Tag: blockchain

  • Empowering the Future: Tapan Sangal Shares How MAI Labs is Redefining Digital Accessibility

    In this exclusive interaction with StartupTalky, Mr. Tapan Sangal, the founder of MAI Labs, shares about his passion for technology which can make a fair digital world. Inspired by the potential of decentralization, Mr. Sangal shares how MAI Labs is breaking down barriers through its innovative KALP blockchain platform and the revolutionary MY IPR tool for managing intellectual property. He shared his opinions on blockchain & AI, where in the future technology will be available to everyone. As MAI Labs continues to push boundaries, Mr. Sangal’s ideas shine through.

    StartupTalky: What inspired you to launch MAI Labs and focus on the next Internet?

    Mr. Sangal: The inspiration behind launching MAI Labs stemmed from a strong belief in technology’s transformative power and its potential to create a more equitable and efficient digital world. We recognized that, despite the immense advances in technology, access to these innovations remained limited, particularly in sectors where complexity and regulatory challenges hinder widespread adoption.

    Our vision for MAI Labs was to bridge this gap by simplifying advanced technologies and making them more accessible. This journey led us to focus on creating a new era of the Internet—one that moves beyond the limitations of centralized systems toward a decentralized, secure, and user-controlled digital ecosystem. Our goal is to empower users by giving them greater ownership over their digital assets, data, and interactions, enabling a truly democratic digital infrastructure.

    MAI Labs seeks to incubate deep-tech solutions that drive this transition, and our approach is grounded in regulatory compliance, scalability, and accessibility. We aim to lead the development of public digital infrastructure for the decentralized Internet, positioning MAI Labs as a key player in reshaping how people interact with technology.

    StartupTalky: How does KALP, MAI Labs’ flagship product, differentiate itself from other blockchain platforms in terms of democratising digital infrastructure?

    Mr. Sangal: KALP stands out as a blockchain platform that truly democratizes digital infrastructure. While many platforms offer decentralized solutions, KALP takes it a step further by integrating regulatory compliance directly into its architecture. This ensures that all participants on the network are verified, enhancing trust and security—a critical aspect for the regulated tokenization of real-world assets (RWA).

    What sets KALP apart is its comprehensive approach to decentralized public infrastructure. It provides a secure, high-performance platform with features like multi-chain mastery, enabling interoperability across multiple blockchains with simultaneous block finality. Additionally, KALP ensures user sovereignty by granting users full control over their private keys, making it a user-centric blockchain experience.

    Another key differentiator is the strategic deployment of physical and cloud-based nodes across the globe, ensuring true decentralization and preventing any single entity from controlling the network. KALP’s coalition model further enables partners to host nodes in their locations, expanding the platform’s reach and robustness.

    With a suite of tools, including KALP-Insight, which provides advanced analytics and monitoring, KALP not only democratizes digital infrastructure but also offers actionable insights for participants to make informed decisions.

    StartupTalky: How does MAI Labs’ MY IPR platform transform intellectual property management?

    Mr. Sangal: MY IPR, a revolutionary platform developed by MAI Labs, is the world’s first Intellectual Property Rights (IPR) management cloud designed to transform how creators, inventors, and businesses manage, protect, and monetize their intellectual property. Traditional IP management processes are often fragmented, inefficient, and costly. MY IPR addresses these challenges by providing a fully integrated digital platform that simplifies the process from registration to monetization.

    By leveraging blockchain technology, MY IPR ensures immutability and transparency in intellectual property management. Creators and inventors can securely register their IP assets with instant verification, reducing the risk of infringement. The platform’s assetization feature allows IP to be tokenized, creating new opportunities for creators to monetize their intellectual property by trading and sharing royalties seamlessly.

    Moreover, MY IPR offers tools for analytics and insights, empowering users to track the performance of their IP assets in real-time. This data-driven approach transforms IP from a static legal protection into a dynamic, revenue-generating asset. Ultimately, MY IPR democratizes IP management, making it accessible, secure, and efficient for creators across various industries.

    Mr. Sangal: Over the next five years, we expect blockchain and artificial intelligence (AI) to converge, creating transformative impacts across various industries. Here are some of the key trends that will shape the future of technology:

    Blockchain-AI Convergence: The integration of blockchain’s security and transparency with AI’s analytical power will drive new, trust-based business models. Blockchain will enable secure data sharing between AI systems, enhancing the reliability and accuracy of AI predictions. This convergence will fuel advancements in sectors like healthcare, finance, and supply chain, where both trust and data integrity are paramount.

    Data Privacy and Security: With the rise of data breaches and privacy concerns, the fusion of blockchain and AI will create robust solutions for protecting sensitive information. Blockchain’s decentralized nature, combined with AI’s ability to monitor and detect threats in real time, will ensure enhanced security for personal data, particularly in regulated industries such as healthcare and finance.

    Decentralized Autonomous Organizations (DAOs): As blockchain adoption grows, DAOs will emerge as a significant trend, enabling communities and businesses to operate without centralized leadership. AI will play a key role in automating the decision-making processes within DAOs, improving efficiency and transparency in governance. 

    AI-Enhanced Blockchain Operations: AI will streamline and optimize blockchain operations, from consensus mechanisms to smart contract execution. By automating complex processes, AI will make blockchain technology more efficient and scalable, supporting its adoption across global industries.

    These trends will not only drive innovation but also redefine how industries operate, creating new opportunities for businesses and society to thrive in a decentralized and intelligent world.

    StartupTalky: What role do you see AI playing in MAI Labs’ future projects?

    Mr. Sangal: At MAI Labs, AI is poised to play a pivotal role in driving operational efficiency and enhancing the performance of various solutions across our product portfolio. We see AI as an indispensable tool in automating processes that require large-scale data analysis, fraud detection, and real-time monitoring. By integrating AI into our platforms, we can deliver faster, more reliable results in sectors like finance, healthcare, and real estate, where precision and speed are essential.

    However, while AI will augment efficiency in repetitive or high-volume tasks, MAI Labs remains committed to keeping the creative and strategic aspects of our projects human-centric. We believe that true innovation stems from human creativity, which cannot be fully replicated by algorithms. AI will serve as a powerful enabler in tasks like data processing, compliance checks, and smart contract management, allowing our teams to focus on more complex, high-value work such as strategy development, design, and user experience.

    In future projects, we envision AI playing a critical role in our decentralized infrastructure, particularly in optimizing smart contract execution, personalizing user experiences within immersive environments, and enabling predictive analytics. By harnessing AI, MAI Labs will be able to scale faster while maintaining a high standard of quality, security, and compliance.

    Mr. Sangal: MAI Labs has been a pioneer in integrating blockchain technology within established legal frameworks, making compliance a core component of our blockchain infrastructure. The decentralized nature of blockchain often raises concerns about regulation and legal enforceability, but MAI Labs addresses this by embedding legal standards directly into our smart contracts and blockchain protocols.

    Our flagship product, KALP, is built with a “regulatory by design” approach. We collaborate closely with legal experts to ensure that all transactions and interactions within the KALP ecosystem are compliant with global regulations, such as Anti-Money Laundering (AML), Know Your Customer (KYC), and data protection standards like the General Data Protection Regulation (GDPR). This allows users to engage in blockchain activities with confidence, knowing that their operations are fully compliant with relevant legal requirements.

    Moreover, our Legal and Grievance Layer provides a unique mechanism for users to enforce legal rights and pursue remedies in the event of disputes or irregularities. By embedding legal terms and conditions into the blockchain’s code, we ensure that smart contracts are legally binding and enforceable in traditional legal systems. This integration of blockchain with legal frameworks not only enhances the trust and reliability of our digital infrastructure but also sets a new standard for how decentralized systems can coexist with established legal norms.

    StartupTalky: What challenges did you face while developing KALP, and how did you overcome them?

    Mr. Sangal: Developing KALP presented several significant challenges, which we addressed through innovation, collaboration, and a focus on regulatory compliance. One of the major challenges was balancing decentralization with regulatory adherence. In a decentralized blockchain, ensuring that participants and transactions meet global regulatory standards such as KYC, AML, and GDPR requires advanced protocols that don’t compromise the blockchain’s decentralized nature. We overcame this challenge by embedding compliance directly into the core architecture of KALP, creating a platform that aligns with regulations without sacrificing decentralization.

    Another challenge was scalability. Blockchain platforms often struggle with transaction speed and throughput, which can limit their ability to handle large volumes of data and real-time operations. We solved this by building KALP with multi-chain capabilities and parallel processing, which allows multiple chains to run concurrently and achieve block finality simultaneously. This architecture drastically improves scalability, enabling KALP to support a high volume of transactions without slowing down.

    Interoperability with other blockchains was also a crucial hurdle. To ensure that KALP could function seamlessly with other blockchain ecosystems, we developed an innovative approach to multi-chain mastery, allowing KALP to interact with various blockchain networks while maintaining security and performance integrity.

    Through continuous innovation and strategic partnerships, we addressed these challenges and built KALP into a platform that is scalable, compliant, and interoperable—setting new benchmarks for blockchain technology.

    StartupTalky: How do you envision Central Bank Digital Currencies (CBDCs) impacting global finance?

    Mr. Sangal: Central Bank Digital Currencies (CBDCs) represent a transformative shift in global finance, offering the potential to modernize monetary systems, increase financial inclusion, and enhance the efficiency of cross-border payments. We envision CBDCs becoming a key component of the global financial infrastructure, driving both innovation and regulation in the digital asset space.

    CBDCs will likely streamline transactions by reducing the reliance on intermediaries, which can make payments faster, cheaper, and more transparent. The programmability of digital currencies will enable central banks to implement monetary policies more effectively and with greater precision. For example, smart contracts could automate conditional payments, such as stimulus distributions, or enforce compliance with tax obligations in real-time.

    Additionally, CBDCs could play a vital role in financial inclusion. By providing a digital currency accessible through mobile devices, central banks can reach unbanked populations in regions where traditional banking infrastructure is limited. This could democratize access to financial services and reduce barriers to entry for individuals and businesses in emerging markets.

