Launched by S. Krishnan, Secretary of India’s Ministry of Electronics and Information Technology (MeitY), the Vishvasya-Blockchain Technology Stack provides Blockchain-as-a-Service through a distributed infrastructure that can support different approved Blockchain applications.
The National Blockchain Portal, Praamaanik, a groundbreaking blockchain-enabled solution for authenticating the provenance of mobile applications, and the NBFLite-Lightweight Blockchain Platform were also introduced by Secretary MeitY.
Building a Nationwide Blockchain to Improve Online Security and Customer Satisfaction
Initiated by MeitY, the National Blockchain Framework (NBF) aims to promote research and application development; enable the delivery of state-of-the-art, transparent, secure, and trustworthy digital services to citizens; and build trusted digital platforms.
Distributed infrastructure, core framework functionality, app development offering blockchain as a service (BaaS), security, privacy, and interoperability make up the technology stack of the national blockchain framework. At the moment, NBF is expandable and works with two Blockchain systems. Hosted across NIC Data centers in Bhubaneswar, Pune, and Hyderabad, the Technology Stack takes advantage of geographically dispersed infrastructure.
Blockchain Platform for Institutions and Startups
Designed with businesses and academics in mind, NBFLite is a Blockchain sandbox platform that facilitates research, capacity building, and rapid application prototyping. With funding from MeitY, C-DAC, NIC, IDRBT Hyderabad, IIT Hyderabad, IIIT Hyderabad, and SETS Chennai collaborated to create these technologies.
Enhancing Citizen Security and Transparency with a Nationwide Blockchain Framework
The National Blockchain Framework will enable security, trust, and transparency for various citizen-centric applications, according to S. Krishnan, Secretary, MeitY, who stated at the launch that this is an important part of the government of India’s efforts to provide trusted digital service delivery. He further emphasized that all parties involved should work towards making India the world leader in blockchain technology and spreading the solutions that have been developed so that it may be adopted worldwide. This would help to drive digital empowerment, social development, and economic growth, and position India as a global leader in blockchain.can
What Blockchain Can Do to Revolutionise Governance?
Blockchain technology can revolutionize Indian administration by increasing the openness, efficiency, and accountability of public services, according to Bhuvnesh Kumar, Additional Secretary, MeitY. The importance of expanding NBF application use across agencies and states was emphasized by him, and he also recommended looking at adding new platforms, apps, and innovative components to the NBF stack.
Objectives of NBF in Confronting Difficulties
According to Sunita Verma, Scientist G and Group Coordinator, R&D in Electronics & IT, MeitY, the goal of launching NBF is to create an extensible framework using a Blockchain technology stack on distributed infrastructure. This framework will help tackle issues like vendor lock-in, the lack of qualified workers to construct Blockchain-based applications, and research hurdles in areas like security, interoperability, and performance.
The NBF is a consortium-mode effort to address research difficulties and leverage the benefits of technology to build applications in cooperation with Government organizations, according to Magesh E, Director General, C-DAC.
According to a report by Decipher, the profound connection that people in India have with their furry friends is evident in the incredible evolution of the pet industry in the country. Approximately 32 million people in India own pets, and that number is growing at a rate of 11 percent per year. In response to this uptick in pet ownership, seventy new pet care businesses have sprung up in only two years. Investor interest in the pet care industry is on the rise, mirroring the rising spending on pet supplies and services. Venture Intelligence said that the industry received 77 million dollars in investments from 2021 and 2022. Among the most notable developments is the record-breaking $60 million investment in Drools by L Catterton, a major participant in the worldwide pet food investment industry.
The Indian Pet Market Joint Advisory Council (IPICA) recently predicted that the pet market in India had expanded approximately at a CAGR of 20% from 2016 to 2018. The current valuation of the industry is approximately Rs. 8,000 crores, with projections showing a growth to Rs. 20,000 crores by 2025. When put in context with the industry’s valuation of 1,200 crores only ten years ago, this is a very impressive growth rate.
