Bharti Airtel on Thursday said it has acquired a strategic stake in Singapore-based blockchain technology startup Aqilliz.
The company did not share any financial details of the deal. Aqilliz has developed a patented hybrid blockchain platform, Atom that integrates differential privacy and federated learning on a distributed digital ledger. This allows brands to create secure and consent-based solutions to engage with customers in a rapidly evolving digital economy that's becoming increasingly decentralised.
Airtel aims to deploy Aqilliz's advanced blockchain technologies at scale across its fast-growing Adtech (Airtel Ads), Digital Entertainment (Wynk Music & Airtel Xstream) and Digital Marketplace (Airtel Thanks App) offerings, Bharti Airtel said in a statement.
"We, at Airtel, are deeply researching new technologies that drive the future of a digitally connected India. This relentless focus on innovation is also enabling us to unlock new growth engines within Airtel," Adarsh Nair, CEO, Airtel Digital.
"Blockchain technology is maturing and we see its application across areas such as Adtech, Creator Economy, and Loyalty Programmes. We are thrilled to have Aqilliz join our Startup Accelerator Programme and be part of Airtel's digital innovation factory," he said.
Reacting to the deal Aqilliz founding CEO Gowthaman Ragothaman said, "We are extremely excited to be a part of Airtel's digital innovation play and bring this first of its kind blockchain technology to India."
"The future of the digital economy is already pivoting to managing value exchanges between brands, platforms and the consumer. Aqilliz's patented technology will enable Airtel to capture and carry this value exchange in the form of consent and provenance across the digital supply chain. We look forward to working closely with the team at Airtel," Ragothaman said.
Airtel Startup Accelerator Programme invests in early-stage start-ups working on technologies that have adjacencies to Airtel's business offerings. In addition to funding, the Programme offers mentorship from Airtel's leadership team and access to Airtel's global strategic partners.
( With inputs from ANI )
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