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
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.
Blockchain technology brings great bonhomie & collaborationamong 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 easywith 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.
In today’s advancing landscape of blockchain and Web3 technologies, security is a top priority. SecureDApp, a leading player in the field, specializes in providing comprehensive blockchain security solutions and smart contract audits. Their core mission is to ensure the safety and reliability of blockchain applications, enabling startups and enterprises to navigate the Web3 landscape with confidence.
In this article, we embark on a journey to explore the captivating world of SecureDApp. We’ll delve into SecureDApp’s ideation story, the visionary founders behind its success, its unique strategies, its business and revenue model, and much more.
SecureDApp is a pioneering blockchain security solution that specializes in offering comprehensive security solutions to companies operating in the Web3 space. With a strong focus on identifying vulnerabilities in smart contracts and providing robust security measures to enhance the overall security of blockchain networks.
SecureDApp – Market/Industry Details
Industry: SecureDApp operates in the smart contract audit industry. Smart contract audits are a type of security assessment that is performed on smart contracts to identify and mitigate potential vulnerabilities. Smart contracts are self-executing contracts that are stored on a blockchain. They are used to automate a wide variety of transactions, from simple financial transfers to complex agreements.
Target market size: The global smart contract audit market is expected to grow from USD 150.2 million in 2021 to USD 1,515.4 million by 2032, at a CAGR of 23.5% from 2022 to 2032. The growth of the market is attributed to the increasing adoption of blockchain technology and the growing need to secure smart contracts.
Market share: SecureDApp is a relatively new company in the smart contract audit industry. However, it has quickly gained a reputation for its innovative and comprehensive solution called Solidity Shield. SecureDApp’s market share is expected to grow significantly in the coming years as the demand for smart contract audits increases.
Abhishek Singh, co-founder and CEO of SecureDApp, mentioned that he used a variety of sources, including market research reports and industry publications, to gather information on the smart contract audit industry.
He expressed his belief that the smart contract audit industry would continue to experience rapid growth in the next five years. This projection was based on the increasing adoption of blockchain technology and the growing demand for securing smart contracts.
Furthermore, Mr. Singh believes that SecureDApp is poised to become one of the leading providers of smart contract audit services in the next 5–10 years. This is due to its commitment to innovation and its focus on providing comprehensive services to its customers.
Abhishek Singh (left) and Himanshu Gautam (right) – SecureDApp Founders
Abhishek Singh and Himanshu Gautamare the founders of SecureDApp.
Abhishek Singh
Abhishek Singh, with over 15 years of experience and a Master’s in marketing, has a track record of successfully launching and scaling multiple brands, especially startups. His core expertise lies in brand building, growth hacks, and automation. Abhishek is highly skilled in fostering engaged and loyal communities integrated with PR. One of his proven strengths is the ability to build and empower teams for success.
Himanshu Gautam
Himanshu brings a wealth of knowledge and experience to the table, with a Master’s degree in technology from IIT Kanpur and over 6 years of professional experience. His expertise is deeply rooted in Web3 products and blockchain technology. Himanshu has a successful track record of building and auditing numerous decentralized applications (DApps) and has also served as a trusted blockchain and Web3 consultant for the Government of India. Additionally, he is a core team member of a Web3 startup, with a primary focus on the latest development efforts.
Abhishek shared that they spent several weeks working together, evaluating different startup ideas, and brainstorming potential solutions to complex problems. Their meetings included debates, insightful discussions, and plenty of brainstorming.
However, one day, their common link suddenly left, leaving them uncertain about the future of their collaboration. But instead of letting this setback discourage them, they decided to stick to the idea of starting something on their own, without him. Over the next few months, they worked tirelessly, investing long hours and pouring their hearts and souls into their new venture. Despite the challenges and setbacks along the way, they remained determined and focused, driven by their shared vision and passion for success.
Finally, after much hard work and dedication, they launched the startup, and from then on are building it.
SecureDApp – Startup Story
The inspiration for SecureDApp came from the growing number of smart contract hacks and exploits. Abhishek explained that they saw a need for a more comprehensive and innovative approach to smart contract security. They also saw an opportunity to make Web3 safer for everyone by empowering blockchain developers to build secure and reliable smart contracts. Their hypothesis got firmer when they found out that more than 95% of the projects deployed on the chain were not audited.
In their efforts to understand the market, they conducted extensive research on the smart contract audit market, including interviewing industry experts and analyzing market research reports. They also validated their idea by engaging with potential customers and obtaining feedback on their proposed product offerings. They also spoke with over 50 founders to gain insights into their concerns pertaining to smart contract audits and security.
The ideation process at SecureDApp began with the team brainstorming a list of all the ways that they could improve the smart contract audit process. Once they had a list of ideas, they started to narrow it down by focusing on the ideas that we thought were most feasible and would have the biggest impact.
Once they had identified a few key ideas, they began the design phase for their initial product offerings. Their primary focus during this phase was on crafting products that would be easy to use and would provide blockchain developers with the information they needed to build secure and reliable smart contracts.
From the start, they decided to adopt a product-based approach to audit while the industry is driven by manual audits. Once they had a design for their products, they started to prototype them. They built a small team of experienced engineers and developers to help them bring the company’s products to life. Interns played a key role in testing their hypothesis.
The initial people they talked to about SecureDApp were friends and family, as well as other industry experts. They also talked to potential customers to get their feedback on their proposed product offerings.
The response from the initial people was very positive. They were excited about the vision for SecureDApp and saw a need for the company’s products in the market.
SecureDApp – Name and Logo
SecureDApp Logo
The name of the company was suggested by Himanshu Gautam. They had decided that the name has to be the combination of real word + real meaning + relevant meaning.