Having more and more people in the country own pets is a major factor fueling this expansion. Euromonitor International estimates that there are currently roughly 19 million pets in India, with a projected 9% compound annual growth rate (CAGR) over the next five years. About 65% of pet owners in India are in the 20- to 40-year-old age bracket, according to the report.
Changing lifestyles and increasing disposable wealth are also driving the pet market in India. Pet supplies and services are seeing a surge in demand as the number of households headed by a single breadwinner increases and the number of people opting to keep pets as pets grows in popularity. The demand for high-quality pet supplies and services has grown in tandem with the growing awareness of the importance of pet health and wellness among pet owners.
Approximately 70% of India’s pet industry revenue comes from the pet food segment, making it one of the country’s most important economic drivers. More and more pet owners are seeking out premium pet food options that address their pets’ unique dietary requirements, taking into account factors like breed, age, and health status. Natural and organic pet food products have also been on the rise in recent years, as more and more pet owners seek options that don’t contain any artificial ingredients, flavors, or preservatives.
Size of the Pet Population Across India From 2006 to 2021, With Estimates Until 2026
Revolutionising India’s Petcare Industry: The Role of Startups
Like many other sectors, this sector is also attracting many startups to take its growth to the next level. Throughout the country, new businesses are making waves in the animal welfare industry. In addition to utilizing state-of-the-art technology to offer pet owners unmatched help, these firms are transforming conventional pet care techniques.
Some of the dominant startups in this sector such as Heads Up for Tails, and Pawfect.xyz, Wiggles, Just Dogs, etc. are making waves through their user-friendly solutions for pet owners.
The availability of trustworthy and reasonably priced technology is also contributing to the rise in popularity of the Internet of Things (IoT) in India. Pet tracking systems that are both affordable and easy to use are currently sold by a plethora of companies. A pet’s whereabouts, health, and activity levels can all be tracked with one of these gadgets. Another tech solution that is making waves in the pet care industry is cloud computing. With the help of this module, pet owners can store and share their pet’s data.
To better understand the requirements of their pets, pet owners, veterinarians, and others in the pet care industry can access this data. Another benefit of cloud computing is that it gives pet owners remote access to their pet’s data. This way, they can monitor their health and safety status even when they’re not there. Pet care startups are also leveraging the Internet of Things to create a more interconnected experience for pets. Internet of Things (IoT) gadgets, including tracking collars and smart feeders, allow pet owners to keep tabs on their pets’ whereabouts and activity, as well as give them the food and water they need. Pet owners can use this to keep in touch with their pets even when they’re not around. The pet care industry is utilizing blockchain technology to increase trust and transparency. Using this technology, pet owners can have greater control over the data stored securely and access it whenever they need it. This can guarantee that their pet’s information is not misused and provide them access to better services.
These changes are occurring at a dizzying rate, and the pet business is preparing for a nationwide explosion. Based on Drools’s projections, this industry is expected to reach $1.2 billion by 2028, rising at a rate of about 20% each year. Emerging patterns indicate plenty of space for expansion in both homes and hearts, even though pet ownership is still relatively low with only 10% of Indian households having a pet.
FAQs
How much revenue does the pet food segment contribute to the pet care industry?
Approximately 70% of India’s pet industry revenue comes from the pet food segment, making it one of the country’s most important economic drivers.
What are the latest technologies being used by the pet care industry?
The latest technologies used by the pet care industry include the Internet of Things (IoT), Blockchain Technology, and Cloud Computing.
What are the best pet care startups?
Heads Up for Tails, and Pawfect.xyz, Wiggles, and Just Dogs are a few top pet care startups.
Web3 to add $1.1 trillion to India’s GDP by 2032. Over 450 Web3 startups in India raised $1.3 billion in funding by April 2023.
Web3 is the next generation of the internet, built on blockchain technology. It is a decentralized and open web that gives users more control over their data and privacy. Web3 is still in its early stages of development, but it has the potential to revolutionize many industries and sectors.
Web3 is impacting the Indian economy in several ways. One of the most significant impacts is on economic growth. A report by theUS-India Strategic Partnership Forum found that Web3 could add $1.1 trillion to India’s GDP by 2032. This growth would be driven by several factors, including the creation of new jobs, the expansion of existing businesses, and the development of new industries.
