Blockchain is touted to be the next 'big bang' across multiple industries because of its ability to keep information reliable, verifiable, confidential, and secure. Though it was conceived in 2008 and implemented in 2009, Blockchain, which essentially serves as a public ledger for transactions which are tamper-free, recently made it to the limelight as the technology that underlies bitcoin.
There is a global gold rush happening with many startups looking to cash in on the trend and innovate in this space. Bengaluru-based KrypC, one of YourStory’s Tech30 2016 companies, is one such venture with an interesting story and product.
KrypC Technologies was co-founded in February 2016 by the duo of Ravi Jagannathan and Venkatraman Viravanallur. Ravi is a chartered accountant and serial entrepreneur who had earlier founded and led ventures — e-Mudhra, Taxsmile, and YPayCash, among others — while Venkatraman is an IT-BHU, IIMA alumnus who was part of the e-Mudhra, Taxsmile, and YPayCash teams.
As a 33-member team consisting primarily of researchers and techies who are early adopters of new technology, KrypC understands the nuts and bolts of Blockchain technology. They decided to venture into this space to fill the existing gaps that are generally present when a new technology is launched in the market.
In the simplest terms, KrypC is a Blockchain services company. The team has created a B2B platform to ease adoption and usage of blockchain in different sectors, even as the space is evolving.
KrypC recently released KrypCore, the MVP version of their middleware platform that addresses the threads of enterprise resistance to Blockchain. Ravi notes that by using KrypCore, enterprises can create a custom-built Blockchain for their needs with zero coding effort. He said,
You can download any Blockchain protocol, which are open source and then use KrypCore to define the parameters, processes and our Krypto layers to fulfil your needs.
KrypC has developed a user interface-based proprietary workbench —KrypCore — for developers and business analysts to deploy solutions on private permissioned Blockchain to help them reduce implementation time and effort. KrypCore consists of four main components:
⦁ Crypto: There is an identity integration needed to make transactions secure and legally valid from a blockchain perspective. So Crypto ensures that transactions or actions performed in the Block such as certificate management, e-signer components, and certificate validation are legally valid.
⦁ API: This layer allows for interactivity with enterprise data and applications. It translates all the messages and actions by various actors for recording of transactions into Blockchain and extracts data from Blockchain for reporting and third-party API.
⦁ Protocol Wizard: A protocol layer supports connectivity to the protocols by capturing parameters relating to protocol, nodes, actors, block, assets, and data elements.
⦁ Process Framework: It enables inclusion of actions, messages, and documents relating to transactions in Blockchain by validating access rules, binding rules, and business rules defined therein
Ravi said, “Bitcoin is the simplest form of Blockchain in implementation. But the processes can get far more complex with a combination of different events and transactions and that is where KrypCore can help simplify things through clear process structures for different blocks.”
KrypC monetises its offering through a combination of subscription, licensing fees, and services charges. Ravi claimed that the company’s revenue currently fluctuates in the range of Rs 5 lakh to 25 lakh per annum. He said,
KrypCore and our payment solutions are IP-led and we build services over applications as needed by clients. If a company doesn’t need the additional support, we charge only the licensing fee.
Ravi noted that KrypC has over a dozen use cases ranging from capital markets to international remittances that have been developed on KrypCore. The standard use case is that of a business analyst with business process management (BPM) knowledge being able to connect and use Blockchain with just a few clicks.
Primarily focused on research and perfecting its offering, KrypC has been in stealth mode for the past few months, and opened up to enterprises only recently. While he declined to name them for confidentiality reasons, Ravi said that a large Fortune 500 company is currently using KrypC technology and they are actively seeing a lot of interest from companies in the USA and parts of Europe.
A recent report from Goldman Sachs estimates that Blockchain technology could streamline the clearing and settlement of cash securities, saving capital markets $2 billion in the USA and $6 billion globally on an annual basis. The report also examined the Blockchain’s potential role in US energy markets, anti-money laundering (AML) and know-your-customer (KYC) compliance, and in underwriting title insurance.
Ravi noted that India could be among the first big beneficiaries of Blockchain, if banks and governments adopt it. But based on his interactions he finds that though there is interest, it is not at par with the interest and understanding from foreign markets like the USA and parts of Europe. He said, “Our main target is currently the USA as there is a lot of interest for our solutions. We are still optimistic about India, though the awareness and knowledge is not widespread enough. We plan to leverage P2P solutions in the initial stages.”
Currently bootstrapped, KrypC aims to make good use of available resources and also create a partner network in markets like Amsterdam and Singapore so that they don’t have to ‘re-invent the wheel’ and attempt to start from scratch in some markets. KrypC also has a subsidiary in the UK and is in the process of setting up an office in the USA to be closer to their main target market.
Blockchain, a subject of deep technology, is becoming mainstream now, but the team behind KrypC has been working in other deep technologies for over a decade. This gives the team a head start to lead the development of this new technology, and makes it a perfect fit to be on YourStory’s Tech30 list. Talking about the Tech30 experience, Ravi noted,
For a startup and a tech company, the support has been amazing. The experience has been great with a lot of inbound interest in the last few days. We are also seeing serious visitors to our site and getting mails from all over the world. The TechSparks experience and YourStory being a powerful media today is helping us. Believe we will have a lot of work during this week.