Bolly Blocks: 5 Indian Blockchain Startups to Keep an Eye on This Year
If youve been alive these past couple of years, ten you definitely will have heard more than enough about blockchain technology. At the very least, you will have felt the buzz about Bitcoin and crypto-currencies, the most visible and widely known iteration of blockchain technology. Blockchain is a revolution in itself, set to radicalize the way our financial, logistic, business, supply chain, contracting, and even social systems work.
The technology provides a way to decentralize such systems and protocols in a way thats independent, iron-clad, secure, and private. The establishment is quacking at the possible disruptions it makes possible to the old way of doing things, which make it endlessly exciting to us. Heres a bit of a look at some of the blockchain startups that are looking set to shake things up in India.
Established in 2016 by the partnership of Venkatraman Viravanallur and Ravi Jagannathan, KrypC came onto the scene as a B2B (Business to Business) solution. The innovation behind their product is the fact that it provides businesses with a workable, easy-to-use platform to facilitate the usage and adoption of blockchains capabilities for use in various business operations.
KrypC creates and integrates real-world applications such as trade finance, money transfer, loan pre-approval, and more. Those behind the technology have a wealth of experience when it comes to matters related to digital currencies, payment solutions, security, mobile wallets, and digital signature certificates. As a matter of fact, the startup has already registered multiple patents in more than one of these sectors, meaning they really have a handle on what theyre doing.
Somish Solutions Ltd
This company has made a name for itself in the field of blockchain technology solutions with its development of public, private, or commissioned blockchain solutions underpinned by such frameworks as HyperLedger and Ethereum. What they do is develop efficient ways to utilize the new possibilities of blockchain in such areas of application as aviation maintenance, P2P insurance, distribution logging, and tokenised fund transfers such as those set to be used to trade commodities once the world catches on the wealth of benefits the platform provides.
GovBlocks is their latest offering in the field, with its stated objective being to provide a range of decentralized applications (Dapps) to be run on the Etherium platform. You can expect to encounter GovBlocks operating soon in various sectors including supply chain management, manufacturing, retail, finance, and more.
Toshendra Sharma came up with RecordsKeeper in 2016, with the intention of providing a blockchain-enhanced alternative to established cloud storage products such as Google Drive and Dropbox. Basically, its a peer-to-peer structures storage resource for individuals and businesses, particularly suited to handling documents. With RecordsKeeper, users will be able to carry out the document editing, storage, and transfer operations without any centralized oversight able to access their operations, as is made possible by current products.
The immutable and highly verifiable records the technology is able to generate cant be replicated using existing technologies such as Oracle, MSSQL, MySQL, and their likes.
This company has made it its business to provide blockchain-based solutions applicable in the fields of finance, healthcare, supply chain management, and manufacturing. Founded in New Delhi by Nidhi Chamria back in 2016, Sofocle is based on the Hyperledger platform, and is primarily targeted at supply chain management and finance.
Basically, the technology makes it possible for suppliers to provide credit facilities against invoices that have been approved without the need for additional paperwork. Their efforts in the industry won them the acclaimed Fullerton India Supply Chain Finance Challenge.
Hitesh Malviya brought to us the Mumbai-based GetXS as a way for users to carry out verification and authentication processes via blockchain technology. It facilitates the creation of blockchain identities, in short. Its been a success so far, with an uptake that has seen it register upwards of 40,000 XS IDs and counting. The beauty of the IDs is that the owners dont need to memorize a bunch of passwords, as these have been replaced by unique digital keys that can be made use of across various inter-related platforms.
The startup has set its sights on healthcare, financial services, property management, and online marketplaces as the next frontier of their operations.