    However, the adoption of CBDCs will also raise important questions about privacy, cybersecurity, and the balance between centralization and decentralization. The integration of CBDCs with existing financial systems will require robust regulatory frameworks and a clear approach to protecting user privacy while maintaining transparency.

    At MAI Labs, we see CBDCs as a significant opportunity for the tokenization of real-world assets (RWA) and decentralized finance (DeFi), where they could serve as a stable, government-backed asset within decentralized ecosystems. This will foster trust in blockchain-based financial systems and accelerate the adoption of decentralized finance on a global scale.


    Amazing Facts About Block Chain in Insurance Industry
    A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a blockchain.


    StartupTalky: What opportunities do you see in combining blockchain and AI?

    Mr. Sangal: The combination of blockchain and AI presents transformative opportunities across multiple industries, enhancing both technological capabilities and business processes. At MAI Labs, we believe that integrating blockchain’s secure, transparent ledger system with AI’s predictive power can unlock new levels of efficiency, innovation, and trust.

    Enhanced Data Security and Privacy: One of the key opportunities lies in data privacy and security. Blockchain’s decentralized nature ensures that data is stored immutably and securely, while AI can analyze this data to detect patterns and anomalies. This combination can be particularly powerful in industries like healthcare and finance, where sensitive data requires both protection and insight. AI can process encrypted data on the blockchain without compromising security, enabling insights without exposing sensitive information.

    Automated Smart Contracts: Blockchain smart contracts are self-executing contracts with the terms directly written into code. AI can optimize these contracts by automating decision-making processes based on real-time data, ensuring the contracts adapt to changing conditions. This creates a dynamic environment where complex business processes can be automated, reducing human intervention and errors while improving efficiency.

    Supply Chain Optimization: In logistics and supply chain management, AI can enhance blockchain’s tracking capabilities by predicting supply chain disruptions and recommending alternatives in real-time. The immutability of blockchain ensures that every action taken is recorded transparently, while AI provides the intelligence to optimize routes, manage inventory, and improve overall efficiency.

    Personalized Financial Services: AI’s ability to analyze large datasets can enable the personalization of financial services, such as investment strategies or credit scoring, by analyzing user behavior and financial history. Blockchain ensures that these processes are transparent and secure, fostering trust between financial institutions and their customers.

    Together, blockchain and AI represent a powerful combination that can create smarter, more secure systems across industries, driving new business models and reshaping the future of technology.

    StartupTalky: What is the MayaaVerse project, and how does it align with MAI Labs’ vision for future technology?

    Mr. Sangal: MayaaVerse is dedicated to delivering more than just a concept—it’s a comprehensive immersive technology platform embedded with AI, accessible to everyone. By empowering individuals and organizations to create, experience, and monetize in unprecedented digital environments, MayaaVerse is setting new standards in immersive experiences.

    MayaaVerse represents a milestone in MAI Labs’ mission to redefine human-computer interaction and unlock creativity within immersive environments. This advancement marks the next stage of interaction—a seamless fusion of the physical and digital worlds. Our goal is to revolutionize the creator economy by offering an innovative platform that empowers creators to develop, collaborate, and monetize their digital content in new and transformative ways using immersive technologies and AI. Given the immense potential we see, we are confident in our decision to make a significant investment in this technological arena.

    StartupTalky: How do you ensure the technology developed at MAI Labs is accessible and inclusive?

    Mr. Sangal: At MAI Labs, accessibility and inclusivity are foundational principles that guide the development of all our technologies. We believe that advanced digital infrastructure should be available to everyone, regardless of their technical expertise, geographic location, or economic background. To achieve this, we take a multi-faceted approach:

    User-Centric Design: Our platforms, such as KALP and MayaaVerse, are designed with a user-friendly interface that simplifies complex technologies like blockchain, AI, and immersive experiences. This lowers the barrier to entry for individuals and businesses unfamiliar with deep-tech solutions. For instance, KALP Studio provides developers and non-developers alike with intuitive tools for creating and managing decentralized applications (dApps) without requiring advanced programming skills.

    Scalability and Customization: MAI Labs’ technology stack is scalable and customizable to meet the needs of both small businesses and large enterprises. We offer white-label solutions, enabling startups and entrepreneurs to build on our technology with minimal upfront investment. This inclusive approach allows businesses of all sizes to access cutting-edge infrastructure without the burden of heavy financial commitments.

    Global Reach: Our decentralized architecture, particularly in products like KALP, ensures that our solutions can be deployed and managed globally, overcoming traditional geographic limitations. Additionally, we partner with local entities to provide localized support and resources, making it easier for users in different regions to adopt and benefit from our technology.

    Regulatory Compliance: Ensuring compliance with global regulations is critical to making our technology accessible. By integrating legal frameworks and compliance measures into our platforms, we provide a safe and secure environment for users, which is particularly important in regions with stringent regulatory requirements.

    Ongoing Education and Support: We are committed to educating users about the potential of our technology through workshops, training programs, and community engagement. By providing technical support and fostering knowledge-sharing, we ensure that more people can take advantage of our platforms.

    Through these efforts, MAI Labs is democratizing access to deep-tech innovations, ensuring that everyone-regardless of their background-can participate in and benefit from the next generation of digital infrastructure.

    StartupTalky: How do you balance innovation with security in your products?

    Mr. Sangal: At MAI Labs, security is at the core of everything we build, and we have developed a robust framework to ensure that our innovations are both cutting-edge and secure. Balancing innovation with security requires a thoughtful, layered approach that integrates the latest advancements in technology with industry-best security practices.

    Blockchain Security Architecture: Our proprietary blockchain, KALP, is designed with multiple layers of security, including cryptographic protocols, decentralized governance, and real-time transaction monitoring. By embedding compliance with global security standards, such as GDPR, AML, and KYC, directly into the blockchain, we ensure that security is never compromised, even as we innovate.

    Smart Contract Audits: We conduct rigorous audits of all smart contracts deployed on the KALP platform. These audits ensure that our smart contracts are secure, preventing vulnerabilities that could be exploited by malicious actors. This focus on security does not slow down innovation but rather strengthens it by building trust in the reliability and safety of our systems.

    Legal and Grievance Layer: One of the key innovations we’ve implemented is the Legal and Grievance Layer in our blockchain. This layer allows for legal recourse in the event of disputes or irregularities, providing an additional level of protection for users. By integrating a security-first approach with a legal framework, we ensure that our users are protected from both technical and legal threats.

    Continuous Monitoring and AI Integration: Our use of AI for real-time monitoring and fraud detection enhances the security of our platforms. By continuously scanning for anomalies and potential threats, we can identify and mitigate risks as they emerge. This proactive approach ensures that security evolves alongside our innovations, keeping our platforms resilient in the face of new challenges.

    Privacy by Design: We take a privacy-first approach to product development, ensuring that all user data is protected by encryption and secure storage mechanisms. Additionally, our platforms provide users with full control over their private keys, ensuring that they maintain ownership and control over their digital assets.

    In summary, we prioritize security at every stage of product development, from design to deployment, while fostering an environment of continuous innovation. This allows us to build advanced, scalable solutions that users can trust.

    StartupTalky: What are your thoughts on the future of digital ownership and intellectual property?

    Mr. Sangal: The future of digital ownership and intellectual property (IP) is set to be revolutionized by blockchain technology, with platforms like our MY IPR playing a pivotal role. As digital content continues to grow exponentially, the need for secure, transparent, and immutable systems to protect and manage digital assets becomes paramount. Blockchain provides a decentralized framework where creators can assert ownership, track usage, and monetize their digital intellectual property without intermediaries.

    One of the most significant shifts we anticipate is the tokenization of IP. By transforming intellectual property rights into digital tokens, creators will have more control over how their work is distributed and monetized. This tokenization will allow for fractional ownership, where multiple stakeholders can hold shares in a piece of intellectual property, enabling new revenue models for creators, including micro-royalties and automated payments via smart contracts.

    StartupTalky: What global markets are you focusing on next for MAI Labs?

    Mr. Sangal: MAI Labs is strategically focusing on expanding into several high-potential global markets that are primed for blockchain adoption and immersive technology solutions. Our next phase of growth will target regions with favorable regulatory environments, growing demand for decentralized solutions, and established digital infrastructure.

    Middle East and North Africa (MENA): The MENA region, particularly countries like the UAE and Qatar, is rapidly becoming a hub for blockchain innovation. Dubai’s Virtual Assets Regulatory Authority (VARA) has created a conducive environment for blockchain-based platforms, and we are already establishing our STOEX Exchanges in this region. With increasing government and institutional support for blockchain and decentralized finance (DeFi), MENA is a critical focus area for our expansion.

    Southeast Asia: Southeast Asia is emerging as a hotbed for blockchain and digital asset innovation. Countries like Singapore and Malaysia have adopted progressive regulatory frameworks that support blockchain and tokenization platforms. The region’s growing tech-savvy population and high rate of digital adoption make it an ideal market for products like KALP and Kalpify.

    Europe: Europe’s focus on data privacy, digital innovation, and regulatory compliance aligns well with our core offerings. The European Union’s evolving regulations around digital assets, particularly through the MiCA (Markets in Crypto-Assets) framework, present an opportunity for MAI Labs to introduce our compliant and secure platforms. Additionally, Europe’s push for Central Bank Digital Currencies (CBDCs) opens up new possibilities for collaboration and expansion.

    India: India’s robust tech talent pool and growing interest in blockchain make it a critical market for MAI Labs. We are focusing on sectors like real estate, healthcare, and financial services, where blockchain and AI can drive significant value. As the government continues to explore the use of blockchain for public administration and governance, we aim to position MAI Labs as a leader in this market.

    By focusing on these global markets, MAI Labs is poised to become a leading provider of decentralized solutions, immersive experiences, and tokenized assets worldwide.

    StartupTalky: How does MAI Labs plan to empower the next billion users globally?

    Mr. Sangal: At MAI Labs, our mission is to make cutting-edge technology accessible to everyone, and empowering the next billion users is at the core of our vision. We aim to achieve this through a multi-pronged approach that focuses on inclusivity, innovation, and global accessibility.

