India's Fastest Growing Blockchain Companies to watch in 2021
MR. ALOK AGRAWAL (Co-founder and Director)
MR. MOHIT SOOD
MR. ROMIL JAIN
(Director)
(Co-founder and Director)
Quest Global Technologies
Company of the month
Delivering Customized Blockchain Solutions with a Quality-Driven Approach VOL 08 | ISSUE 08 | 2021
ACCUBITS TECHNOLOGIES INC
Paving the way to a High-Tech World
Editor’s Note B
RIDING THE CLEAN, TRANSPARENT WAVES
lockchain continues to drive innovation across the globe, with companies looking for ways to incorporate blockchain into their business models. The last technology revolution led to thousands of new technologies and businesses. Blockchain seems to be behind the next wave of technological development, including IoT, AI, AR, ML, and industry-specific platforms. Many of us have heard of bitcoin and other cryptocurrencies being built on the blockchain technology. But few people have a clear idea about what blockchain is and how it works. There’s also a lot of confusion regarding the difference between cryptocurrencies and blockchain technology, which is why if you see someone talking about “the blockchain”, you shouldn’t assume that they are being completely accurate. In reality, blockchain is bringing about changes to the way we do business, communicate, and live our lives. The technology is creating a huge impact on the digital world. It is an open-source protocol based on decentralized software systems. This means that
Sayali Sangewar Managing Editor
sayali.sangewar@insightssuccess.in
transactions are secure, immune to third-party manipulation, and everyone has access to the ledger no matter where they are located. If we go by the numbers, the distributed ledger technology is predicted to grow at a stellar amount of CAGR of 55.8% by 2028. The wide range of applications makes this technology unique compared to others that are developed for specific use cases like remittances, clearing house settlement systems, digital gift certificates, etc. With its unique features, blockchain technology can create new value networks and disrupt many industries, especially financial services where it allows peer-topeer transactions without the need for intermediaries. Technology giants, such as Amazon, Alibaba, and Google are in the midst of their own blockchain cloud service. Meanwhile, many other companies worldwide are rapidly applying blockchain technology in their own industries. Consequently, the fast-paced innovations of blockchain industry have attracted the attention of investment communities worldwide.
In the near future, many core enterprises will adopt blockchain on a large scale. In order to make companies more competitive on a global scale, it is clear that they need to be more proactive in using blockchain technology. In addition to the current major cryptocurrencies, there are a lot of companies that are on the horizon and have strong potential for growth during the next few years. While it is impossible to predict which blockchain companies will emerge as leaders, there are some blockchain companies making waves. Let’s take a look at the top growing blockchain companies right now.
Delivering Customized Blockchain Solutions with a Quality-Driven Approach
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Technologies
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Quest Global
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A R T I C L E S Tech-Set Go Dynamics of Blockchain Technology in Cryptocurrency . . . . . . . . . . . . . . . . . . . . . . .
Revolutionizing Technology
Accubits Technologies Inc
Paving the way to a High-Tech World . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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CONT ENTS
How is Blockchain Technology Helping to Revolutionize the Retail Sector? . . . . . . . . . . .
Company of the month
14
28
bitsCrunch
Softlabs Group
Indexing All the World's Blockchain Data
Driving Innovations in Blockchain Technology
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Editor-in-Chief Sumita Sarkar Deputy Editor Abhishaj Sajeev
sales@insightssuccess.com
Managing Editor Sayali Sangewar
AUGUST, 2021
Assisting Editor Ananda Kamal Das
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Company Name
Management
Brief
Accubits Technologies
Jithin VG Founder & CEO
Accubits Technologies is a full-service software provider offering product development and digital transformation services to Governments, Tech startups, Fortune 1000 companies, and Businesses.
BitsCrunch
Vijay Pravin Maharajan CEO
bitsCrunch is a Blockchain Analytics firm, focusing mainly on building products using Artificial intelligence for the NFT space.
