Block chain Business models & use cases in India
If you want to go fast, go alone. If you want to go far, go together.
Just like HTTP is the foundation for sharing data (Text, Voice & Video) on the world wide web, Blockchain can be the foundation for sharing value. It is a ledger system to track transactions and transfer value.
If you look at the technology it really is a group of individuals/nodes who are trusting each other to build common infrastructure and capabilities. Its a community with common goals, bound by common rules where participants devote time, resources, and capital to the network, making it more valuable. It can be a community of banks, hospitals, enterprises, manufactures or even taxi drivers who can utilize the common infrastructure which enables them to remove the third party platform providers and directly serve the customer.
R3 is a consortium of more than 70 of the world’s biggest financial institutions in research and development of blockchain database usage in the financial system. It is building the new operating system for financial markets with distributed ledger platform CORDA.
Hyperledger is a cross-industry project led by the non-profit Linux Foundation to advance blockchain technology by coming up with common standards.
What’s India scene on blockchain?
Currently, 40 odd startups are exploring blockchain use cases in India, few have established a working model and many still are toying with the idea. Activity in India is slowing picking up and is able to get attention from big Banks & enterprises who are exploring different use cases around this.
[Fintech] BankChain is a community of banks for exploring, building and implementing blockchain solutions(Permissioned Private Ledger). Formed in February 2017 with State Bank of India (one of the largest banks in the world) being the first member, BankChain now has 27 members from India and the Middle East. Bank-Chain has been formed in collaboration with Prime chain Technologies, a young Pune-based startup with a core focus on Blockchain technologies. Signzy, a two-year-old startup, is using blockchain with artificial intelligence to enable banks to authenticate and identify a person in a few hours.
[Cyber Security] Block Armour is a Mumbai, India based startup focused on harnessing the potential of blockchain technology to counter growing cybersecurity challenges in bold new ways. The Block Armour solution ring-fences an organization’s critical resources, securely providing access to authorized users and devices. It leverages Blockchain-Defined Perimeter, using private permissioned blockchain, TLS and SDP technology to secure critical systems. It leverages digital signature based identity and authentication for humans, devices, and data
[Healthcare] Medchain — Is currently exploring building a Blockchain-enabled health information exchange platform for hospitals. They have released a whitepaper and is taking survey for doctors as of Jul 2017. It offers a private address for each user on the Medchain (permissioned Blockchain) system and is authorized to speak to one contact on the Medchain. The infrastructure is based on the token called MedCoin which regulates the network storage allocation and quality measures for Healthcare and revenue payment cycles.
Already popular collaborating platform in this sector is Innovacer which raised 18M funding and helps hospitals and health systems to create Population Health Management strategy, goals, targets and milestones. They integrate data from multiple disparate sources and bring it onto a single-source-of-truth data lake.
[SupplyChain/logistics] Sofocle Technologies is a Blockchain startup in smart contracts and trade finance. Built products include sofoSupply, sofoTrade and sofoChain. SofoSupply is for supply chain financing by availing loan against approved invoices by the manufacturer. Built on hyperledger and uses smart contract technology. sofoTrade is a Trade Finance solution. Provides a platform to exchange assets and digital data without intermediaries. sofoChain is a Supply Chain solution that records transfer of assets by linking serial numbers, barcodes, and RFID to physical goods and enables verification of certificates.
Few other in this sector are Trusttrace ( integrates with multiple sensors and stores data on a blockchain) and Chainflux (blockchain based platform for payments and tracking goods through the supply chain)
[Government Adoption] — Andhra Pradesh has become the first state in the country to pilot blockchain technology in two departments and plans to deploy it across the administration. The state had also created the largest repository of use-cases for global start-ups to test their solutions. The state launched pilot projects for land records and transport. Blockchain will help prevent tampering of land records, in Transport Department can streamline titles of the vehicles. [source]
[Platform & Service providers] KrypC recently released KrypCore, the MVP version of their middleware platform that addresses the threads of enterprise resistance to blockchain. By using KrypCore, enterprises can create a custom-built blockchain for their needs with zero coding effort. With a simple drag & drop UI, they help enterprises from ideation to the implementation of their Blockchain use-case.
To understand why and how can we use blockchain into different uses cases check out the 4 types of ledger system that exists -
- Traditional Ledger — Centralized ledger, One owner writes and modifies the database they own. Ex: Traditional bank
- Permissioned Private Ledger — Decentralised, only permissioned entities may read and write the ledger. Traditional ledgers are connected by Hub & Spoke model. This has multiple owners, writers & modifiers. If one bank can modify other banks ledger, completing a transaction becomes much faster. Ledgers can be accessed only by the members. Ex: Bankchain
- Permissioned Public Ledger — Decentralised, only permissioned entities may write the ledger, but anyone may view the ledgers contents. Ex: Ethereum & Ripple
- Unpermissioned Public Ledger: Distributed, anyone can read and write the ledger, as long they meet certain criteria and follow certain rules. Ex: Bitcoin
To bring out the true distributed power we need communities to come together to interact directly and effectively.
Blockchain Summit at NASSCOM Product Conclave happening on Nov 2nd & 3rd 2017.
I am in the organizing team for this summit and we are looking at taking the conversations into what new industries and companies are going to spring up as a result of the rush towards early adoption of this hot technology? And on the flip-side, what is needed in order for blockchain to succeed.
Blockchain is not the future because it’s already the present, meet the early adopters/pioneers and listen to what they have to say about this revolutionary technology. You can register here for this summit — https://goo.gl/zzKhsy
Look forward to connecting with more startups in this space.