    Building Scalable and Accessible Platforms: Our technology platforms, such as KALP, MayaaVerse, and MY IPR, are designed to scale seamlessly while remaining user-friendly and inclusive. By focusing on intuitive interfaces and reducing the complexity of blockchain, AI, and immersive technologies, we can bring advanced digital tools to a broader audience. For example, KALP’s decentralized infrastructure and regulatory compliance ensure that individuals from all regions, regardless of their technical expertise, can engage with secure, scalable blockchain technology.

    Democratizing Access to Digital Assets: Through platforms like Kalpify and STOEX Exchanges, we are working to democratize access to real-world assets by making tokenization simple and accessible. This allows individuals from emerging markets to participate in fractional ownership of assets such as real estate, commodities, and intellectual property. Our goal is to bridge the gap between traditional financial systems and decentralized finance, creating opportunities for users who have been underserved by conventional banking systems.

    Supporting Entrepreneurs and Innovators: MAI Labs is committed to fostering entrepreneurship by offering access to our comprehensive tech stack, including blockchain, AI, and immersive experience tools, with no upfront costs. Through initiatives like our entrepreneur support programs, we enable startups to leverage our technology to build innovative solutions without the financial burden of technology development. This empowers new businesses to grow and succeed, especially in regions where access to advanced technology is limited.

    Promoting Financial Inclusion: One of our key goals is to bring financial services to unbanked and underbanked populations. By leveraging blockchain technology, we can offer decentralized financial services (DeFi) that enable users to store value, send payments, and access credit, even without a traditional banking infrastructure. This opens up new opportunities for economic participation, particularly in developing nations where financial inclusion remains a challenge.

    Education and Skill Development: We believe that educating the next billion users is essential to driving meaningful engagement with technology. MAI Labs invests in educational programs and partnerships that teach digital literacy, blockchain development, and AI skills to individuals worldwide. Through workshops, training sessions, and online resources, we empower users to not only use our platforms but also create and innovate within the digital ecosystem.

    By combining advanced technology with a deep commitment to inclusivity and education, MAI Labs is working to ensure that the next billion users are empowered to fully participate in the digital economy, creating a more connected, equitable, and innovative world.


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  • Exploring the Benefits of Blockchain in Supply Chain Management

    This article has been contributed by Atul Anand, Director – Business Strategy (Industrial & Logistics), XRE Consultants.

    First thing First, how I see blockchain is as a collection of blocks (because it is a collection, hence it is called blockchain) which are encrypted in a particular manner and are irreversible (means you can add but can’t amend or delete), and these blocks are stored at multiple locations at the same time in the network. This way records become tamperproof. This is a boon for supply chains that need pointed information for every step in the journey of product/information.

    Revolutionary & Transformative

    Blockchain technology adoption in the supply chain is bringing revolutionary & transformative changes in supply chain management. Drawing from my experiences in India and the broader APAC region, I have seen firsthand the profound impact this technology can have on enhancing transparency, efficiency, curbing fakes, and building trust within supply chains. Blockchain is making the supply chain more resilient than ever.

    Transparency

    Transparency, a somewhat illusionary word in supply chain, is now finding its true meaning where the users can see complete transparency & visibility by adopting blockchain technology and thus removing the mistrust from the stakeholders. Blockchain addresses the transparency challenge by creating a decentralized and immutable ledger that records every transaction. This transparency ensures that all stakeholders have access to the same information, fostering a culture of trust and collaboration.

    In overly complex & fragmented supply chain like in India, the implementation of blockchain has been a notable change. For example, Blockchain technology has affected positively, the agricultural sector by enabling farmers to track their crops from the farm through the consumer’s table. Such advanced traceability guarantees the delivery of fresh and genuine products to the consumers thereby improving their confidence in what they consume. Furthermore, it provides farmers with useful information concerning the market requirements and prices of its products and thus helps make the right decisions and improve performance.

    Blockchain Users Around the World
    Blockchain Users Around the World

    Automation

    Blockchain automates processes which reduces the need for human intervention, eliminating human errors that result in a reduced need for manpower, administrative cost is reduced, transactions become efficient, and automation streamlines operations & thus overall efficiency increases & cost reduces.

    In the APAC region, for example in the electronics industry supply chains span multiple countries and many a time use intermediaries, adoption of blockchain in procurement reduces lead times, lowers procurement costs, reduces lead times & eliminates the need for intermediaries, real-time visibility increases efficiency & lowers the cost.

    Trust & Security

    Trust being a critical part of any supply chain’s robustness is a winning block brought upon by blockchain with conviction. The distributed database characteristic of blockchain ensures that no single one can muffle &  has control over the entire supply chain, thus reducing the risk of fraud and manipulation. Each transaction is securely recorded and cannot be altered, providing an irreversible record of the product’s journey.

    In India, fake & counterfeit goods are a great concern, blockchain has proven valuable apparatus in combating fakes and counterfeits. For instance, in the pharmaceutical industry, blockchain has been used to track the movement of drugs from manufacturers to consumers, ensuring that only genuine products reach the market. This not only protects consumers but also helps legitimate businesses keep the trust of the customers & their reputation and business volumes.


    Amazing Facts About Block Chain in Insurance Industry
    A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a blockchain.


    Bonhomie & Collaboration

    Blockchain technology brings great bonhomie & collaboration among the stakeholders in the supply chains. Being the source of truth for a particular supply chain instance, blockchain ensures that all collaborators have access to the same information, eliminating misunderstandings and disputes. This improved collaboration leads to more efficient and effective supply chain operations.

    Supply chains often involve multiple stakeholders with varying levels of technological sophistication because of geography positioning, and technology adoption of blockchain has helped better collaboration. For example, in the automotive industry, blockchain has been used to coordinate the production and delivery of components, ensuring that all parties are aligned and working towards the same goals. This has resulted in smoother operations and improved product quality.

    Blockchain in Supply Chain- Challenges & Way Forward

    In the future, blockchain technology has the potential to become an “Operating System” for supply chains but it is not free of challenges. There are several issues on regulatory compliances, scalability & interoperability to make blockchain technology widely accepted & adopted. However, the sun is shining bright on blockchain technology as more technological advancements are coming along & awareness about blockchain technology is increasing exponentially.

    Let me touch on some of the concerns of blockchain technology. For me, many of the challenges are easily resolvable & superficial to an extent. However, listening to the critique makes technologies robust and going forever.

    The ability to handle Mammothness of transactions in the future is a cause of concern as it is feared it might result in slower processing times & higher associated costs. However, it will be sorted by enhancing the technology to build blockchains.

    Integrating blockchains is not easy with different systems & platforms. It is a cause of concern because different partners in blockchain use different systems & protocols. It makes integration complex, time-consuming & costly. However, as we see large benefits of blockchain technology, in the future, I hope to see some common protocols that will make integration easy.

    Regulatory hurdles as countries don’t have standard regulations & complicate the implementation of blockchain in international supply chains.

    High Consumption of energy in blockchain technology adoption raises concerns about the environmental impact & there is a need to work on this front to take this negative notion about blockchain.

    Like every other data, data privacy & security is a rightful concern. Putting the ever-evolving layers of security on data is of paramount importance.

    Lack of knowledge about the benefits of blockchain among the stakeholders creates doubts about blockchain technology and this results in a lack of adoption.

    In conclusion, blockchain technology has the potential to transform supply chain management by enhancing transparency, efficiency, trust, and collaboration. Drawing from my experiences in India and the APAC region, I have seen how this technology can address the most pressing challenges in supply chain management. As we continue to explore and harness the power of blockchain, we can look forward to a future where supply chains are more transparent, efficient, and resilient.


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  • Blockdaemon: Leading Infrastructure Provider for Blockchain Applications

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Blockdaemon.

    Around 60% of enterprise companies stated that blockchain would potentially be a significant component to staying competitive in their space in the coming future. But, still, many businesses spend too much time developing their infrastructure, or alternatively, consider using a single stack DevOps infrastructure provider who holds and effectively centralizes their data.

    These enterprises, in turn, commit to an expensive option of locking up the data in a single cloud and accumulating technical debt from the inflexibility to move and try different protocols. It’s when Blockdaemon comes forward as an effective solution.

    The US-based company offers a middleware platform for enterprise companies to scale blockchain networks across any data infrastructure dynamically. Let’s read further to learn more about Blockdaemon.

    Blockdaemon – Company Highlights

    Company Name Blockdaemon
    Headquarters Los Angeles, California, United States
    Sector Blockchain
    Founders Konstantin Richter
    Founded 2017
    Valuation $3.25 billion (2022)
    Website Blockdaemon.com

    About Blockdaemon
    Blockdaemon – Industry
    Blockdaemon – Founders and Team
    Blockdaemon – Startup Story
    Blockdaemon – Mission and Vision
    Blockdaemon – Business Model
    Blockdaemon – Products and Services
    Blockdaemon – Funding and Investors
    Blockdaemon – Mergers and Acquisitions
    Blockdaemon – Growth
    Blockdaemon – Partners
    Blockdaemon – Awards and Achievements
    Blockdaemon – Competitors

    About Blockdaemon

    Blockdaemon is the largest independent blockchain node infrastructure allowing businesses to stake, scale, and deploy nodes with institutional-grade security and monitoring. The company supports over 40 cutting-edge blockchain networks in the cloud and on bare metal. The platform is widely used by exchanges, custodians, financial institutions, crypto platforms, and developers to connect commercial stakeholders to blockchains.

    Blockdaemon launched 85K nodes, serving 300+ institutional customers with 70+ points of presence globally.

    Blockdaemon – Industry

    Blockdaemon caters to the blockchain industry, and its global market was estimated at $7.4 billion in 2022 and is poised to generate revenue over $1235.71 billion by 2030, projecting a CAGR of 82.8% from 2023 to 2030.

