Blockchain is a list of electronic records called blocks connected in such a way that each block contains an encrypted identifier of the block or blocks connected with it. It was invented by a person or group of persons under the name of Satoshi Nakamoto to document the transactions of cryptocurrency bitcoin. The idea of bitcoin has not yet been welcomed by most of the countries but the concept of blockchain has found its applications in areas other than bitcoin as well. The data distribution methodology of blockchain is being used by big houses in noting the transactions that occur between them and other parties. This is because of the basic design of blockchain which normally does not allow any modification of data but only permits the modification of a record after all the blocks are made aware of and validate such a change. So, the introduction of blockchain adds an extra layer of security to the data and a number of software houses have embraced this technology in the development of high-end software.
Top Five Blockchain Projects
Since blockchain development is still in its early stages in India, the projects that the above companies do are counted as a whole when we determine the development that is going on in this field. So, when we talk about the top five blockchain projects from India, we actually mean the top five blockchain development companies in India. They are as follows :
1. MATIC – MATIC is an ERC-20 token issued on ethereum platforms. It is a scalable blockchain project with a maximum supply of 10 billion coins. This particular platform provides scalability, faster transactions, low charges and a user-friendly interface. For off-chain computations, public side chains are used that provide faster and cheaper transactions. Transactions are supported by the PoS network and plasma framework ensures the security of tokens. currently, Binance is the most active exchange that is trading matic network. The sidechain tree structure ensures upto 65000 transactions per second on a single chain. Additional security is provided by FraudProofs which allows anyone on the main chain to submit details of fraudulent transactions. Matic is as good as major launchpads but it gains an upper hand in terms of technology. With upcoming features such as asset interoperability, matic is sure to rise in the cryptocurrency sector.
2. Zebi – Zebi was established in 2015 by Mr.Babu Munagala in the city of Visakhapatnam, Andhra Pradesh. It provides solutions to governments and private organizations to leverage their important data efficiently. The most important factor of zebi is its highly secure core infrastructure, which protects its users against third party hacking. The platform consists of a zebi chain that provides immutability to sensitive records and a zebi data gateway which assists in secure data exchange. Zebi provides the users with high levels of flexibility and makes sure that each shareholder receives there share of data monetization. With the unique patent-pending solution, the technical developments are carried out by Zebi data india Pvt. Limited. For internal transactions, a native currency called Zebi coin (ZCO) is used. Another key feature of zebi is that the number of nodes is a private blockchain can be integrated with a ethereum public blockchain for data security. Zebi has seen tremendous growth in the indian market and the parent company has signed a contract to implement zebi chain to safeguard the assets for state entities.
3. Cashaa : Cashaa is built on the principle of bridging the gap between old and new money. It is a decentralised system and provides access to your bitcoin along with a private key for security. Along with that, they also provide another layer of security through KYC to prevent hacks, scams and company bankruptcy. Cashaa does not act as a custodian and transaction can only be processed through the key set by the user. Cashaa wallet allows its user to use credit or debit cards for transactions in upto 200 countries, making the process easier and user friendly. Some of the features of cashaa are :
Multisig address: cashaa provides multiple keys to numerous entities and all of they keys are required to exchange bitcoins. Each key has a specific purpose and even if one key is leaked, your account is still secure from any theft. 2 factor authentication is also used for security in case your password is leaked.
Multiple cryptocurrency supported : through cashaa, the user does not need to operate on multiple accounts for multiple currencies as it can transact multiple cryptocurrencies through different chains. That allows the user to store bitcoin, ethereum based tokens and ripple to be stored in a single wallet.
4. WazirX – wazirX is a centralized exchange system launched in march 2018 by Nischal Schetty, Sameer Mhatre, and Siddharth Menon. Other than trading digital assets, you can also trade cryptocurrencies such as bitcoin, dash, litecoin and much more. With features such as open order books, trade history and wire transfer deposits, it is an ideal platform for first time investors. Furthermore, it can be used in all operating systems such as Windows, Android and macOS. wazirX recently received a security score of C by mozilla, making it a secure platform that is upto international standards. Wazirx provides numerous offers and referral programs to early holders of WRX coins to gain benefits during the demand of the coin.
5. Signzy– Signzy was founded by Mr.Ankit Ratan, Mr.Arpit Ratan and Mr.Ankur Pandey in 2015 in Bangalore, Karnataka. It uses the blockchain technology with artificial intelligence to build secure and user-friendly products.
Its API enables:
Ø Easier user experience with better multi-device support
Ø Quicker onboarding with real-time APIs
Ø Improved security and compliance
It has three major products:
Ø RealKYC – Real-time digital KYC as used by banks
Ø Digital Contracts – Safe digital contracts as appreciated by Aadhaar and Biometrics
Ø ARI – Algorithmic Risk Intelligence
According to a London-based firm called Dappros engaged in blockchain consulting, India has a huge number of blockchain developers ranking second only to the United States. On the 24th of October 2018, the figure was 19,627 for India as against 44,979 for the United States. If we do a breakup of the data, we will find that these 19,627 developers are scattered within all the different programs associated with blockchain such as Ethereum, Hyperledger, etc. In fact, India did start late in the blockchain technology, but the large literate workforce has taken India past UK, France, Germany, Canada, etc. As the big industry houses are embracing the blockchain technology, it is only a matter of time when we will see the real fruition of blockchain technology in the different fields of interest and the natural discouragement of any manipulation of data by the blockchain technology will lead to minimum corruption and mismanagement of data in every sector associated with Indian life.