Blockchain has transformed the way information is shared among individuals and enterprises. The game-changing technology allows enterprises to digitise their transactions via a secured and replicated electronic ledger, which further maintains these transactions in 'blocks' of records. Then, with the help of cryptography, the tamper-proof ledger is shared between parties oncomputer servers.
It addresses multiple challenges associated with digital transactions, yet there are other issues of security and interoperability that arise. This is where QBRICS, an enterprise blockchain platform, steps in to save the day. Founded in March 2017 by Rakesh Ramachandran, Brennan Bennett, Rajiv Chandran, and Jim Safran, the startup enables personalised access control and secure data governance between any private blockchain network, application, or product.
Rakesh has been obsessed with quantum computing and technology, ever since he discovered it in college. He embarked on his entrepreneurial journey with an initial experiment in organic farming, but then realised the potential of commercialising quantum security hardware. In the process, he met fellow co-founder Brennan, a blockchain enthusiast. Considering the problems in blockchain, especially those related to security, quantum resistant encryption and blockchain were fused to form QBRICS. Rajiv and Jim joined in soon to complete the founding team.
The four, with years of experience behind them, started the company through the extensive use of technology for collaboration. QBRICS, which was registered as a C Corporation in Delaware (US), currently has Rakesh and Rajiv working out of Bengaluru, while Brennan and Jim take care of business in the US.
According to Rakesh, QBRICS aspires to be a pure product focused firm and become a market leader through innovation and technology. He says, “QBRICS is one of the few startups in India to commit completely to the enterprise blockchain space, devoid of the noisier bitcoin or token-based platforms. We believe, tokenisation is just one popular use case of blockchain. If blockchain has to become popular and lead greater economic value, both public and private enterprises have to use this.”
The nine-member team spread across India and the US, caters to customers spanning industries including banking, healthcare, and consulting. They license the platform to enterprises, supported by an annual license, and maintenance contracts. They are open to additional models of revenue like API-usage based systems and revenue sharing, provided the commercials are well-focused. The company is also looking at raising funds through a seed round to further build their platform.
Jim says, “QBRICS is one of the few firms in the enterprise blockchain application platform space. We differentiate from the rest of the market through focus on issues of security, interoperability, and access control in the enterprise blockchain space. Although there are a few other companies worldwide, QBRICS is unique in terms of its integration and a wholesome view of the QBRICS enterprise blockchain platform.
QBRICS and the Dell Startup Challenge Season 2
The QBRICS team has a lot to be excited about at the moment. They are among the three finalists of the Dell Startup Challenge Season 2, a platform for startups to present their business idea to a jury for a chance to win Dell Vostro laptops and Dell technology worth $5,000. Dell is committed to accelerating the increasingly powerful role that entrepreneurs play in driving global economic growth, and wants to empower entrepreneurs by providing them with the tools, technology and resources they need.
Says an elated Brennan, “Winning this challenge will provide a validation of our thought process QBRICS’s relevance in blockchain technology. This will further increase awareness in the market about QBRICS, thus, leading to more customer conversations and visibility.”
The team is very keen on making their presence felt in the industry. “We look forward to completing our customer POCs and moving towards production. Our focus is going to remain on innovation and product development. The plan is to accelerate further with more resources and continued market focus”, Rajiv signs off.