    Demand for blockchain technology in retail banking and supply chains is expected to boost market growth. Moreover, the legalization of cryptocurrency is encouraging businesses and investors to invest more in blockchain technology. Even the market witnessed growth amid the Covid-19 pandemic, with blockchain technology playing a vital role in developing a platform for managing the pandemic. Several hospitals are using blockchain technology to track the Covid-19 vaccine.

    Some key companies emerging as players in the global blockchain industry are Microsoft Corporation, Chain Inc., IBM Corporation, The Linux Foundation, and BTL Group Ltd.


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    Blockdaemon – Founders and Team

    Konstantin Richter is the Founder and CEO of Blockdaemon.

    Konstantin Richter

    Konstantin Richter - Founder and CEO, Blockdaemon
    Konstantin Richter – Founder and CEO, Blockdaemon

    Richter started his career at Deutsche Telekom and then worked at Nokia, Audiotube, Lookbooks, and Wiredrive. He is on the Board of Directors at Odyssey House, Advisory Board Member at DNAstack and MadHive, and Managing Director at Santiago Advisory.

    Blockdaemon Team

    • Chris Sharp – Chief Technology Officer
    • Nav Rai – VP of Finance
    • Shannan Stewart – Chief of Staff
    • Amor Sexton – Head of Operations
    • Katie DiMento – VP of Marketing
    • Corinne Smith – Head of People

    Blockdaemon is a team of nearly 250 employees.

    Blockdaemon – Startup Story

    The idea for founding Blockdaemon originated from Konstantin Richter’s experience running Ethereum nodes. Blockchain excited him in 2015 due to the inherent tokenization. After orchestrating the scale of the previous business, he was involved with Wiredrive in 2017. During this period, he watched the token markets appreciate and the delta between expectation and valuation. Additionally, he saw the reality that tech couldn’t keep nodes in syn with a network. He realized that doing the same was very difficult with the existing infrastructure at that time. Only a few conventional cloud-formation tools that could cater to blockchain were available in the market.

    Therefore, he established Blockdaemon Inc. in October 2017. The Blockdaemon was built as a tool allowing developers to focus on blockchains without worrying about the underlying infrastructure or giving up decentralization.

    It launched Ubiquity API in March 2020. Blockdaemon expanded to APAC in February 2022 and EMEA in March 2022. The company launched Ubiquity API V1 and got ISO 27001 Certified four months later, in July 2022. Furthermore, Staking API was launched in October 2022, and Blockdaemon Wallet in April 2023.

    Blockdaemon – Mission and Vision

    Blockdaemon aims to reduce the complexity of working with blockchains via quick and easy configuration, monitoring for high availability, and quality of service by providing institutional-grade security.

    Blockdaemon – Business Model

    Blockdaemon is powering the blockchain economy by simplifying the process of deploying nodes and creating scalable enterprise blockchain solutions through APIs, auto-decentralization, high availability of clusters, and auto-healing of nodes. The platform enables enterprises seeking to engage blockchain solutions for the first time to test multiple real, production-grade blockchains before committing to a single protocol. In addition, more experienced companies can open up their blockchain DevOps to all clouds and for any participant.

    Blockdaemon – Products and Services

    Blockdaemon product line includes Wallet (Institutional Wallet and Builder Vault), Nodes & APIs (Universal API, Native API, and Dedicated Nodes), and Staking (White-label Validators and Staking API).

    Blockdaemon – Funding and Investors

    Blockdaemon has undertaken 10+ funding rounds in which it has raised $431.3 million. Its latest funding round – Venture Series Round, was completed on August 1, 2022, and raised $33.1 million. Some leading investors funding the company are Comcast Ventures, Goldman Sachs, Kinetic, Citi Ventures, Boldstart, CoinShares, J.P. Morgan, and SoftBank Investment Advisors.

    Date Round Number of Investors Money Raised Lead Investor
    August 1, 2022 Venture Round $33.1 million
    May 27, 2022 Secondary Market 1
    April 14, 2022 Venture Round 3
    January 26, 2022 Series C 9 $207 million Sapphire Ventures, Tiger Global Management
    September 21, 2021 Series B 13 $155 million SoftBank Vision Fund
    June 8, 2021 Series A 17 $28 million Greenspring Associates
    May 12, 2020 Venture Round 11 $5.5 million Boldstart Ventures
    April 5, 2019 Seed Round 5 $2.4 million Lerer Hippeau
    April 11, 2018 Seed Round 10 $380K Boldstart Ventures, Comcast Ventures, Genacast Ventures
    November 7, 2017 Seed Round 3 Boldstart Ventures

    Blockdaemon – Mergers and Acquisitions

    Blockdaemon acquired four companies, including Sepior on July 20, 2022; Gem on March 9, 2022; Anyblock Analytics on November 17, 2021; and Lunie on February 1, 2021.

    Blockdaemon – Growth

    Blockdaemon closed a Series C funding round with a post-money valuation of $3.25 billion in January 2022. The company was valued at $1.255 billion in 2021 and achieved a 70X increase in valuation, a 20x increase in revenue, and a 5x increase in headcount over the past year.

    Blockdaemon – Partners

    Blockdaemon has partnered with the following:

    • Stakewise
    • B2C2
    • Bit Digital, Inc.
    • Elrond Network
    • RIDDLE&CODE
    • Tharsis
    • Crypto Garage Inc.
    • BitGo
    • Astar Network

    Blockdaemon Reliable Blockchain

    Blockdaemon – Awards and Achievements

    Blockdaemon gained industry recognition, including:

    • Listed as one of the Top Blockchain Companies of 2022 by CB Insights
    • Konstantin Richter was recognized as one of the Top 25 Crypto Executives for 2022

    Blockdaemon – Competitors

    The following listed are the competitors of Blockdaemon:

    • GrainChain
    • Hyperledger
    • Blockstream
    • BlockApps
    • Corda
    • Coinbase Institution

    FAQs

    What does Blockdaemon do?

    Blockdaemon is the largest independent blockchain node infrastructure allowing businesses to stake, scale, and deploy nodes with institutional-grade security and monitoring.

    Who is the founder of Blockdaemon?

    Konstantin Richter is the Founder and CEO of Blockdaemon.

    When was Blockdaemon founded?

    Blockdaemon was founded in the year 2017.

    Who are the main competitors of Blockdaemon?

    The main competitors of Blockdaemon include GrainChain, Hyperledger, Blockstream, BlockApps, Corda, and Coinbase Institution.

  • Alchemy: The Powerful Web3 Development Platform

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Alchemy.

    The popularity of Web3 is elevating continuously, and many companies, startups, and DAOs are searching for Web3 developers and blockchain developers. But what if we tell you that companies need not spend a fortune on hiring in-house skilled and experienced WEB3 and blockchain developers?

    Yes, you heard it right! With advanced technological innovations, you can use promising Web3 development platforms. These platforms help developers with blockchain development. And Alchemy is one such globally recognized Web3 development platform.

    A private company, Alchemy, is a blockchain scaling platform. Learn more about Alchemy, its startup story, founders, funding, investors, growth, products, patents, competitors, and more.

    Company Highlights

    Company Name Alchemy
    Headquarters San Francisco, California, United States
    Sector Software Development
    Founders Nikil Viswanathan, Joseph Lau
    Founded In 2017
    Revenue $10.2 B (2022)
    Website Alchemy.com

    Alchemy – About
    Alchemy – Founders and Team
    Alchemy – Startup Story
    Alchemy – Mission and Vision
    Alchemy – Business Model
    Alchemy – Revenue Model
    Alchemy – Products and Services
    Alchemy – Funding and Investors
    Alchemy – Mergers and Acquisitions
    Alchemy – Patents and Trademarks
    Alchemy – Growth
    Alchemy – Partners
    Alchemy – Awards and Achievements
    Alchemy – Competitors
    Alchemy – Future Plan

    Alchemy – About

    Alchemy offers the leading blockchain development platform empowering millions of users across 197 countries globally. With alchemy, companies can develop scalable and reliable decentralized applications without managing blockchain infrastructure in-house.

    Headquartered in the U.S., it has $1.5 billion in royalties to NFT creators with 10+ million end users. Many projects in the space, such as Cryptokitties, Radar Relay, Augur, OpenSea, etc., depend on Alchemy to support their core infrastructure requirements.

    Moreover, Alchemy invested its stakes in 2 leading companies- Soul Wallet and Shield.

    Top 10 Web3 Startups | Leading Web 3 Startups – 2022
    Web 3.0, promises a decentralised, free, and open exchange of digital information. Here is the list of Best 10 Web 3 Startups in 2022.

    Alchemy – Founders and Team

    Nikil Viswanathan and Joseph Lau are the co-founders of Alchemy.

    Nikil Viswanathan

    Nikil Viswanathan completed Bachelor’s and Master’s in Computer Science from Stanford University. Presently, he is working as co-founder and CEO of Alchemy. He was a product manager intern at Facebook, a teaching assistant at Stanford University, and an Engineer at Starnik Systems Inc.

    Nikil Viswanathan - Co-founder and CEO, Alchemy
    Nikil Viswanathan – Co-founder and CEO, Alchemy

    Joseph Lau

    After graduating from Stanford University with B.S. and M.S. in Computer Science, Joseph Lau is the co-founder and CTO of Alchemy. He worked as an associate technology manager intern at Google, a teaching assistant at Stanford University, and a software engineer at Pinterest.

    Joseph Lau - Co-founder and CTO, Alchemy
    Joseph Lau – Co-founder and CTO, Alchemy

    The team consists of engineers from MIT, Google, Stanford, Microsoft, and other startups. Alchemy currently employs over 200 employees.

    Alchemy – Startup Story

    Nikil Viswanathan and Joseph Lau had long ago figured out that software was the optimal way to reach people. But how to create the best impact was an open question. Both believed they found the answer to their question with Down to Lunch (a meet-up app), which was a hit initially, but the success soon halted.

    It was in 2017 that Nikil and Joseph founded Alchemy. They figured out that the blockchain industry is rife with hype and uncertainty. They realized developers struggle to set up blockchain applications and need better tools. Thus, they came up with the idea of Alchemy to impact how the entire world uses money.