A report by NASSCOM found that over 450 Web3 startups in India had raised $1.3 billion in funding by April 2023. This funding is being used to develop new Web3 products and servicesand to hire new employees. The Web3 job market in India is expected to continue to grow in the years to come, as more and more businesses adopt Web3 technology.
Another way that Web3 is impacting the Indian economy is by promoting financial inclusion. Web3 could help to bring financial services to millions of Indians who are currently unbanked or underbanked. For example, decentralized finance (DeFi) applications can provide loans and other financial services to people without a bank account. It is also fostering innovation in a wide range of sectors, including finance, healthcare, and education. For example, Indian startups are developing Web3-based applications for everything from supply chain management to medical records. These applications have the potential to improve efficiency, transparency, and security in a variety of industries.
Mr. Alankar Saxena, CTO of Mudrex, said, “Web3 is starting to transform the Indian economy already. It enables secure digital identity solutions, reduces fraud, and improves supply chain transparency. NFTs and decentralized finance (DeFi) platforms are gaining traction, opening new investment opportunities. Overall, Web3 is poised to reshape various sectors, fostering innovation and economic growth.”
As per a recent report published by Chainalysis, India ranks first globally in Grassroots Crypto Adoption. In terms of the raw volume of transactions, the country has the second-greatest number in the world, beating out those of several other, wealthier nations. About 75,000 people in the country are engaged in the sector at present. This number constitutes 11% of the global talent.
Mr. Dilip Chenoy, Chairman of Bharat Web3 Association said, “The widespread adoption of Web3 in the country is visible across the spectrum of applications that have evolved out of the technology. For example, consider DeFi. The country has been the number one adopter of DeFi in terms of value received on the chain, with an estimated $88 billion received in 2020-21. The NFT market alone generated a revenue of $9 million in 2023 and is expected to grow significantly over the next few years.”
Further, he also mentioned that use cases of the technology have emerged across sectors over the years with public and private sector organizations implementing Web3 for solutions related to education, lending, real estate, service delivery, healthcare, and more.
The government of Maharashtra recently issued caste certificates to its 65,000 residents via LegitDoc — a polygon public blockchain-based platform. Further, the Delhi Forensic Science Laboratory (DFSL) and the Delhi Police have integrated blockchain technology into their e-forensic application, ensuring an immutable and transparent record of the chain of custody for evidence.
Investments in Indian Web3 Startups
Opportunities and Challenges for Web3 to Grow in India
Mr. Trishneet Arora, Founder and CEO of TAC Security pointed out a few key opportunities and challenges existing in the Indian Web3 space.
Opportunities
Decentralized Finance (DeFi) Adoption: India’s financial landscape is poised for transformation with DeFi. The opportunity for decentralized lending, borrowing, and trading platforms to provide financial inclusion and accessibility to millions of unbanked or underbanked Indians is immense.
Blockchain-based Supply Chains: India’s supply chain challenges, particularly in agriculture, can benefit from blockchain’s transparency and traceability. Blockchain-based solutions offer the opportunity to streamline supply chains, reduce fraud, and improve food safety.
Digital Identity Solutions: India’s push for digital identity solutions is an opportunity for Web3 to provide secure, self-sovereign identity solutions.
NFT Market Growth: India’s thriving art and entertainment industry can benefit from NFTs, allowing creators to monetize digital assets.
Smart Contracts for Legal Tech: Smart contracts can revolutionize the legal industry by automating agreements and reducing the need for intermediaries.
Data Privacy and Ownership: The growing concern for data privacy and ownership provides opportunities for Web3 solutions that empower individuals to control their data.
DApps for Business: Decentralized applications (DApps) built on blockchain offer increased transparency and security. They can find applications in supply chain management, finance, and more.
Challenges
Regulatory Uncertainty: The evolving regulatory landscape for cryptocurrencies and blockchain in India poses a challenge.
