associated with KYC & AML processes. It also removes the need for cumbersome and costly online credentials and tokens through the use of self identity for seamless logins.