    The company was publicly launched in August 2020. Since then, it has launched a venture capital arm- Alchemy Ventures, and an educational resource on blockchain development- Web3 University.

    Alchemy – Mission and Vision

    Alchemy’s vision is to bring blockchain to a billion people. Its primary aim is to provide developers with the fundamental building blocks to create the future of technology.

    Alchemy – Business Model

    Alchemy allows blockchain developers to securely create, test, and monitor decentralized apps (DApps). The platform provides developers with dependable network connectivity and node management endpoints.

    Alchemy simplifies decentralized development and provides remote nodes with features like Nodes. It further allows developers to send real-time push notifications to users for important events based on blockchain activities and their NFT API. Moreover, Alchemy provides several services allowing developers to instantly find, verify, and display NFTs across multiple blockchains.

    Alchemy – Revenue Model

    Alchemy earns revenue by charging for compute units. The company offers three plans- Free, Growth, and Enterprise plan. The ‘Growth’ plan is available for $49/ month, and the ‘Enterprise’ plan can be customized.

    Alchemy – Products and Services

    Alchemy offers a diverse line of products, categorized into APIs, Chains, Alchemy SDK, and Tools. These products include Supernode, NFT API, SDK, Notify, Enhanced APIs, Monitor, Composer, Build, Transact, Spearmint, Transaction Simulation, Easy Mint, Account Abstraction, and more. In addition, Alchemy University enables participants to earn their web3 degree.

    Products offered by Alchemy
    Products offered by Alchemy

    Alchemy – Funding and Investors

    Alchemy has undertaken 5 funding rounds and has raised a total of $563.9 million. It conducted the latest funding round – Series C Round on February 8, 2022, and raised a total of $200 million. The company is backed by 53 top founders, institutions, and execs in the technology industry. The main investors are Pantera, Coatue, a16z, Redpoint, Stanford University, Coinbase, Mayfields, SignalFire, and Lightspeed.

    Date Round Number of Investors Money Raised Lead Investor
    February 8, 2022 Series C 7 $200 million Lightspeed Venture Partners, Silver Lake
    October 28, 2021 Series C 8 $250 million Andreessen Horowitz
    April 28, 2021 Series B 20 $80 million Addition Coatue
    December 17, 2019 Series A 38 $15 million
    April 17, 2019 Venture Round $18.9 million

    Alchemy – Mergers and Acquisitions

    Alchemy acquired 1 company, i.e., ChainShot, on August 25, 2022.

    Alchemy – Patents and Trademarks

    The company has 2 registered trademarks, with ‘Scientific and technological services’ being the most popular class.

    Alchemy: The $3.5 Billion Company Revolutionizing Blockchain | Forbes

    Alchemy – Growth

    With the company’s annual revenue estimated at $25.3 million per year ($125,845 per employee) in February 2022, its current valuation stands at $10.2 billion.

    Alchemy’s employee figure increased by 134%. Moreover, the monthly website visits are over 1,095,000, with a site growth rate of 27.23%.

    Alchemy – Partners

    The company has partnered with the following:

    • DraftKings
    • Socket
    • Dream3
    • Galaxy
    • Polygon
    • API3
    • Arbitrum
    • Optimism
    • Tribe Accelerator

    Alchemy – Awards and Achievements

    Some of the awards that Alchemy garnered are:

    • 57 Most Promising Fintech Startups by Business Insider
    • Most Innovative Fintech Companies by Forbes
    • 10 Most Promising Crypto Startups by Business Insider
    • Fintech 50 2021: The New Commers by Forbes
    • Fintech 250: 2022 by CBIInsights

    Alchemy – Competitors

    Here are some of its main competitors:

    • Kaleido
    • Amazon Managed Blockchain
    • Chainstack
    • BlockCypher
    • Azure Blockchain Workbench
    • IBM Blockchain Platform
    • Coinbase Cloud
    • Blockstream

    Alchemy – Future Plan

    The firm plans to double down on its commitment to meet developer needs in more places, making it much easier to unlock the potential of web3. Moreover, Alchemy is thinking of using its new capital toward high-quality hiring.

    FAQs

    When was Alchemy founded?

    Alchemy was founded in 2017.

    Who are the founders of Alchemy?

    Alchemy was founded by Nikil Viswanathan and Joseph Lau.

    What does Alchemy do?

    Alchemy is a Web3 development platform that helps developers with blockchain development. With alchemy, companies can develop scalable and reliable decentralized applications without managing blockchain infrastructure in-house.

    Who are the main competitors of Alchemy?

    Here are some of Alchemy’s main competitors:

    • Kaleido
    • Amazon Managed Blockchain
    • Chainstack
    • BlockCypher
    • Azure Blockchain Workbench
    • IBM Blockchain Platform
    • Coinbase Cloud
    • Blockstream
  • 0x: Decentralized Trading for the Crypto Economy

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by 0x.

    Traditionally, the financial system was governed by the country’s government as it used to determine the citizen’s economic freedom level. However, blockchain technology now presents an opportunity to create a decentralized global financial system free from the control of a single central body. It allows tokenizing of different forms of value, including fiat currencies, real estate, stocks, cryptocurrencies, debt instruments, and more.

    Moreover, the blockchain market size in 2021 was valued at $3,757.49 million and is predicted to reach $190,682 million, which means its growing at CAGR of 54.7% during 2023-2030.

    0x is an essential contribution to the tokenized world that has enabled parties to execute and settle token trades freely without any counterparty risks. Read further to uncover more insights about 0x company.

    0x – Company Highlights

    Company Name 0x
    Headquarters San Francisco, California, United States
    Primary Industry Financial Software/ Blockchain
    Founders Will Warren, Amir Bandeali
    Founded In 2016
    Website 0x.org

    0x – About
    0x – Founders and Team
    0x – Startup Story
    0x – Mission and Vision
    0x – Trading Model
    0x – Products
    0x – Funding
    0x – Partners
    0x – Growth
    0x – Competitors
    0x – Future

    0x – About

    Based in San Francisco, 0x is a privately-held architect of web3 exchange infrastructure. It was founded in 2016 and is an open-source, decentralized exchange infrastructure for the emerging crypto economy. The company enables users to exchange tokenized assets of hundreds of billions of dollars across multiple blockchains.

    0x powers multiple NFT projects, including Coinbase NFT, Trader, Gamestop NFT, Genie, and Proof of Beauty. Moreover, it is currently supporting 8 chains- Ethereum, BNB Chain, Celo, Polygon, Fantom, Avalanche, Arbitrum, and Optimism.

    Binance Success Story – Founders, Business Model, Competitors and More
    Binance is a cryptocurrency exchange platform that mixes finance and digital technologies. Know about its founders, business model, revenue and more.

    0x – Founders and Team

    0x was founded by Will Warren and Amir Bandeali.

    Will Warren, Amir Bandeali - Founders, 0x
    Will Warren, Amir Bandeali – Founders, 0x

    Will Warren

    CEO of 0x, Will Warren has earned a degree in Mechanical engineering from UC San Diego. He worked in multiple research roles and was appointed as Technical Advisor for Basic Attention Token (BAT) before launching his own company. He has achieved a lot at a young age and won the Consensus 2017 Proof-of-Work Pitch Competition.

    Amir Bandeali

    Co-founder of 0x, Amir Bandeali has graduated from the University of Illinois with a degree in Finance. He held the role of the trading specialist at Chopper trading and DRW before becoming the CTO of 0x.

    Since the launch of the company, the number of employees has increased to 119. Currently, the 0x’s board comprises four members and the team is composed of 32 core members, including engineers, designers, and researchers.

    0x – Startup Story

    Will Warren and Amir Bandeali shared a belief that all forms of value would be tokenized in coming years and thus, with this belief in mind, they came up with the 0x project in 2016. The main idea behind it was to allow developers and businesses to develop new markets for their tokens on major blockchains- Ethereum and Avalanche.

    The startup was successfully launched in August 2017 by conducting an ICO that raised $24 million by selling half of the total supply (500M) of its ZRX token in 24 hours.

    The multi-millionaire company also operates the decentralized exchange (DEX) aggregator Matcha- a platform that aids traders in optimizing costs by discovering the best prices across multiple platforms. Moreover, in April, it collaborated with Coinbase- the largest cryptocurrency exchange in the US.

    GNEISS – Forex Trading Technology Solution Providers | Founders
    GNEISS is the First Decentralized P2P free marketplace built on Bitcoin and Ethereum Blockchains. Know the journey of GNEISS and How it works, GNEISS USP

    0x – Mission and Vision

    0x envision a world where all forms of value will be tokenized across public blockchains. Combined with a set of open financial primitives, the company is striving to build a transparent and efficient global financial system. Moreover, its mission statement states, “Build a tokenized world where all value can flow freely.” It truly believes that public blockchains can potentially act as a powerful equalizing force to the world.

    0x – Trading Model

    Based on smart contracts, 0x’s protocol enables the peer-to-peer trading of crypto tokens built on public blockchains. Crypto tokens can include fungible tokens (standard crypto tokens), non-fungible tokens (NFTs), and bundles with different types of assets. Makers and takers are two sides of the 0x ecosystem.

    A maker places an order stating what he wants and what he can trade. Each order is shared with counterparties and 0x finds out the order price for the taker. The order is accepted by the taker. In last, the company verifies whether conditions are met and exchange the maker’s and taker’s assets.

    What is 0x (ZRX)?

    0x – Products

    Its exchange architecture comprises orders that are executed on-chain through standardized smart contracts. Projects that use 0x are Paradex, Radar Relay, Ethfinex, and others.

    0x Instant, 0x Launch Kit, 0x Mesh, 0x API, and AssetSwapper are the products used by consumers to conduct transactions like purchasing tokens or generating revenue for their businesses.

    0x – Funding

    Since it has the potential to grow in the future, 49 investors have invested their stakes in the company. Some of its investors are Alex Felix, Applied Crypto ventures, Fabric Ventures, ZMT Capital, Digital Strategies, and Coinbase Ventures.