Cybersecurity Threats: With the growth of Web3, cybersecurity threats become more complex. TAC Security faces the challenge of staying ahead of emerging threats and vulnerabilities to provide robust cybersecurity solutions.
Lack of Awareness: Widespread adoption of Web3 technologies in India may be hindered by a lack of awareness and understanding. TAC Security can contribute to education and awareness efforts to address this challenge.
Infrastructure and Connectivity: Web3 relies on a robust digital infrastructure and reliable internet connectivity. Addressing infrastructure gaps and improving connectivity in remote areas can be challenging but essential for Web3 growth.
User Trust and Adoption: Building user trust in Web3 applications and encouraging adoption is crucial.
Scalability: As Web3 platforms gain popularity, scalability becomes a challenge.
Interoperability: The interoperability of different Web3 technologies and blockchains is vital for seamless integration.
Web3 presents a transformative potential for India, with opportunities spanning finance, supply chains, digital identity, and more. However, it also comes with regulatory, cybersecurity, and infrastructure challenges that TAC Security must address to facilitate its growth and secure its implementation effectively.
Mr. Kumar Gaurav, Founder and CEO of Cashaa said, “Until the uncertainty in regulations persists, the investment community cannot go full steam in backing this technological development in the country and large-scale mass adoption will also not be possible. Educating the user base about the potential and challenges of this technology is also lacking at the moment.”
Role of Government and Private Sector in Supporting the Growth
The Government has taken a keen interest in the development of Web3 in the country with the Ministry of Information and Technology (MeitY) working to develop the National Blockchain Framework and advance the National Blockchain Strategy. The Bharat Web3 Association (BWA) also conducted a workshop in collaboration with the Ministry of Information and Technology as part of a larger effort to demystify Web3 and bridge the gap between the government and the private sector.
Mr. Chenoy, of Bharat Web3 Association, said, “The government and private sector have also been collaborating on Capacity Building and Education in the Web3 space. Private as well as government universities are increasingly integrating dedicated Web3 curriculums and programs to familiarize students with the nuances of Web3 and develop a specific skill set for future growth within the sector.”
He further mentioned that the governments can also provide financial support to startups engaged in the Web3 space through funding programs, grants, tax breaks, and other incentives to incentivize the growth of the Web3 sector in India.
India has also seen major developments in terms of regulation over the past 2 years. The major developments include MeitY releasing the National Strategy on Blockchain, The Advertising Standards Council of India releasing guidelines for advertising VDAs, inclusion of VDAs under the purview of the Income Tax Act, 1961, The Indian Computer Emergency Response Team (CERT-In) issuing guidelines for Virtual Asset Service Providers (VASPs) under the IT Act 2001, National Cyber Crime reporting portal creating a channel for customers to report fraud in the industry, and Prevention of Money Laundering Act registering VASPs as ‘reporting entities’.
Additionally, state governments have also taken a proactive approach to the growth of the Web3 sector. This can be seen through the development of regulatory sandboxes, which provide a controlled environment for testing and experimentation with Web3 technologies in a compliant manner. The Telangana Regulatory Sandbox initiated by the Government of Telangana, allows startups, innovators, and corporates to test their solutions in a controlled environment over up to 6 months. Several state governments are now interested in the creation of a regulatory sandbox to promote the growth of Web3 startups in their states.
Mr. Arora, of TAC Security highlighted several key developments in India’s Web3 landscape. Private sector entities, particularly startups, are actively driving Web3 solutions across sectors like finance, healthcare, and supply chain, bolstering Web3 technology’s growth. Private investors and venture capital firms provide essential funding, expediting innovation. Companies are integrating Web3 tech into their operations, such as blockchain for supply chain management and DeFi in finance. Collaborations between private organizations and educational institutions are addressing the skills gap in the industry, while advocacy groups promote Web3 technologies. Additionally, private cybersecurity firms, including TAC Security, are enhancing security for Web3 platforms. Mr. Arora stressed the significance of public-private collaboration in India, with the government working on regulatory frameworks and digital infrastructure, while the private sector fuels Web3 innovation, investment, and adoption, ensuring its sustainable growth in the country.
