Indian blockchain technology startup Grow Digi has been granted two patents comprising technology that reduces the need for data storage by about 95 per cent, reduces time for transactions and enhances security, a top official of the firm said.

Grow Digi Founder and Managing Director Sachin Kumar told PTI that the bootstrapped company has developed a layer 1 or base layer of blockchain technology with base in India that will allow enterprises to develop their blockchain-based applications.

"We have been granted two patents from the government's patent office. The patents will reduce data storage requirement by 95 per cent in the blockchain as well as reduce transaction time from a minimum of 5 seconds to less than 300 milliseconds," Kumar said.

Kumar said the company's patented technology can replace the present system of multiple points required to store information to verify transactions.

Started in 2021, Grow Digi expects to start monetising the platform this year.

"The other patent we have received is for security. We have developed technology where we randomise verification of transactions. This will check influential entity in the blockchain from colluding with others to get their transaction approved," Kumar said.

Kumar said the company has developed multiple in-house industry blockchain-based use-cases, such as track and trace solutions and industry-focused platforms for sectors like electric vehicles (EV).

"We will now open our platform to onboard customers. We are also working on an application in the health domain where a patient can show his medical history through a blockchain app. The history will disappear from the doctor's or clinic database after the patient revokes permission. Similarly, we will facilitate development of several blockchain applications on our Jumbo Blockchain," Grow Digi Chief Technology Officer Vaibhav Tripathi said.

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