Polygon-Powered Blockchain Solutions Offer Industry-Wide Uses

• Polygon has seen its technology adopted by numerous countries, demonstrating its superiority.
• Indian States Leveraging Polygon for Child Welfare, In Medicine, Land Registry, and Police Accountability

Ethereum’s Layer-2 scalability platform Polygon has been in the limelight for quite some time while undertaking big projects under its name. In addition to offering low-cost scalable solutions, the Polygon blockchain does a lot more addressing use cases across banking finance, governance, social welfare, and much more.

Basically, the Polygon blockchain is turning out to be a go-to solution for all things governance due to its transparent and decentralized functioning. Thus, government institutions have been leveraging the platform. Let’s take a look into different use cases of using the Polygon blockchain.

Singapore’s DeFi Pilot

In late 2022, JPMorgan made a significant move into the Web3 space, despite its CEO’s criticism of cryptocurrencies. The banking giant conducted its first cross-border transaction using modified Aave on the Polygon network.

The live transaction involved tokenized Japanese Yen (JPY) and Singapore Dollar (SGD) deposits and was part of Project Guardian by the Monetary Authority of Singapore (MAS). This project, in collaboration with the financial industry, is exploring the potential benefits and practical uses of asset tokenization. The goal is to reduce costs and make trades more efficient by eliminating the need for clearing and settlement intermediaries.

Powering A Swiss Town Using Crypto

Switzerland is home to some of the global crypto firms due to its crypto-friendly policies. The City of Lugano, a beautiful town in Switzerland, aims to become Europe’s blockchain capital. They plan to accept Bitcoin, Tether, and their own LVGA stablecoin as payment for taxes, parking tickets, public services, and student tuition fees. This move paves the way for cryptocurrencies to be legally used as a form of payment in the city.

The stablecoins will operate on the Polygon protocols. As part of their plan, Lugano will create a specialized hub for blockchain companies and startups. They also set up a 100 million Swiss francs fund to support blockchain-based startups and allocated another 3 million Swiss francs to encourage local businesses to adopt cryptocurrencies.

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Indian States Leveraging Polygon for Child Welfare, In Medicine, Land Registry, and Police Accountability

• In Telangana, India, the Women Development and Child Welfare Department partnered with StaTwig, a supply chain management startup, to enhance services for pregnant women and children. They use a real-time tool for education, nutrition, vaccinations, and health checks.
• Uttarakhand state in India sought to track medical equipment in colleges for better record-keeping and maintenance. They deployed SettleMint’s platform with Polygon Edge integration to automate processes and improve performance. The system provides asset tracking with RFID, improves ROI through performance tracking, reduces downtime from scheduled maintenance, and automates the supply and ordering process. It is currently being tested as a pilot at one of the colleges.
• The Government of Maharashtra is utilizing the Polygon blockchain to issue verifiable caste certificates to its citizens. This project is facilitated through the LegitDoc platform, which enables instant verification of these certificates. Employers in Karnataka can easily verify the certificates at no cost with just a click. Additionally, the state is using the Polygon blockchain to track COVID test results.
• West Bengal’s New Town Kolkata Development Authority has joined forces with Airchains, a Web3 middleware SaaS startup, to implement a digital land ownership and mutation system using 500,000 NFTs deployed on Polygon Supernets. This initiative aims to replace the traditional bureaucratic process with a transparent and secure digital system.
• In Firozabad, Uttar Pradesh, India, police use a blockchain-based FIR portal, powered by Polygon, to ensure transparency and combat corruption. Victims can file complaints against officers without fear of manipulation.

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