Nishant Sachdev, VP-Strategy, Compunnel, mentioned that India’s extensive tech population has the potential to significantly contribute to Web3. He highlighted that Compunnel’s AI-supported recruitment platforms are dedicated to matching the appropriate talent with the changing requirements within this domain.
He also pointed out the significance of the rising middle class and how it can impact business dynamics. Nishant Sachdev emphasized that their market research, powered by OpenAI, is focused on identifying the evolving investment trends within this demographic. This research aids businesses in customizing their offerings to align with the changing preferences and needs of the middle class.
Web3 technologies have the potential to impact a wide range of industries in India. While their influence can extend to many sectors, some specific industries are likely to be significantly impacted by Web3:
Finance and Banking: Web3 technologies, especially blockchain and decentralized finance (DeFi), can revolutionize traditional banking and financial services. They offer opportunities for faster and more cost-effective transactions, financial inclusion, and secure digital assets management.
Supply Chain Management: Blockchain-based supply chain solutions can enhance transparency, traceability, and efficiency in industries like agriculture, manufacturing, and logistics. This can lead to reduced fraud, improved product quality, and streamlined processes.
Healthcare: Web3 technologies can secure and streamline electronic health records, ensuring data privacy and interoperability. Smart contracts can automate insurance claims, and telemedicine can benefit from decentralized applications (DApps).
Government and Governance: Blockchain has the potential to enhance government services, such as land record management, voting systems, and identity verification. This can lead to reduced corruption, increased transparency, and efficient public service delivery.
Art and Entertainment: Non-fungible tokens (NFTs) on Web3 platforms have opened up new avenues for artists, musicians, and content creators to monetize their digital assets. The entertainment industry can leverage blockchain for rights management.
Education: Blockchain can be used to verify academic credentials and qualifications, reducing fraud, and simplifying the verification process for educational institutions and employers.
Real Estate: Property transactions and land records can be made more secure and efficient with blockchain technology, reducing the risk of fraud and disputes.
Agriculture: Web3 can help farmers by providing transparent and secure supply chain solutions. It can also facilitate access to financing and markets for agricultural products.
Energy and Utilities: Blockchain can enable transparent energy trading and reduce fraud in utility billing. Decentralized energy grids can enhance energy distribution efficiency.
Legal Services: Smart contracts on blockchain can automate legal agreements, making legal processes more efficient and cost-effective.
Insurance: The insurance industry can benefit from smart contracts for claims processing and more accurate risk assessment.
Retail and E-commerce: Web3 technologies can enhance customer trust through transparent supply chains and secure online transactions.
Cybersecurity: With the adoption of Web3, the need for robust cybersecurity solutions to protect digital assets and user data becomes even more critical.
Mr. Chenoy mentioned that Apollo Hospitals is employing the Metaverse for various purposes, including patient consultations before and after surgeries. Additionally, they are utilizing it for staff training to facilitate patient counseling in a virtual reality setting. The objective is to enhance patient outcomes by offering a personalized approach to each patient, ultimately leading to increased patient satisfaction.
Furthermore, Flipkart has introduced the Flipverse, a marketplace designed to foster more immersive interactions between consumers and brands. It achieves this by granting access to brands, supercoins, and digital collectibles. The Flipverse is designed to provide gamified, interactive, and immersive shopping experiences.
In the automotive sector in India, several manufacturers have ventured into the world of the metaverse. At the recent Auto Expo 2023, MG Motor India unveiled the MGverse, a futuristic 3D metaverse platform. This platform allows users to virtually explore the MG Pavilion at the Auto Expo 2023 from any location, offering a virtual tour of the event.
Also, in West Bengal, the New Town Kolkata Development Authority (NKDA) has outlined plans to release 500,000 non-fungible tokens (NFTs) to enhance the land mutation process. Land mutation is a legal procedure involving the registration and transfer of land ownership.
While these industries stand to be significantly impacted, it’s essential to note that Web3 technologies are highly versatile and can find applications in various sectors, contributing to innovation and transformation across the Indian 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.
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.
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.
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.
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.
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.
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
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.
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
Souvik Dey
