Hmm, well you are at the exact location to secure your work in this digitalized world.
India is a land of many entrepreneurs and startups where Narendra Modi had given intuitive to many startups through the “Make In India” and Digital India concept.
The very rapid use and advantages of blockchain technology made to the birth of many blockchain startups in India in 2018. With the use of this technology, many companies are performing far better than previous in terms of security.
First of all, let’s go through the origin of the concept and what does it actually mean.
What is blockchain technology?
The introduction to blockchain technology took in the year 2007 -2008 due to the financial crisis in all banks. Many people felt that their money was not secured in the banks as the result of how blockchain technology came into existence.
It was invented by Satoshi Nakamoto, which records all the transactions and verifies the same. Now especially these days this technology had been using in many startup companies in India such as in smart contracts, Supply chain, file storage, stock trading, energy management, government and land registrations etc.
There are many innovative blockchain startups in India to eradicate the verticals in finance, governance, and supply chain. Unlike the Wikipedia and Google Docs, the blockchain is a very similar technology to it. Because any Google user can access the data and edit it.
Blockchain is a distributed ledger system whereas the Wikipedia and Google Docs have the centralized database which is controlled by the respective authorities. During the great financial crisis in 2007-2008 one of the largest investment banks, Lehman brothers broke down and many other leading banks made it very clear that even after paying all the fees and charges their money is neither safe nor guaranteed.
Satoshi Nakamoto came with peer to peer electronic transfer system which is segmented into two disruptive ideas.
- Blockchain acts as the distributed ledger system.
- Internet of money to serve different cryptocurrencies.
Most innovative List of blockchain startups in India in 2018:
#1 Primechain Technologies:
The Primechain technologies are the #1 startup company in India using the blockchains for building the better world. It is founded in the year 2016 by the Rohas Nagpal and Shinam Arora. It is a Pune based blockchain startups in India. The main theme and the key role of this startup company are to develop blockchain based solutions for the banking system in India. Bankchain is a collaboration of 27 banks from India and the middle east. The primechain is developing an authentication platform, verification and storage of electronic records very securely.
This startup has filed a provisional US patent titled “Transparent Self Managing Know Your Customer(KYC) Program using blockchain and smart contracts”.
Apart from bankchain projects it also does projects for Canada and Singapore based companies. Besides this, the blockchain startups in India also developed a series of products titled PrimeChain-KYC, Primechain-Contract, Primechain-Loan, Primechain-API, Primechai-Money. Its main application in healthcare, capital markets, banking, governance and many others.
#2 Elemental Labs:
The Mumbai based elemental is a blockchain middleware for the enterprise. It was founded in 2016 by Raunaq Vaisoha, Anil Dukkipatty, Sahil Kathpal and Aaryaman Vir Shah Dub. Its products are sector agnostic to create the KYC utility by NSE. It mainly focused on the enterprise to have a smooth experience for the developers and the enterprise. Their product hadron helps to secure their blockchain development very secure and manage the process very easy.
With NSE already blockchain based solutions are implemented in elemental labs. It helps to build their own chain and start-up products to take blockchain to production.
#3 Krypc Technologies:
Krypc technologies is a service provider focusing on bringing innovative solutions in the field of blockchain and digital currency. It is a Bangalore based startup company founded in 2016. It is used to understand the power and utility of distributed ledger technology, can assess the potential areas of application, provide the technical framework and provides the effective implementation of technology solution.
It was founded by Ravi Jagannathan and Venkatraman Viravanallur. It had created the B2B platform for easy adoption and usage of blockchain in various sectors. With vast experiences in the digital signature certificates, security, cryptocurrency has multiple patents in the field of mobile wallet, digital currency, security and payment solution.
It had released the KrypCore, an enterprise resistance to built the blockchain. By using the KryCore, it can build custom blockchain for their needs with Zero coding effect.
RecordsKeeper is an open public ecosystem for record keeping and data security. It provides a full structured and easily accessible record keeping for organizations and individuals. It was founded in 2016 by Toshendra Sharma. It aims in replacing the cloud storage technologies like Dropbox and Google drive. Using this technology one can store the data very securely without any central authority vision.
