Blockchain For Impact (BFI), a healthcare fund established amid the COVID-19 crisis in India, has earmarked more than $150,000, distributed over a span of three years, to foster initiatives for healthcare-centric startups at the esteemed Indian Institute of Technology Kanpur (IITK), renowned for its exceptional standards in science and engineering education.

The collaboration between BFI and IITK was formalized within the framework of the BFI-Biome Virtual Network Program, aimed at propelling healthcare innovations and progress in India. BFI will extend its support to IIT Kanpur in nurturing entrepreneurial ventures through the institute’s Startup Incubation & Innovation Centre (SIIC), with the overarching goal of devising solutions to address crucial gaps in the country’s healthcare domain.

Kantesh Balani, the dean of resources and alumni at IIT Kanpur, expressed, “This MoU [memorandum of understanding] will facilitate knowledge exchange, enhance startup support mechanisms, and bolster our capacity-building endeavors.”

Gaurav Singh, the chief executive of BFI, highlighted, “Through a spectrum of initiatives spanning biomedical research, comprehensive partnerships, and structured funding schemes, we are actively bridging critical voids in India’s healthcare landscape.”

The BFI-Biome Virtual Network Program, a $15 million venture, endeavors to bring together researchers and innovators to propel biomedical breakthroughs. Collaborating with leading Indian institutions, BFI-Biome is championing projects with the potential to revolutionize healthcare. Notably, it recently forged a partnership with the Indian Institute of Science (IISc) to bolster selected research projects in life sciences conducted by IISc faculty members.

Furthermore, Blockchain for Impact has allocated $900,000 over a three-year period to the Indian Institute of Technology Bombay, a premier institution renowned for its contributions to engineering and research, to expedite biomedical research endeavors nationwide.

While India has exhibited caution towards digital assets trading, it has shown a growing affinity towards blockchain, the foundational technology underpinning digital assets.

India’s Finance Minister Nirmala Sitharaman articulated, “[Blockchain] offers a myriad of possibilities. It can be harnessed in diverse ways. Hence, we are not averse to this technology,” during an event in 2023.

Blockchain technology plays a pivotal role in managing the vast volumes of data processed within the Indian healthcare sector, offering both security and accessibility through its immutable nature.

As per a report by PwC, the Bengal Chamber, and Medica Hospitals, “Blockchain integration into the Indian healthcare sector will unfold gradually as essential blockchain-driven use cases are presently under exploration. In the interim, the healthcare ecosystem should strategize and adapt its existing processes and systems to embrace various citizen-centric blockchain collaborations with key stakeholders to ensure seamless exchange of health information.”

Watch: Exploring potential applications of blockchain technology in India