GMR Innovex starts Blockchain CoE to incubate start-us for airports

Infrastructure company GMR Group on Saturday said it has set up a centre of excellence to incubate start-ups in the blockchain space.

The Centre of Excellence (CoE) is part of the expansion plan of the group’s innovation arm GMR Innovex.

GMR Innovex signed a memorandum of understanding with Idealabs, Polygon, Koinearth, India Blockchain Forum and Veroince to explore opportunities, identify blockchain technology related use cases for airports and ancillary business, the company said in a statement.

The CoE intends to work with various distributed ledger technology (DLT) players to build a slew of applications. The industry is slowly emerging with respect to utility and value that DLT systems present, specifically for a multi-stakeholder environment like airports, GMR Airports, ED-South and Chief Innovation Officer, SGK Kishore said.

The GMR Innovex – Blockchain Centre of Excellence will identify and incubate startups and catalyze innovative product development under the guidance of business leaders and domain experts in association with blockchain technology partners, the statement said.

As per Grand View Research, the global blockchain technology market size was valued at USD 5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9 per cent from 2022 to 2030. The market growth can be attributed to the increasing venture capital funding in blockchain technology companies.              

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