This article is part of Inc42’s Startup Watchlist annual series where we list the top startups to watch for 2018 from industries like AI, Logistics, Blockchain etc. Explore all the stories from ‘Startup Watchlist’ series here.
For every Google user, Wikipedia and Google Docs, to a lesser extent, are active participants in their daily lives consumed on the Internet. Both Wikipedia and Google Docs (shared) are accessible to anyone and can be edited by multiple users across the world simultaneously, a technology very similar to the blockchain.
However, unlike blockchain which is a distributed ledger concept, both Wikipedia and Google Docs have a centralised database and are controlled by their corresponding authorities which can shut it down anytime they want. Banks, on the other hand, while enabling payment transfers remain the controlling authority, even if they have nothing to do with a payer/payee’s money.
Author Jessica Guzik’s in her story ‘Blockchain: A Love Story’ says,
It’s convenient to trust a bank, or any third party, to control the ledger, but that convenience comes at a price. As you know, your transactions are subject to the bank’s fees, terms, and timelines.
During the great financial crisis of 2007-2008, when one of the largest investment banks, Lehman Brothers broke down, and other leading banks – Merrill Lynch, AIG, HBOS, Royal Bank of Scotland, Bradford & Bingley, Fortis, Hypo Real Estate, and Alliance & Leicester — were set to follow (Until the US government made a $7.7 Tn bailout); this made the users clear that even after paying all the fees and service charges, their money is neither safe nor guaranteed.
A perfect stage set for developers to come up with an alternate solution where nobody would dictate or control the data flow! And, Satoshi Nakamoto (pseudonym) came up with a peer-to-peer-electronic transfer system that cemented two disruptive ideas, hard to tell which one is bigger since the Internet.
- Blockchain: A distributed ledger practice
- The Internet Of Money based on the distributed ledger
Blockchain not only records a transaction or data but also verifies the same. For the past few years, blockchain has become a new horizontal for verticals like supply chain, smart contracts, file storage, IPs, Energy management, AML, stock trading, governance, land registrations and more to count.
While the Internet Of Money/cryptocurrency and cryptocurrency exchanges have already been discussed in great detail by us. The current article would enlist some of the most innovative blockchain startups in India, and their key application areas, other than cryptocurrencies.
Let’s checkout the list of the Indian blockchain startups that are a must watch in 2018!
A List Of Indian Blockchain Startups To Watch In 2018
Founded in 2016 by Rohas Nagpal and Shinam Arora, Pune-based Primechain Technologies is key to developing blockchain-based solutions for the banking system of India. As part of BankChain, a collaboration of 27 banks from India and the Middle East, Primechain is developing a blockchain powered technology platform for authentication, verification and storage of electronic records.
The startup has already filed a provisional US patent titled “Transparent self-managing Know Your Customer (KYC) program using blockchain and smart contracts”.
Besides BankChain projects, Primechain is also developing some blockchain-based customised projects for Canada and Singapore-based companies. The blockchain startup has developed a series of products which includes Primechain-KYC, Primechain-CONTRACT, Primechain-LOAN, Primechain API, Primechain-MONEY.
The Blockchain startup has applications in banking, capital markets, governance, healthcare and pharmaceuticals among others.
Last week, the startup introduced Primechain-P5, a blockchain-based platform for cross-border remittance. As reported, P5 features 59-second global remittances at a near-zero fee as well as automated reconciliation and is available round the clock. The platform uses Microsoft Azure APIs for machine learning-based fraud detection systems and real-time anti-money laundering checks.
Mumbai-based Elemential is a blockchain middleware for enterprise. While the founders Raunaq Vaisoha, Anil Dukkipatty, Sahil Kathpal and Aaryaman Vir Shah dub Elemential as the wordpress of the blockchain space, Elemential products are sector agnostic and are being used to create a KYC utility by NSE, enable instant allotment for asset registries, manage royalty payments for media licenses.
NSE has already implemented Elemential Labs blockchain-based solutions, and as per Raunaq Vaisoha, Project Manager-NSE, like WordPress, Elemential enables users to build their own chain and the startup’s product provides these users with the support and development experience required to take blockchain to production.
Sofocle designs and develops blockchain powered enterprise solutions for Smart Contracts, Supply chain, Finance, Insurance, Healthcare, and Manufacturing. Delhi NCR-based Sofocle was founded Nidhi Chamria in 2016. Built on hyperledger, this blockchain startup caters to supply chain and finance.
The product helps suppliers avail loan against approved invoices by the manufacturer with no paperwork needed. SofoCap recently won the ‘Fullerton India Supply Chain Finance Challenge’ at Vizag Blockchain Conference. Among the other products, while SofoTrade streamlines the international trade settlements, SofoChain focuses on recording and verifying the transfer of assets.
Founded by Sanachit Mehra in 2017, Cateina Technologies provides blockchain solutions for business process automation. The solution helps ensure hassle-free continuity of trade. Transactions are guaranteed to be private and encrypted at all times, even when dealing with third-party APIs.
Earlier this year, YES Bank had announced that it has implemented a multi-nodal blockchain transaction to fully digitise vendor financing developed by Cateina Technologies. Cateina is using Hyperledger, an open source platform to write the codes for blockchain solutions. With a focus on DLT, EAI and IoT are vital parts of the startup’s business, with clients in USA, Spain, Singapore and West Asia.
Bengaluru-based EzyRemit provides blockchain powered solutions to the remittance market. The blockchain solution offerings are focused towards bigger ecosystem and organisation trying to adopt blockchain and cryptocurrency technology for trust validation, distributed computing and simplification of processes.
The startup was founded in 2015 by Vishal Kanvaty and Abhijit Jaswal, its products include EzyRemit, EzyHedge, EzyRemit B2B.