We’ve got great news. In our mission to spread the word about Terra around the world, we have arrived in India to be met with a thriving developer ecosystem. We’re partnering with tech ecosystem enablers who specialize in running open innovation programs — Lumos Labs, and to begin our operations in India and kick things off, we’re challenging the Indian Developer Community to participate in Think with Terra.
India is a hotbed for innovation and technological advancements: the innovator communities in India have contributed to moving up four places on the Global Innovation Index (GII) 2020 to rank at 48 since 2019, making it the third-most innovative lower-middle-income economy in the world. Additionally, holding the 48th place, India also retains the highest rank in the central and southern Asia region.
As a testament to the innovation index, India’s software developer community is one of the fastest-growing developer bases in the world. There are approximately 2.75 million developers and it has been estimated to grow by 90% to 5.2 million developers. Moreover, the Fintech space in India is advancing with tremendous steps considering the success of the Unified Payments Interface — a real-time payment system that helps in instantly transferring the funds between two bank accounts through a mobile platform. Innovators in this space are fuelling the sector to attract investments, despite the prevalence of the pandemic. According to the MEDICI India Fintech Report (2020), Fintech investments in India bordered on $1.47 billion attributing to a 60% rise over the corresponding period in 2019. A high number — 68 of them — were inked in the quiet months between March and June, the report released at the Global Fintech Festival in July showed.
We’re sure that creating a space to develop blockchain-based payment solutions with Terra in India would help us meet more talent in the tech industry and collaborate to reinvent the payments space with decentralized solutions.
Think with Terra Ideathon
Think with Terra is an ideathon that is a call for ideas that can reinvent payment service solutions by identifying real-world solutions with the caveat of hypothesising implementation with blockchain technology.
With Think with Terra, we hope to engage Indian developers and challenge them to conceptualize ideas that can take on real-world challenges that people — both service providers and consumers — face on a daily basis. The Ideathon will feature four exciting tracks:
- The Logistics Track
- The FinTech Track
- The eCommerce Track
- The Bonus Track
The first three tracks are focused on accumulating industry-specific ideas and the bonus track will encompass any other area of need that blockchain-based payments solutions can disrupt. The innovators who share ideas that will absolutely champion any of these tracks will win exciting prizes ranging from the most anticipated Xbox Series X to the third-gen Amazon Echo Dot.
In addition to rewarding great ideas with exciting prizes, we will also work towards accelerating ones that pursue implementation on Terra. The Ideathon will also feature a series of meet-ups and tech talks that will help educate the Indian developer community about blockchain tech, its applications in the payments, and how Terra can help.
Join us in our upcoming Think With Terra panel discussion on October 29, 2020 here.
We’re working in association with Lumos Labs — a company that specialises in running innovation-centred programs. We will work together to provide a platform that incentivizes developers in India to take the first steps to implement change in current payment infrastructures.
Raghu Mohan — CEO & Co-founder, Lumos Labs, believes that the Think with Terra Initiative will testify to India’s innovation index. He mentions that “India is a hotbed for innovation in blockchain and its application in the payment space holds the most promise. The Think with Terra Ideathon will mobilize the Indian Developer Community and enable them to come up with great ideas for real-world problems that can be validated and accelerated and we are excited to be a part of this program with Terra.”
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We’re excited to see the brilliant ideas that will come from India’s talented developer community. Stay tuned for more details on the Terra India Twitter page.
You can learn more about the ideathon and REGISTER here.
— Generous contributions from Suzana Joel (Lumos Labs)
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