    The total funding amount that 0x has raised over 9 funding rounds is $109 million. The latest funding round was held in April 2022 – 0x Series B Round in which it raised $70 million with the participation of around 14 investors.

    Date Round Number of Investors Money Raised Lead Investor
    April 26, 2022 Series B 14 $70 million Greylock
    February 5, 2021 Series A 7 $15 million Pantera Capital
    October 19, 2020 Secondary Market
    October 1, 2020 Venture Round 2
    October 1, 2017 Venture Round 1
    July 28, 2017 Seed Round 5
    July 1, 2017 Seed Round 2
    June 29, 2017 Initial Coin Offering 11 $24 million
    January 1, 2017 Venture Round 1

    0x – Partners

    Over the years, 0x has partnered with ZetaChain, Zapper, MetaMask, CoinMarketCap, BlueBit Finance, Prysm, and Rari Capital.

    0x – Growth

    The estimated annual revenue of 0x in 2022 is $15.5 million per year ($130,000 per employee). The current valuation of this multi-millionaire company is $1.1 billion (April 2022). In addition, it has enabled the flow of over $182 billion in tokenized value across 53M+ trades, with over 5.6M+ users.

    0x – Competitors

    Some competitors of 0x are Hippo labs, OpenSea, MojitoSwap, Matcha, Uniswap, and ZKSpace.

    0x – Future

    Ox is planning to integrate new chains (including non-EVM chains), invest in cross-chain functionality, expand its support for NFT swaps, and provide more support to integrators.

    FAQs

    How does 0x support the growing crypto economy?

    0x supports the growing crypto economy by providing a decentralized exchange infrastructure that enables peer-to-peer trading of tokens on the Ethereum blockchain without the need for a centralized intermediary.

    What role do 0x tokens (ZRX) play in the ecosystem?

    The 0x token (ZRX) is used for decentralized governance, protocol fees, and liquidity rewards on the 0x network. ZRX can also be used to pay transaction fees, as collateral for decentralized loans and margin trading, and to align stakeholder interests in the ecosystem.

  • How Insurance Industry is Using Blockchain Technology?

    A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a Blockchain. This open and secure way of conducting business transactions creates a level of security, transparency, and trust not previously possible. It enables additional stakeholders such as vendors, brokers, ecosystem partners, and reinsurers to interact with each other.

    Also, it creates a more connected ecosystem that makes sure of confidence in the accuracy and security of the data. Blockchain enables parties to maintain contracts, comprehensive assets, and data ownership records without relying on intermediaries. It can be integrated with other technologies such as smart contracts to enable insurers to develop innovative products and automate processes. Let us discuss blockchain in the insurance industry.

    Emerging technologies changed the way consumers interact with businesses and how services and products are delivered. Blockchain has the potential to entirely change the way insurance is contracted. It optimizes transparency, security, and efficiency for the whole insurance industry using public ledgers and fortified cybersecurity protocols. This technology is already used in many sectors including homeowners, trading renters, and travel insurance.

    How Does Blockchain Work?
    Role of Blockchain In The Insurance Industry
    Property & Casualty Insurance
    Health Insurance
    Risk Prevention And Fraud Detection
    How Can Blockchain Help Insurers Understand Basics Rights?
    The Impact of Blockchain Technology

    How Does Blockchain Work?

    Blockchain is different from a traditional centralized computer database system. It is decentralized and its records are maintained and distributed on many several computers at once. The records of blockchain are processes distributed ledger. The users have access to one shared copy of this ledger.

    When adding information, every new block of information is chained to the previous one in an unbreakable and permanent sequence by utilizing advanced cryptography. The new blocks will be confirmed by different computers in the system, before adding to the ledger. Some unique keys are needed to access individual blocks. If someone is attempted to access a block of information without a correct key, the system will reject it.

    Role of Blockchain In The Insurance Industry

    Blockchain helps to reduce friction in business processes by utilizing solutions such as smart contracts and plays a huge role in the Insurance industry. It also facilitates and automates DLT (Distributed Ledger Technology) networks. Blockchain makes data reconciliation easier. Also, it improves accuracy and eliminates the time spent uncovering information. It allows cost reductions, efficiency gains, and transparency throughout a value chain.

    That makes more positive customer experiences through aggregate improvements in accuracy and speed. For example, it shortens the claims cycle via improved efficiency can lead to higher customer satisfaction.  Also, it enables smoother interaction between customers and insurers by giving faster and better access to data.


    Blockchain technology in Banking Sector – StartupTalky
    Blockchain is digital information that is stored in a public database. A blockchain is a secure “ledger” or a list of transactions. Bitcoins blockchain is used in a decentralized way.


    Property & Casualty Insurance

    Property and Casualty Insurance mainly includes commercial, auto, and home insurance. Manual entry is required for processing claims. In that case, there is a possibility of human error. Blockchain technology will make claims processes five times cheaper and three times faster by utilizing smart contracts and shared ledgers to issue insurance policies. The payment processes and claims can be automated to make them more accurate and efficient. Smart contracts can change paper contracts into programmable code. It will help to automate the claims process.

    Health Insurance

    In the Health Insurance industry, there are so many inefficiencies such as inaccurate record-keeping, manual claims processes, and duplicate medical records. They need to be improved in terms of accuracy and efficiency. So, the interoperability of devices and systems is important to assuring that medical professionals give sufficient care to patients. But, it is not easy to achieve interoperability within a medical system successfully.

    The medical records can be cryptographically conserved and shared between health providers. It will promote interoperability and increase security within the health insurance ecosystem. The medical records can be stored safely and control of medical data can be returned to patients. It will allow the industry to save money and increase the satisfaction of patients.

    Risk Prevention And Fraud Detection

    FBI reported that the cost of insurance fraud in the U.S. is more than $40 billion a year. The outdated nature of the processes in the insurance industry creates a possibility of potential fraud and error. Blockchain helps to prevent this by storing information about claims on a ledger.

    How Can Blockchain Help Insurers Understand Basics Rights?

    Non-Life Insurance market share
    Non-Life Insurance market share

    The finance functions and claims are high-value areas in insurance where blockchain could be useful. The blockchain will be more beneficial in the processes that require continuous reconciliation with external parties.

    Currently, many insurers apply a smart contract along with blockchain. By creating an insurance contract that pays in these situations, An insurer is able to process transactions without human intervention and improve customer service. Blockchain will help insurers deliver on some of the basics. They are given below.

    • Streamlined subrogation
    • Transparent claims process
    • Shared loss histories are used to obtain data-driven insights about forthcoming customers for more complex pricing
    • Supports more efficient payments between third parties and insurers during the claims process.

    The Impact of Blockchain Technology

    The insurance industry is famous to adopt new and more efficient processes. Blockchain can provide so many benefits to both companies and their customers. But, there are also some limitations. Some of the benefits and limitations are given below.

    Benefits

    • Most of the processes are manual and time-consuming. Blockchain will streamline reconciliation and paperwork for insurance contracts. It can increase efficiency.
    • Cryptography in blockchain makes sure that transactions are authenticated, secure, and verifiable. It will ensure the privacy of customers and increase trust.
    • Real-time data collection and analysis are possible through blockchain. It will speed up payouts and claims processing.
    • Smart contracts are another benefit. These contracts include a logic that is automatically implemented when predefined conditions are met. It reduces paperwork.

    Limitations

    • There are so many new users every day on the blockchain. So, there is a possibility of a cyber attack.
    • There is a possibility of a loss of integrity of data. Blockchain needs to protect against fraudulent activities to make sure the integrity of data.
    • The cost of operations is high. When blockchain becomes more popular, it will become further costly for insurance companies to embrace this technology in everyday processes.
    • Blockchain is publicly available in cryptocurrency. That means each transaction can be tracked to its original block. So, it is possible to access information by criminals who looking for exploiting the information.

    As the industry has high security and privacy concerns, the blockchain needs to be further developed to meet the standards of insurance companies. Also, insurance companies need to provide clear regulatory frameworks for the safe use of blockchain technology. Once these requirements are met, the blockchain has the potential to change the insurance industry for companies and their customers.


    How SaaS Can Be the Future of the Insurance Industry?
    SaaS has transformed major sectors except for one, insurance. Find out How can saas transform the insurance sector and its benefits.


    Conclusion

    The use of blockchain technology in the insurance industry is still in its early stage. But its benefits and use cases over time have proved its need and importance in the industry. Blockchain is helping the insurance industry to reduce its operations costs through automated verification procedures, smart contracts, and blockchain-based payment systems.

    Thus, blockchain technology is revolutionizing the insurance industry in many ways by making the processes more automated and ensuring people increased transparency in the system.

    FAQs

    What is Blockchain?

    A distributed database system that can sign, exchange, and verify transactions and records without the control of a central party is called a blockchain.

    How can Blockchain help the insurance industry?

    Blockchain helps to reduce friction in business processes by utilizing solutions such as smart contracts.

    What are some of the most taken insurance policies?

    Life Insurance.
    Health Insurance.
    Long-Term Disability Coverage.
    Automobile Insurance
    Property Insurance

  • 5 Ways You Can Make Money With Non-fungible Tokens (NFTS)

    With the growing digitalization, a famous crypto trend is moving along. And that’s NFTs, Non-Fungible Tokens. NFTs are shining all over the internet. Through this, many creators and investors have made remarkable figures that have literally changed their lives.

    NFTs began with 69.3 million sales, which broke over the internet and transformed the perspective of people towards these digital collectibles. Today, numerous people are getting on with NFTs. They are buying, selling, and investing tons in order to get the fancy outcome.

    With such immense popularity of these crypto – NFTs, people are researching it more vibrantly. And on that note, we have presented this article carrying all the requirements information and ways to make money from NFTs. The world is growing and in order to keep up with it, you need to be smart and advanced. So, let’s get started with how to make money from NFTs.

    What are NFTs?

    Number of NFT Users in 2021
    Number of NFT Users in 2021

    Before we move further with the ways to make money, let’s discuss what are NFTs?

