Internet of Things (connected devices) are the future and are touching every aspect of our lives, be it healthcare, transport or the smart home systems. These devices, which are connected to the Internet, function by gathering data (understanding your needs and behavior) and talking with each other.
But according to a report by Cisco, IoT device hacks have become a dangerous reality. Due to the sensitive nature of data collected, many see blockchain technology as the logical option to help with security.
Indian blockchain services startup, KrypC is also counting on this sentiment as its latest initiative is to help intelligent machines talk securely with each other using the blockchain platform.
The startup is in the process of developing a blockchain protocol for IoT devices. Which means that in the future when a drone comes to deliver your package, this solution could possibly make it hard for someone to hack it and steal the goodies for themselves.
Speaking to Inc42, KrypC’s founder and CEO Ravi Jagannathan states that one of the most important trends going forward is going to be the security of IoT devices and hence, blockchain technology presents itself as a right solution.
“Our primary goal has been doing the research and making it a reality and we think about how this technology can be brought to normal adoption,” Ravi says.
Ravi: “The company is through with the internal research (on IoT solution) and is expecting to release the beta version by end of this year.”
The Company: KrypC
KrypC aims at attracting enterprises which are looking to adopt blockchain technology in their processes to help them increase their efficiency and transparency.
In short: it seeks to provide custom-built blockchain solutions for business specific needs with “zero” coding effort. With its presence in the US, Netherlands, and India, the company is looking to establish more offices around the world.
The company says most of its clients are international and being part of the Microsoft accelerator program (inducted earlier this year) has helped in opening doors of opportunities for them. KrypC is currently working with about 20 clients directly or indirectly, some of them being Fortune 500 companies and in India, it’s working with the likes of Bajaj Allianz for whom it has helped ease disbursement of travel insurance claims related to flight delays for the passengers without any paperwork through automation using smart contracts.
One of its other clients is Dubai-based startup TradeAssets, a blockchain powered e-marketplace to help banks optimise trade finance risk. Banks on a regular basis engage in the financing of trade and when they do, they create assets which are then traded between the banks to mitigate risk and increase revenue. According to Ravi, the blockchain will enable all the participants in the ecosystem to exchange information and assets with the others selectively and securely. The solution has been implemented in a production-ready environment and running live for banks.
The Sell: KrypCore
Its main offering, KrypCore, which is based on the hyperledger platform has been developed to enable enterprises to quickly and easily develop blockchain applications. The platform not only acts as a translator between a business user and the blockchain, but also helps manage the overall blockchain network.
Ravi says that although there are companies that offer the comfort of multiple platforms, what makes KrypC unique is the bandwidth of services it offers ranging from ideation, PoC to production.
While KrypCore is primarily based on Hyperledger protocol, the company also offers clients the option to develop customised solutions and platforms using multiple blockchain protocols like Ethereum and Multichain and has several solutions (live applications to pilots to PoCs) running on its platform.
KrypC makes money through a combination of subscription, licensing fees and service charges.The team has developed more than 40 use cases in the area of supply chain, healthcare, law, travel, insurance, banking, financial service and many more since its inception.
Ravi says the last six months have been good with the company already having signed five projects but he does not disclose how much revenue the company, which works across sectors, has made as the timing of the chat comes close to the fundraising efforts. The Delaware, US-based startup does the bulk of its operations and R&D from Bengaluru.
As per him, there is a perceptible increase in interest levels in India around the technology but the challenge will be to divert these energies towards foundational technology requirements and identifying the right use cases.
AKA – not adopting blockchain just for the heck of it.
In a report titled, “Blockchain technology in India” released last year by Deloitte in association with The Associated Chambers of Commerce of India (ASSOCHAM), one of the primary reasons listed as a hurdle in the adoption of this technology was lack of awareness and integration issues.
Solution 5 : 50 : 500
KrypC’s “5 : 50 : 500” adoption methodology gives enterprises a sufficient time before applying it in right-ﬁt areas to maximise their benefits while keeping risks to a minimum. Because the technology is at a nascent stage, the company puts effort into conducting workshops for the client wherein a good amount of understanding regarding blockchain is explained to the client. The company aims to provide solutions across verticals and Ravi says sectors such as supply chain, energy, healthcare and retail companies are thinking about this technology.
Catching The Worm
The day is still early but the buzz around blockchain technology seems to only increase. Deloitte has said that blockchain today may be compared to what the Internet was in the early 1990s. But as they say, the early bird catches the worm and KrypC is one among many birds waiting to swoop down.
KrypC which began its journey in 2016 with some funding raised from the family, friends and four investors from Amsterdam in 2017, is now aiming to raise $5 Mn in Series A funding in the next two to three months.
It comes as no surprise that it does not feel the need for an ICO that many blockchain startups go for. “We don’t need an ICO… definitely not. We want to play to our strengths, we have angel investors, our technology is appreciated by the investors, we have real assets and have experienced staff…we are not a white paper company,” Ravi said.
One of the other blockchain startups in India that offer similar enterprise solutions is Sofocle Designs (built on Hyperledger). It provides blockchain powered enterprise solutions for Smart Contracts, Supply chain, Finance, Insurance, Healthcare, and Manufacturing. Cateina Technologies is another startup that provides blockchain solutions for business process automation. The product helps suppliers avail loan against approved invoices by the manufacturer with no paperwork needed. (For more interesting startups click here).
In India, Blockchain adoption has seen a lot of traction over the recent years especially by enterprises and financial institutions and its use cases are not sector specific and hence you may want to familiarise yourself with the word “sector agnostic” as we may see more and more blockchain startups call themselves that. This approach provides companies to have a flexible and scalable product, especially at a time when the technology is in its infant stages; it’s a bit of no-brainer.
But for a change, we are not talking about blockchain and Bitcoins in the same breath. It is very likely that we will see more progress on the adoption of blockchain based enterprise solutions before we know what the fate of the cryptocurrency is but it’s clear now that the technology that was specifically built for the virtual currency has outgrown its parent. Expect to see more activity in this space.