Airtel to take stake in Singaporean blockchain technology firm Aqilliz
Bharti Airtel (Airtel) said that it has acquired an undisclosed stake in blockchain technology startup Aqilliz under the Airtel Startup Accelerator Program.
The financial terms of the deal were not disclosed.
Based in Singapore, Aqilliz is a Blockchain as a Service company, which has developed a hybrid blockchain platform called Atom. The hybrid blockchain platform can integrate federated learning and differential privacy on a distributed digital ledger. This enables brands to develop secure and consent-based solutions to engage with customers in a quickly changing digital economy that’s increasingly becoming decentralized.
Gowthaman Ragothaman — Founding CEO of Aqilliz 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. Legacy customer engagement, ad tech and marketing technologies are built for centralized databases.
“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.”
Airtel said that it plans to deploy the advanced blockchain technologies of Aqilliz at scale across its adtech (Airtel Ads), digital entertainment (Wynk Music and Airtel Xstream) and digital marketplace (Airtel Thanks App) offerings.
Adarsh Nair — CEO of Airtel Digital said: “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. Blockchain technology is maturing and we see its application across areas such as Adtech, Creator Economy, and Loyalty Programs.
“We are thrilled to have Aqilliz join our Startup Accelerator Program and be part of Airtel’s digital innovation factory.”
The closing of the deal is subject to receipt of statutory approvals.