    NFTs are known as a collectible digital asset that carries value as cryptocurrency and art or culture. NFTs are elaborated as Non Fungible Tokens. NFTs are quite similar to Bitcoin and Ethereum. But, it’s a very distant form of crypto that can not be exchanged aka non-fungible.

    The most significant thing about NFTs is that it is formed to store extra information, equalized above a pure currency and makes it into the vicinity. NFTs are classified into various exclusive parts, plus they can be formed in digital art form or music files, that can be easily sorted digitally and can carry a value. For example, you will get a JPG file instead of getting a physical oil painting on canvas.

    Let’s move forward to understand how to make money with NFTs.

    1. Creating and Selling NFTs
    2. NFTs Stake
    3. Trading NFTs
    4. NFTs Games
    5. Get into NFTs Startups

    How to make money with NFTs?

    Creating and Selling NFTs

    OpenSea - NFT Marketplace to buy & Sell NFTs
    OpenSea – NFT Marketplace to buy & Sell NFTs

    If you are some sort of creator or artist and you want any of your work to monetize, then you can use them as NFTs. Basically, you create something and sell it as NFTs. Through this, you will increase your income. You can create original memes, music, audio clips, digital art, or any other.

    This is a great chance for you to increase your income through your work as NFTs. Go, Get started with it!

    NFTs Stake

    In crypto, you can safely keep your digital assets in the form of a stake and allocate them to only those who are willing to manage their upkeep.

    As in return, you will be rewarded with some share of the stake. Through this, you can win tons of rewards and inducements on numerous famous websites just by staking your NFTs.

    Trading NFTs

    NFTs Trading
    NFTs Trading

    Among the numerous ways, trading NFTs are quite popular. You can easily trade NFTs by selling and buying them in profitable deals. In fact, one of the creators has made 1,000 times more than their work’s initial price.

    Although all NFTs don’t come out with the counterpart. As some of them hold a worth even higher than a million while some are as good as worthless. That’s why before getting started with your NFTs, you need to do a thorough analysis on where to trade and how.


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    NFTs Games

    NFTs also come with various games with advanced technology. Although NFTs games aren’t that much popular but with high potential as these have, they will rise pretty soon.

    The gamers invest with tremendous fortune into virtual gaming. If any gaming company sells their potential game as NFTs, then this will bring enormous profit to the gamers as well as gaming companies.

    Some of the NFTs game developers are known to be with the biggest ambitions towards the non-fungible tokens. Its in-game commodities are even more fascinating and are considered the future of the whole non-fungible technology. NFTs games carry a great future in hand with immense technology.


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    Get into NFTs Startups

    NFTs are known to have dozens of applications in several companies that hold the potential to transform the world. Therefore, investing in any of the NFTs startups is a great indirect way to earn money from NFTs crypto.

    NFTs startups are growing vibrantly and are proven extremely innovative as well as promising. That’s why investing in these would bring great results to you.

    Conclusion

    In the upcoming future, NFTs crypto is going to rise even more brightly. It comes with various distinct applications that carry great potential in itself. And this is just the beginning of it. NFTs carry great potential but still, in the market, it does not have that much recognition and is very underrated. These are built with huge advancements and soon, they would be on the top.

    Those who know its potential and capabilities are earning enormously. Celebrities are also promoting NFTs. These are making tremendous profits through NFTs. There are various ways through which you can earn by NFTs. And as we have listed those in the article, you’d find it very intriguing.

    There’s still a long run for crypto, but with such growth and development, people are getting more and more attracted towards it. Stay tuned for more updates!

    FAQs

    What are NFTs?

    NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

    What is the best marketplace to sell NFTs?

    Some of the top NFT Marketplaces are:

    • OpenSea
    • Rarible
    • SuperRare

    Can anyone sell an NFT?

    Yes, anyone can create and sell NFTs.

    How to buy and sell NFTs for profit?

    The most popular way is to buy an NFT at a low price and then sell it at a higher price for a profit.

    How to make money with NFTs?

    Best 5 ways to make money with NFTs are:

    • Creating and Selling NFTs
    • NFTs Stake
    • Trading NFTs
    • NFTs Games
    • Get into NFTs Startups
  • List of Startups Funded by Amitabh Bachchan | Amitabh Bachchan Investments

    Startups are gradually increasing in numbers in the world, and the startup ecosystem is flourishing with innovative ideas and efforts. There are investors out there who are ready to put their trust in the dreams of young entrepreneurs and thus are looking for promising startups to invest their funds in. The more innovative the startup, the more investors find it interesting and consider funding it.

    A startup gets more recognition if it’s backed by some celebrity who is influential. It is good for their marketing as well. Many celebs are investing and funding innovative and promising startups nowadays and more or less it is turning to be profitable for those startups.

    One of India’s biggest and most respectable celebrities has to Bollywood Megastar, Amitabh Bachchan. With starring in over 200 films, the Shahenshah of Bollywood is known for his versatile acting and vigorous personality and is critically acclaimed for his works in his films.

    The actor, producer and singer is applauded for starring in films like, ‘Agneepath’, ‘Don’, Pink, ‘Black’ and others. His acting and singing made him the most popular self-made superstar in the Indian film industry. Amitabh Bachchan debuted with the ‘Saat Hindustani’ in 1969 and never looked back. He is a part of this industry for 53 years and has given several hits in his career. He has won countless awards like National Film Awards, Filmfare Awards, Asian Film Awards and others for his performances in his films.

    He is also a recipient of Padma Shri, Padma Bhusan and Padma Vibhushan, the three highest civilian awards in India. Apart from all these, Amitabh Bachchan has shown his interest in a few numbers of startups and has funded them. In this article, we will talk about the investments of the megastar of Bollywood, Amitabh Bachchan. So let’s get started.

    “The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioural discipline that are likely to get you where you want to go.” -Benjamin Graham

    Just Dial
    Ziddu
    Eduisfun
    Macmerise Celfie

    Just Dial

    JustDial Logo
    JustDial Logo

    Just Dial is a tech company that is famous for its search engine that gives out local search-related services with the help of websites, apps and other platforms to its users in India. The company was founded in the year 1987 by VSS Mani, the headquarters is situated in Mumbai, India. The discovery firm was now got acquired by Reliance Retail.

    Amitabh Bachchan was signed in as the brand ambassador of this local search engine, he can be found in the advertisements highlighting the important features of the search engine. Later in 2013, Bachchan made an investment of INR 6.27 Lakh and in only 7 months, those 6.27 Lakh shares value increased to INR 6.6 Crores.

    Ziddu

    Ziddu Logo
    Ziddu Logo

    The Singapore based company Ziddu was founded in the year 2007, the platform was online cloud storage and sharing solution firm, the company used to make money through advertisement and pay the users who used to share files through this platform. The company has now turned into a solution provider firm empowered by blockchain.

    Amitabh Bachchan invested in this firm in 2015; it was his first investment in an overseas company. The company made news when in just three years; the company’s value increased 70 times more. The company now offers microloans in digital currency. Another masterstroke was when LongFin Corp, a US-based company acquire Ziddu. Amitabh Bachchan’s investment of INR 1.6 Crores turned into INR 112 Crores in just two years.

    Eduisfun

    Eduisfun Logo
    Eduisfun Logo

    Eduisfun is an Ed-Tech startup founded in the year 2014 by Jatin Solanki and Praveen Tyagi, this Ed-tech provides lessons to the school according to ICSE and CBSE curriculum.

    The startup is known for developing one of the high-tech products that are STEPApp, through this learning app, one can study with just a basic smartphone and with low data connectivity.  The app is specially designed for tribal, private and central school students.

    In the year 2019, Amitabh Bachchan invested an undisclosed amount in Eduisfun. It is Bachchan’s first investment in an Ed-tech startup and it is surely not a bad one.

    Macmerise Celfie

    Macmerise Celfie Logo
    Macmerise Celfie Logo

    Macmerise Celfie is a company that deals with licensed merchandise of Marvel, Disney and Star Wars. Apart from these, the firm is also offering merchandise from celebrities, brands and influencers. Those merchandises include Laptop skin, mobile cases and others. Macmerise was Sahil Shan in the year 2019. The headquarters of the company is situated in Mumbai, India.

    The company raised $1 million in 2022. Amitabh Bachchan was one of the investors; he invested an undisclosed amount in this company.


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    Conclusion

    Amitabh Bachchan is a big name in the Indian film industry, and so far, most of the time; he got positive results from his investment. Companies getting funds from him is not only good for the improvement of their company but it also helps in making a good name for the company as it is funded by such an influential person.

    FAQs

    What is the net worth of Amitabh Bachchan?

    The net worth of Amitabh Bachchan is $400 million as of 2022.

    How old is Amitabh Bachchan?

    Amitabh Bachchan was born on 11th October 1942 and is currently 79 years old.

    How much does Amitabh Bachchan earn in a month?

    Amitabh Bachchan earns approximately INR 5 Crores per month.

    What are some of the investments of Amitabh Bachchan?

    Amitabh Bachchan has invested in Macmerise Celfie, Eduisfun, Ziddu, and Justdial.

  • Top 5 Indian Brands That Are Launching Their NFT Collection in 2022

    The world has now taken the form of a digital avatar. We are surrounded by technologies, artificial intelligence, digital currency, social media, you name it, and the world has it. To be honest, it is not the same world that it was 20 years ago; it has gone through a bewildering change.

    Such is the effect that now currency has also turned digital. Many people are aware of blockchain technology. Yes, the one on that cryptocurrency uses. Blockchain technology has created a way where one can exchange their currency without a help of the government or a mediator.

    Apart from cryptos, NFT is also dependent on blockchain technology. The market of NFT saw a sudden rise in the year 2021 and it still growing big. India also seems to be a part of this growth. Many Indian brands are launching their NFTs. In this article, we will talk about the Indian brands that have decided to step their foot in the industry and launch NFTs. Here are the top brands that are launching their NFT collection.

    As the value goes up, heads start to swivel and sceptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value. – Adam B. Levine

    T-Series
    Hindustan Times
    MG Motor India
    Tech Mahindra
    Viacom18

    What is NFT?

