Vara Signs Agreement with World Economic Forum's Centre for Fourth Industrial Revolution

Vara Technology (Vara), a Kanoria Foundation entity, has signed a membership agreement with Centre for Fourth Industrial Revolution ("C4IR") which will allow the company to participate in various initiatives of the World Economic Forum ("WEF") specific to Blockchain, IoT, Artificial Intelligence, Machine Learning and Drones.

C4IR is a policy initiative to leverage technology for delivery of public goods and services under the umbrella of WEF. The centre has more than 20 governmental partners. Canada, New Zealand and the United Kingdom are some of the new members in 2019. The alliance will enable Vara to participate in WEF initiatives both in India as well as through their practice centres in USA, Japan and China. While the centres will benefit from Vara's technical prowess, the company will have the opportunity to address the real world problems. The centre's current area of work includes an identity management platform balancing anonymity and transparency on Blockchain that will be piloted in Columbia this year; an India specific project on precision agriculture that will be scaled up globally. A significant focus area of the Blockchain initiative is to address the food crises through efficient supply chain through the World Food Program.

Vara's Blockchain Centers of Excellence ("CoE") currently addresses problems of inefficiencies in the financial industry, healthcare, global trade logistics, infrastructure development and insurance sectors. The company will help enable the institutions to help those who are financially excluded; while preventing frauds using stolen identities through its solutions. Vara comes with deep systems implementation experience in sectors like banking and financial services, roads and highways, logistics, and healthcare. Vara's IoT initiative is aligned with smart cities, which has been a focus area of this year's meeting at Davos while the company is also experimenting with Drones in the area of highways and agriculture. Going forward Vara is geared to exploit it's Blockchain and IoT expertise to bring in transparency and efficiency in the development of infrastructure like roads and highways in particular and construction industry in general.

Sunil Kanoria, Trustee, Kanoria Foundation, said that their Centers of Excellence has been leveraging results from decades of academic research to address the real world problems through systems and takes into account the world as it is and not as it should be. Vara’s solutions seamlessly fit with existing industrial practices, law and economics. Hence, Vara and C4IR are natural allies, he said.

Vishal Arora, CEO, Vara Technology, said that this initiative provides them a platform to contribute to the community by providing cutting edge technology solutions to address issues that impact people on a global scale, he said.