Indian startups are catching up with their global peers are building solutions for some of the country’s largest companies
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When it comes to blockchain technology, people end up linking it to Bitcoins. But blockchain is just the underlying technology behind the cryptocurrency.
Often experts dub blockchain as internet 2.0 or web 3.0. The technology is believed to bring ease of transparency in sectors like government, logistics, supply chain, banking, insurance, healthcare, etc and add a seamless touch to multilayers processes.
India is not immune to this thought process. Time and again, we have reported the developments in this space. Indian startups are catching up with their global peers and are building solutions for some of the country’s largest companies.
Here are the five blockchain companies you need to keep a close eye at:
Somish is a technology-led product development company. Even though the company was founded in 2006, it dived into blockchain in 2016. The tech company provides solutions for sectors like BFSI, Agriculture, Aviation and Governments. One of its well-known products is GovBlocks, a dapps (decentralized applications) based on Ethereum’s blockchain platform.
Using the same platform, the technology company has also built a solution for Nexus Mutual – a peer-to-peer global earthquake insurance. They have also helped governments in countries India, Indonesia and Papa Guinea with blockchain solutions to bring transparency around subsidy distribution along with crisis fund.
Somish also offers blockchain solutions for in key spaces like aviation maintenance, energy trading, invoice discounting, auditing and bank reconciliation.
Raunaq Vaisoha founded Elemential Labs with Anil Dukkipatty and Sahil Kathpal in 2016. Last September, NSE tied up with the technology startup to understand blockchain solutions around the e-voting process. The pilot program involved setting up a blockchain platform to connect the regulator with the company and the Register and Transfer Agent (RTA) during the voting process.
NSE and Elemential Labs continue to work together around critical use-cases from processes like KYC to reconciliation
In a previous interview with Entrepreneur India, Vaisoha said, “NSE is amongst our large customers. We are proud to have worked closely with an organization of great national importance to bring in the future. We have also worked with a number of large banks, capital market intermediaries and regulators.”
Zebi has developed many blockchain use cases around state government processes, hospitality, health care, education, etc. It also runs few of the world’s first live running land records on blockchain for the State Government of Andhra Pradesh.
Further, Zebi also offers includes an artificial intelligence-based blockchain platform which caters to the hospitality industry. Babu Munagala shares that the solution has the mandate to submit guests’ information and brings both privacy and security while automating the whole data transfer activity for hotels. The AI Chain solution is deployed in more than 200 hotels.
Started in 2016, by Shinam Arora and Rohas Nagpal are working with almost 33 financial institutions, including the country largest bank SBI.
Most of Primechain’s solutions are around high maintenance and support costs, out-dated IT systems, reconciliation and other systems that do not communicate much with each other.
Furthermore, the startup has filed for a provisional US patent titled Transparent self-managing Know Your Customer (KYC) program using blockchain and smart contracts.
Accrivis is led by Jignesh Vasani. It is a data integration platform which also provides solutions around blockchain.
Last year the tech company collaborated with Indian unicorn Policy Bazaar to provide solutions around data tampering and timely payments.