    NFT, also known as Non-Fungible Tokens are a form of assets operating on blockchain that can be sold and traded. They have unique identification codes and metadata through which, they can be differentiated.

    Unlike cryptocurrency, NFTs are unique and they don’t hold the same value as cryptos. Single crypto is equal with another, that’s not the case with NFTs. Each of the tokens is unique and has a different identity that cannot be transferred or exchanged like other assets.

    The craze of NFT is increasing day by day, anything can be converted into NFTs like art, videos, song and others.

    Why are Brands Launching NFTs?

    Brands are focusing on the NFT industry now, and they are doing it rigorously to attain some of its benefits. Some of the reasons why brands are launching NFTs are:

    • To provide a unique experience to the customers while telling the story of the brand.
    • Through NFTs, brand awareness will increase as it is willingly giving a unique experience to its customers. This also increases the loyalty of the customers towards the brand
    • With the help of NFTs, brands can also fulfil their social responsibilities and improve their reputation in front of the world by supporting charities with the income from NFT and helping struggling artists by asking them to create art and give them the exposure that they needed through the brand.
    • Once the brand enters into the NFT marketplace, it will get recognition which will lead to an increase of interest for the brand in the mind of the general public.

    Top Indian Brands Launching NFT

    T-Series

    T-Series is an Indian music record label and film production company that was founded in the year 1983 by Gulshan Kumar. It focuses on producing Bollywood music and pop music. T-Series is India’s biggest music label as it holds 35% shares of the Indian Music Industry.

    After conquering the music industry, T-Series is now set to enter the NFT market. T-Series has decided to collaborate with Hefty Entertainment; a subsidiary of Hungama Digital Media has decided to launch NFTs for their films.

    Films like ‘Bhool Bhulaiyaa’, ‘Aashiqui 2’ and the upcoming movie ‘Radhe Shyam’ are on the list of NFT drops. T-Series is set to provide money can’t buy experience to their NFT buyers by this new step.

    Hindustan Times

    An Indian English- Language Daily newspaper, Hindustan Times founded in the year 1924 and is operating in the nation for 98 years. The company was founded by Sunder Singh Lyallpuri and it is one of the most circulated newspapers in the country.

    Hindustan Times is getting to enter the Web 3.0 realm and is, therefore, has decided to launch NFTs. These NFTs will include their original historic creative that was published by the newspaper under their banner of HT Timeless Token.

    HT Timeless Tokens
    HT Timeless Tokens

    Some of India’s iconic moments have been witnessed by Hindustan Times and they have been captured in their historic creative sections. NFT is being launched by the brand, this way the customers can keep the historic moments with them by buying the NFTs, as they are being digitised. These tokens can be brought with the help of cryptocurrency and Fiat currency.

    MG Motor India

    The automobile manufacturer company is the Indian subsidiary of Chinese automobile manufacturer SAIC Motor and they are marketed under the British MG marque. MG Motor India was established in 2017 and started its journey in 2019 and now has over 1000 employees working for it.

    MG Motor India has become the first carmaker in the country to launch its NFTs. It will launch 1111 units as its first collection. For any MG transaction, MG Motors will sell its NFTs through KoineArth’s NgageN platform and through this platform only they will introduce their first collection of NFT where customers can buy it.

    Tech Mahindra

    Tech Mahindra is an Indian Multinational IT company founded in the year 1986 by Anand Mahindra. It comes under India’s top 5 IT firms. The company has now decided to explore the NFT industry and will launch the NFT marketplace, their main aim is to give a platform to celebrities and creators to present their art and memorabilia in a digital form.

    They are partnering with Mahindra & Mahindra and will be producing digital collectables which will then be sold on the NFT marketplace platform of Tech Mahindra.

    Viacom18

    Viacom18 is an Indian entertainment network; it was founded in the year 2007, it was a joint venture between Paramount Global and TV18. Various Indian channels are under Viacom18. Viacom 18 has decided to be a part of the NFT market.

    Viacom18 has launched its NFT; it has gone with its first collection of 3013 tokens on 14th February 2022. One can find the tokens and can buy them from the marketplace created by Viacom18, Fullyfaltoonft.com.

    One can find various ranges of digital collectables based on pop culture. The digital artworks will be inspired by popular Viacom18 shows like ‘Kaisi Yeh Yaariyaan’, ‘Bakra’ and others.


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    Conclusion

    Many brands are using NFT as a part of their marketing strategy. Through this, the brands promise to provide its customers with a unique experience. It is a new way to engage with their customers and a new way to generate revenue. With the growing trend, it seems that NFT is here to stay and it’s only a matter of time before all big brands will start exploring this market.

    FAQs

    Yes, the NFTs craze has entered India and many people are interested in it. Many Bollywood celebrities are also launching their own NFTs which explains its success.

    What is the best NFT marketplace?

    OpenSea, Axie Marketplace, CryptoPunks, NBA Top Shot Marketplace, Rarible, and SuperRar are some of the best NFT marketplaces.

    How can I buy NFT from India?

    First, you need to visit an NFT marketplace, add ether tokens to your wallet and then you can purchase your desired NFTs.

  • Financepeer’s CEO on Decentralized Finance: A Gateway to Future

    This article is contributed by Mr. Rohit Gajbhiye (CEO, Financepeer).

    Imagine being able to lend and borrow money without worrying about bank holidays and bank hours? Is such a future possible with minimal intervention of banks for lending and borrowing?

    Believe it or not, but this is the future that lies ahead for India’s banking and financial sector. According to MejoresApuestas.com, the DeFi business is worth around $85 billion in September 2021, up from $19.5 billion in September 2020. Traditional finance firms are becoming engaged in the field of DeFi. PayPal, for example, has stated that it may integrate DeFi services onto its platform. Simultaneously, Bitwise Investments announced the opening of new funds to invest in the Aave protocol and the Uniswap decentralized exchange. Such funds enable investors to invest in DeFi without having to purchase tokens or bitcoin.

    So, what exactly is decentralized finance? The concept of decentralized finance, or DeFi as referred to in common parlance, refers to financial services that are fully run on blockchain networks rather than through middlemen such as banks. It manages financial transactions using bitcoin and blockchain technologies. DeFi aspires to democratize finance by replacing historical, centralized institutions with peer-to-peer partnerships capable of providing a broad range of financial services, including daily banking, loans, and mortgages, as well as complex contractual agreements and asset trading.

    The WHY? Traditional Centralized Finance v/s decentralized finance

    Today almost every element of financial services is handled through centralized systems that are run by regulating organizations and gatekeepers. Governments and financial organizations can shut down markets or like in February 2021 when trading had to be halted at the National Stock Exchange (NSE) due to a technical glitch. Trading hours are frequently restricted to business hours in a given time zone.


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    The HOW of DeFi – How DeFi Works?

    DeFi turns the present system on its head by reimagining financial services as decentralized software apps that never touch user cash. So if an applicant needs a loan, he or she can smoothly avail the loan amount by showcasing bitcoin as collateral. This generates a “smart contract” that locates an individual’s money among the monies made accessible on the blockchain by other individuals. With this smart financial ecosystem, financial institutions can do away with a bank loan officer, loan rejections, long list of documents submission, etc. DeFi enables the interchange of trustworthy data across a system, therefore lowering the barriers to corporate financial services.

    Transactions conducted in this manner are more efficient, flexible, secure, and automated than those conducted in traditional finance. Furthermore, DeFi removes the gap between regular consumers and affluent individuals or organizations, who have access to a broader range of financial goods.

    Today, an individual may deposit money in a savings account and get a fixed interest rate on it. The bank then lends the same money to other customers, and the interest rates are on the higher side, thus, pocketing the profit. People can use DeFi to lend their funds directly to others, avoiding the loss of profit and earning the full return on their investment. One of the biggest advantages of this system is any individual may become a member of a DeFi lending pool and is eligible to lend money to other applicants.

    The Risks – Is DeFi Safe?

    Decentralized Finance, like any other emerging technology, is not without risks. Even gold deposited in bank lockers is risky and is vulnerable to theft, but customers have been opting for such services. Considering DeFi has thrived in the absence of laws and regulations, users may have little chance of redressal if a transaction goes wrong. While a blockchain is almost hard to hack, other parts of DeFi are vulnerable to hacking, which can result in money theft or loss. Concerns have also been raised about legislative ambiguity, scalability, security and technical hazards (software flaws and hackers), governance of decentralized apps, and a variety of other issues. An individual’s adaptability and knowledge of using technology is a great factor, as lack of knowledge can pose a risk.

    Decentralized Finance leads to better user experience, and helps in emphasizing design and usability and bringing open finance to a wider audience. DeFi is just another example of how software built on open standards has the ability to dramatically alter the game. However, in order to achieve the full potential of this new financial ecosystem, both developers and regulators will need to improve their own performance.


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    FAQs on Decentralized Finance

    What is Decentralized Finance?

    Decentralized Finance (DeFi) is a blockchain-based form of finance that doesn’t rely on central financial intermediaries like brokerages, exchanges, or banks to offer traditional financial instruments. It instead utilizes smart contracts on blockchains.

    What are examples of DeFi?

    DeFi is specifically associated with the Ethereum blockchain and all of the cryptocurrencies built on it.

    What are Decentralized Exchanges?

    Several cryptocurrency exchanges such as Coinbase function as centralized platforms to connect cryptocurrency buyers and sellers. Decentralized exchanges (DEXs) such as MDEX use smart contracts to perform the work of centralized exchanges, with the smart contracts providing pricing for each counterparty at or near prevailing market prices.

    Is DeFi safe?

    DeFi is still an emerging technology which means that negative outcomes can unexpectedly occur. An important point to note is that Defi is not regulated by any central organization/government or banks. Despite all of this, DeFi’s accessibility,, functional autonomy, efficiency, and speed attract investors/traders and other stakeholders.

    What are some of the top DeFi projects to watch out for?

    Avalanche, Cardano, Chainlink, Polkadot, Terra Luna, Polygon among others.