It is operated as a tool to generate a Proof of existence, Proof of Authenticity and Proof of integrity of a file, record, document, and certificate of a blockchain. It is mainly applied in the big data analytics and enterprise solutions.
#5 Sofocle Technologies:
The Delhi based Sofocle Technologies was founded in 2016 by Nidhi Chamria. It provides the designs and blockchain powered enterprise solutions for the Smart Contracts, Finance, Insurance, Healthcare, and Manufacturing. BAsed on the hyper ledger, to caters to supply chain and finance.
The products of Sofocle Technologies are SofoCap, SofoChain, and Sofoinsure. The SofoCap provides supply chain financing solution to the enterprise marketers. The SofoChain provides product supply chain solutions. The Sofoinsure autonomously claim processing solutions for the clients.
On using the Sofocle technologies blockchain system paperwork is reduced. SofoCap recently won the “Fullerton Supply Chain Finance Challenge” at Vizag blockchain conference. The SofoTrade streamlines the international trade settlements between different vendors.
Signzy is a simple, secure and legal blockchain based solution in Bangalore. It provides the digital trust solutions based on the blockchain and AI technology. It aims to secure and simplify the digital regulatory processes. It was founded in the year 2015 by Ankit Ratan, Arpit Ratan, and Ankur Pandey. It launched its first APIs in may 2016 to streamline their customers in identity verification and contract management process.
It provides the digital onboarding solutions to the banks, NBFCs, and other financial institutions. With the great combination of AI and blockchain, it aims at providing a great security in the fields of banking, insurance, mutual funds, payments and cryptocurrency.
The main products are:
- RealKYC: It supports and grade digital KYC in real time.
- Digital Contracts: Secured digital contracts enabled by the Aadhar and biometrics.
- ARI: Algorithmic Risk Intelligence
EzyRemit is a Bangalore based startup company which provides the blockchain based solutions to remittance market. It mainly focuses on the bigger ecosystem and organization to adopt blockchain and cryptocurrency technology for trust validation, distributing computing and simplification process.
It was founded in the year 2015 by Vishal Kanvaty and Abhijit Jaswal. Its products include EzyRemit, EzyHedge, EzyRemit B2B.
Coinsecure is a very good platform for trading bitcoin online. One can buy, sell and accept bitcoin very easily. It is the blockchain startups in India i.e Delhi with the motto of connecting bitcoin to India. It is the one-stop solution for the bitcoin trading and blockchain solutions.
With Coinsecure leadership it accomplishes, many partnerships across the globe. One can exchange the bitcoins very secure on using this platform.
One more important thing about the blockchain startups in India in 2018 is that Tech Mahindra to set blockchain center within R & D arm. One of the top most IT company surviving all across the globe.
Tech Mahindra to set up blockchain centre:
Recently Tech Mahindra will be going to set the blockchain center with its R & D arm “Makers Lab” at Hyderabad. In order to facilitate the co-innovation in the space, developing enterprise solutions for customers across industries globally. It had launched the BlockGeeks programme in its Hyderabad campus to facilitate competency in the field of blockchain technology.
The work had been carried out in the Makers Lab focused on Next-gen technologies such as AI, Machine Learning, Internet of Things, Virtual Reality, 5G Network of the future. It had Makers Labs across four locations in India at Pune, Chennai, Hyderabad, and Bengaluru besides labs in the US, the UK and Germany.
Blockchain as the distributed ledger or decentralized application with certain features such as hash, hashcash, proof of work, non-reality upon centralized data, double spending, digital signatures and many ways where you can trust digital age. The blockchain as the service(Baas) will not only minimize the frauds in healthcare, digital payments, supply chains, banking, energy trading, public services and also maximize the efficiency and transparency in correlated sectors.
Andhra Pradesh and Telangana also had shown interests in blockchain based solutions. The AP government had digitized all its services and also aims to enable the blockchain technology in their services by 2019. As an overall the blockchain based cryptocurrency had gained more popularity in the field of bitcoin trading.
Moreover the blockchain startups in India had been increasing day by day in order to secure the information and network. The blockchain with the combination of AI will deliver effective results in any field.