Blockchain technology is part of an emerging technology that stores data in blocks linked together through a cryptography system, such as bitcoin, to maintain a secure and decentralized transaction record.
It is changing not only the financial industry but also the health industry, media, aviation, etc. Bitcoin is the newest technology in the market and blockchain is the backbone of this technology.
Blockchain is now being used to cut out middlemen and create a secure, decentralized way for service providers and customers to connect and transact securely and directly.
Here each transaction belongs to the person initiating the transaction with a unique digital signature. According to NITI Aayog, the annual corporate value of blockchain is expected to produce USD3 trillion by 2030.
List of India’s Top Blockchain Startups
Here we are presenting the list of best blockchain technology startups in India
1. CoinDCX
Mumbai-based CoinDCX was founded by Neeraj Khandelwal and Sumit Gupta in 2018. This Indian cryptocurrency exchange platform accepts BTC, ETH and USDT.
This ISO-certified organization aims to provide a user-friendly experience where users can access a wide selection of financial goods and services, all of which are backed by industry-leading security and insurance protection.
2. WazirX
Founded in 2017 by Nischal Shetty, the Mumbai-based WazirX is an Indian cryptocurrency exchange and trading platform.
It launched Shardeum, a successful open-source blockchain project. WazirX also introduced the Smart Token Fund (STF), a community-driven effort that allows cryptocurrency fans to connect with smart traders and expand their crypto portfolio on their platform.
It is the largest cryptocurrency exchange and blockchain ecosystem in the world, with more than 180 countries representing its users.
Since its inception, WazirX has over 8 million users and has grown its trading volume to $6.1 billion, which is almost 50% of the Indian crypto market share.
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3. Polygon (Matic Network)
The Bangalore-based Polygon (Matic Network) was in 2019 by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. It brings the world to Ethereum and Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without sacrificing security.
The platform allows a single Matic sidechain to process up to 65k transactions per second, compared to only 20TPS on Ethereum.
Polygon combines Ethereum and Sovereign Blockchain into a complete multi-chain system and over 7000+ DApps have used Polygon to enhance their performance.
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4. MindDeft
Ahmadabad-based MindDeft was founded in 2015 by Krunal Soni, It is a platform focused on blockchain apps.
The platform leverages the potential of blockchain to connect users’ businesses to a decentralized world.
The platform offers cryptocurrency creation, smart contracts, token sales, private blockchains, distributed ledgers and fiat contracts. Minddeft has used platforms such as Ethereum, Hyperledger, Stellar, Quorum, EOS, Tron and R3 Corda.
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5. Somish
New Delhi-based Somish was founded in 2006 by Ish Goel, It is one of the fastest-growing IT firms in India.
Since introducing blockchain technology in 2016, the platform has worked with Fortune 500 organizations, governments, and companies around the world to produce award-winning, proven products.
Somish Blockchain Labs developed GovBlocks, a blockchain-based voting protocol designed for Web3 businesses.
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6. InstaDapp
Founded by Sowmay Jain, InstaDapp is a well-known decentralised finance platform based on Ethereum. It is built on the DeFi infrastructure, the world’s most advanced platform to leverage the full potential of decentralized finance.
Its purpose is to provide a simplified layer for interacting with other DeFi protocols.
It is a DeFi site that aggregates major protocols using a smart wallet layer and linked contracts.
InstaDapp is a blockchain-based financial network that allows people to lend and borrow money as well as earn interest on savings accounts.
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7. Signzy
The Bangalore-based Signzy was founded in 2015 by Ankit Ratan, Ankur Pandey and Arpit Ratan, It combines AI with blockchain to develop user-friendly, compatible, and most importantly, reliable products.
It is a fintech firm that provides a no-code AI platform to financial services firms to improve risk and compliance operations.
The platform uses artificial intelligence, cryptography and biometrics to provide biometric-enabled electronic contracts and checks through algorithmic risk intelligence.
Signzy also digitizes processes such as identification, background checks and online bank guarantee issuance, allowing banks to perform real-time digital KYC onboarding.
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8. KoineArth
The Bangalore-based KoineArth was founded by Praphul Chandra. It is a Nash blockchain firm that provides invoicing finance, contract enforcement and inventory management solutions for supply chains.
This startup is working on blockchain development, machine design and machine learning.
KoineArth offers MarketsN, an ERP-compatible blockchain and AI-based technology that allows businesses to collaborate. It aims to create networks, markets and economies with reliable information and incentives.
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Conclusion
With this revolutionary technology, a permanent and immutable record of every transaction is created on the blockchain. Fraud, hacking, data theft, and information loss are all impossible with this technology’s impenetrable digital ledger.
Blockchain has the potential to transform many areas and processes by improving democracy, security, transparency, and efficiency. It is fair to believe that blockchain has the potential to transform almost every business and economy.
Frequently asked questions (FAQs)
What is Blockchain?
The revolutionary technology Blockchain is a system of recording information in a way that makes it difficult or impossible to alter, hack or spoof a system.
How does Blockchain work?
Blockchain is a combination of three major technologies-
1. Cryptographic keys
2. A peer-to-peer network consisting of a shared ledger
3. A means of computing to store network transactions and records
This secure identity is the most important aspect of blockchain technology.
What is Blockchain used for?
Blockchain is now being used to cut out middlemen and create a secure, decentralized way for service providers and customers to connect and transact securely and directly.
