Ten Startups Leveraging Blockchain Technology in India

The concept of blockchain technology was formulated in 2008. However it is safe to say that it remained as an area of interest only for virtual currency enthusiasts until recently. Two thousand sixteen became the year when it became a buzzword. At present, several large technology and financial corporates have ventured into R&D of the tech that mostly startups eyed an chance in.

Before we hop to the list of Indian companies who are finding their own ways to innovate in this area, let’s take a quick look at what blockchain actually is.

What is Blockchain Technology?

A blockchain can be described as a share, secure ledger of records, that are arranged in batches called blocks. These blocks exist as a continuously-growing list, and cannot be altered. Each block references and identifies the previous block, thus creating an unbroken chain.

In ordinary terms, think of a database that automatically updates itself whenever a switch is made. And this database is distributed over a network of individual systems called knots. Each knot maintains a copy of the block. Hence in case of updating, retrieving or validating any data, all of its past records could be obtained lightly.

Below is an picture by Blockgeeks describing how it works

As also shown in the picture above, blockchain technology is mostly being used in virtual currency transactions. Virtual currencies, such as bitcoins, don’t fairly have defined legal guidelines or regulations governing their exchange. And since have gained substantial popularity, blockchain technology is the best available way to ensure transactions happen securely in a entirely anti-fraudulent manner.

Now since no block can be altered, the transaction trail cannot be erased. Because of this reason, the technology is finding use cases in several other areas as well, including financial services, retail, trading, legal, healthcare, and pretty much any business that involves record keeping. The movie by Big black cock given below, shows how some of the companies are attempting to utilise the technology.

Startups Working on Blockchain Technology in India

Coinsecure

Coinsecure calls itself ‘India’s Bitcoin Exchange’. It’s a real time trading platform for bitcoins, and offers a wallet to store the same. It offers blockchain API to developers, and had partnered with global blockchain money transfer network, OKLink, earlier this year, to bring blockchain driven remittances in India.

EzyRemit

EzyRemit is working on building various enterprise products using blockchain as the backbone. Its solutions portfolio include cross border remittance, Digital identity on blockchain, Bounty cards wallet on blockchain and Digital certificate on blockchain.

Hashcove

Hashcove is the blockchain arm of five year old FinTech rigid uTrade Solutions. The company has built numerous products with blockchain tech at the core, including – uClear, KYChain and HashDegree.

KrypC

KrypC is a startup working to help enterprises adopt blockchain technology for their own respective processes. It offers custom-made solutions for businesses, and offers training on the tech as well. The company has built a proprietary framework for developers and analysts, to implement blockchain tech with less efforts and time.

Primechain Technologies

Primechain is one a mission of “building blockchains for a better world”. It has three products in its portfolio, including – D.A.V.E or Data Authentication and Verification Engine, a private-blockchain powered technology platform for authentication, verification and storage of electronic records etc.

Psi Phi Global

Psi Phi Global aims to revolutionise the digital economy with blockchain technology, and is primarily focusing on three sectors – healthcare, telecom and supply chain. It offers one product at the moment, a Cryptolocker to Store and Share documents on blockchain using a set of APIs. It is working on Digi Rail – A Multi-party collective database to optimise supply-chain data flow.

RecordsKeeper

RecordsKeeper is a decentralized, incorruptible and unchangeable storage facility for digital documents built on Blockchain for record keeping. The startup aims to substitute the cloud storage technologies like Dropbox or Google Drive. It offers a SaaS version for enterprises as well.

Signzy

Signzy is leveraging blockchain technology to build APIs for numerous use cases. It offers facilities like document storage, signing, validation etc., all using the same tech. It offers a digital on-boarding solution for banks, NBFCs and other financial institutions.

Trestor

Trestor is a technology startup involved in numerous different projects, one of which is in blockchain technology. Trestor offers users to make transaction using its own virtual currency called ‘Trests’. It transfers the Trests through its owb blockchain and decentralised network of knots.

GetXS is building a way to protect one’s digital identity by creating a unique identifier for each user on public blockchain infrastructure. The stiff aims to eliminate the need of users to reminisce numerous passwords by providing them a unique digital key, that can be used at every platform.

We haven’t included startups specifically focussed on bitcoin treating and trading, even tho’ they might be using the same tech too. Also, there are a few service firms which suggest assistance to startups and enterprises building products based on blockchain technology such as MindDeft and Auxesis. If there is any rock hard which we missed, please share in the comments below, we’ll update the list.

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