SecureDApp – Vision and Mission
SecureDApp’s vision is to make Web3 safer for everyone by providing the most innovative and comprehensive smart contract audit solutions. Its products empower blockchain developers to build secure and reliable smart contracts with confidence, enabling them to focus on their core competencies and deliver innovative products to the Web3 community.
The company believes in a future where individuals and organizations can transact securely and efficiently without the need for intermediaries or middlemen. SecureDApp envisions a world where blockchain technology is used to solve real-world problems, create new opportunities, and empower people across the globe.
SecureDApp – Products/Services
SecureDApp Solidity Shield
The rise of decentralized systems has made smart contract safety and reliability a concern. A decentralized firm offering end-to-end solutions is needed to provide secure and standardized smart contract development and auditing. This will unlock the full potential of smart contracts.
The company’s flagship product, Solidity Shield, is an advanced, AI-powered vulnerability detection application designed specifically for smart contracts written in Solidity, the programming language used for Ethereum-based blockchain applications. Solidity Shield utilizes cutting-edge artificial intelligence techniques to automatically and rapidly identify vulnerabilities within smart contracts, providing developers with a powerful tool to enhance the security and reliability of their blockchain projects.
At the heart of Solidity Shield is its automated bot, a highly efficient and intelligent system that can analyze smart contracts within a matter of seconds. The bot leverages machine learning algorithms and natural language processing techniques to comprehend and interpret the code, enabling it to detect potential vulnerabilities with remarkable accuracy and speed.
In terms of technology, SecureDApp relies on a stack that includes solidity smart contracts, React.js, WalletConnect Framework, Node.js Backend, and a MySQL database.
SecureDApp – Business and Revenue Model
The product is yet to be monetized; however, the company has decided to keep the rate for audits at less than $10 per scan. A SaaS pricing model will be introduced for the company’s product, Smart Contract Audit. The idea is to help the developer community focus on building without worrying about the security or cost involved in its audit.
SecureDApp – Launching Company Strategies
When launching the company from the point of having zero users, the strategies employed to acquire the initial 100 customers played a pivotal role in the journey. The approach embraced by SecureDApp revolved around a freemium model, which started with the rollout of a public beta launch at no cost, inviting everyone to scan and test the company’s product. More than 175 projects have scanned their smart contracts using the Solidity Shield Scanner.
While the first 100 users marked a significant milestone, the company’s strength lies in its community, including subsequent members from the developer community. Notably, the security project is already deployed at Tels Network at the infrastructure level for Web3 security.
SecureDApp – Customer Growth and Retention Strategies
SecureDApp has decided to continue working on the following strategies for customer growth and retention:
Community development
Content development to engage with the community
The company also aims to maintain close collaboration with ecosystem partners to expand the customer base from 100 to 1000.
SecureDApp – Challenges Faced
Every other day, the company has been facing some or other challenges, from product development to working out the right pricing strategy to marketing. Abhishek has noted that, so far, there hasn’t been a dull day in the business from the perspective of encountering these challenges. He mentioned that regulatory issues will keep you on your toes when you are building in the Web3 space.
SecureDApp – Marketing Strategy
The company has a humorous yet sarcastic series called #Outsmart, a weekly series that has its own take on Web3 developers and the blockchain community. The philosophy behind this initiative is that, ultimately, learning to take jokes about ourselves is essential to keep things on a lighter note.
SecureDApp – Growth
The current status of the company can be summarized as follows:
Userbase: Showing a remarkable 30% month-over-month growth, with over 175+ audits conducted so far.
NPS (Net Promoter Score): The NPS stands at around 8.5.
Notable Clients: Blits Estate and Filmarare.
SecureDApp – Funding
The company has been bootstrapped and funded through customers’ capital. It has relied on its own resources and customer contributions to support its operations and growth.
SecureDApp – Key Tools and Software
The company utilizes a range of key tools and software to operate efficiently. These include:
SecureDApp has benefited from a startup program by being incubated by CySeck, which is the Government of Karnataka’s cybersecurity initiative. This program has played a crucial role in supporting and nurturing the company.
SecureDApp has received recognition and achieved notable milestones, including:
SecureDApp won the 1st prize in the 60-day Polkadot’s Bootcamp organized by Blockchained India.
SecureDApp has secured 2nd placeamong all the global competing DApps/ tools for on-chain verified reviews on the Smoothie platform for its product called Solidity Shield.
SecureDApp – Competitors
Some of the top competitors of SecureDApp are:
Hacken
CertiK
QuillAudits
SecureDApp – Future Plans
At SecureDApp, the company is committed to making Web3 safer for everyone. In the next 1-2 years, the plans include:
Expanding product offerings to include more comprehensive and innovative smart contract audit services.
Expanding the global reach to serve customers in all major Web3 markets.
Developing new Web3 security products and services to protect users from emerging threats.
FAQs
What does SecureDApp do?
SecureDApp offers comprehensive blockchain security solutions and smart contract audits to secure your smart contracts and enhance overall blockchain security.
Who are the founders of SecureDApp?
Abhishek Singh and Himanshu Gautamare the founders of SecureDApp.
What is SecureDApp’s Solidity Shield?
SecureDApp’s flagship product, Solidity Shield, is an AI-powered tool designed to identify vulnerabilities within smart contracts, providing developers with a powerful solution to enhance the security and reliability of their blockchain projects.
How has SecureDApp achieved its growth?
SecureDApp achieved its growth by adopting a freemium model, initially offering the Solidity Shield Scanner for free. This strategy led to over 175 projects scanning their smart contracts using the Solidity Shield Scanner.
ATHUL C K