Data Eximit
Nainesh Pandya Founder
Data Eximit consists of professionals with expertise in Web Development, Mobile App Development, UI/UX Design, M-Commerce, Blockchain Development, Digital Marketing and many more.
Maxtra Technologies
Shivendra Dwivedi Founder
Maxtra Technologies is a leading IT service provider company in India. It is well known for providing IT Software and Development solution with Agile, Waterfall & Iterative methodology.
Oyelabs Technologies
Anurag Jain CEO
OyeLabs has expertise in Blockchain, IoT, Machine Learning/ Artificial Intelligence, Mobile Apps, and Web Apps.
Quest Global Technologies
Mr. Romil Jain Co-founder & Director, Mr. Alok Agrawal Co-founder & Director, Mr. Mohit Sood Director
Quest Global technologies is an award winning company which works on Blockchain, Salesforce, ERP Implementation, Mobile App Development, Website Development and Custom Software Development.
Softlabs Group
Mithilesh Bandiwdekar Founder & CEO
Softlabs Group was established in the year 2003 with a view to automate various business process and work with organisations across the globe.
Quest Glo Technologies
MR. MOHIT SOOD Director
bal
Cover Story Delivering Customized Blockchain
Solutions with a Quality-Driven Approach
MR. ALOK AGRAWAL Co-founder and Director
MR. ROMIL JAIN Co-founder and Director
T
he leading blockchain companies provide huge innovation in the way companies operate. All the traditional businesses are getting replaced by innovated methodologies which are safer, secure customer information, financial data and frauds. These companies help their clients to reduce costs, generate funding, increase efficiency and maintain and strengthen their internal networking system so that no one would be able to hack into it or alter or steal information. These companies allow the clients to access the services directly from the web and store the assets there. They are also ensuring increased security; no external entity can change the characteristics of the client’s network for their own benefit. The renowned blockchain companies ensure security and smooth operation. One such noteworthy blockchain company, which is changing the game is Quest Global Technologies (Quest GLT). The company was incorporated in 2013 and is now India’s leading software consulting and development organization. It provides a quality-driven approach towards Blockchain Development, Platform Development and Software Automation. Its software has become the backbone for innumerable billion-dollar organizations across several industries and has won multiple awards for its work. Some of the key projects are Caresource Health, ShibaInu, RadioShack Swap, Smart Asset Managers, Rowan Energy, Indian Aviation Academy, Dinar Dirham Koin, KKOG, etc. which have earned more than 1000% return on investment from the blockchain-based projects.
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Whether you have your ideas or want to validate an idea, we are always there to help you
Return on Investment is of the utmost importance for Quest GLT and it believes in delivering quick and efficient IT solutions to help its clients scale up their business effectively. It believes in long-term partnerships and all its clients have been with it from start to finish. “Whether you have your ideas or want to validate an idea, we are always there to help you,” says team Quest. With Data protection laws incorporated in various parts of the world, User data security and privacy are the main concerns for business enterprise, or government, and to overcome this challenge, Quest GLT has developed such reliable solutions with the implementation of blockchain technology. Apart from that Decentralized Exchanges are the latest innovations in Blockchain Industry. This allows the user to exchange their assets without relying on trusting other organizations for their hard earned assets. Developing such solutions over the years for its esteemed clients has helped it build an expertise in this niche market and gives Quest GLT a leading edge over its competitors. The team believes that the world is changing, and every business is utilizing innovation to increase operational efficiency and generate trust for their customers. Therefore the dependencies on the secure, accurate, and reliable IT Provider has become the necessity for every business. Team Quest GLT is on a mission to help these small, medium, and big enterprises grow and stay ahead in their industry. Delivering Superior Blockchain-based Solutions Quest GLT has deep knowledge of implementing blockchain-based projects. It has developed and deployed customized blockchain-based solutions. The company’s experts have delivered Decntralized Exchanges, Zero Knowledge Proof-based system, NFT Platform for Artists, Ethereum-based concepts, like ERC20, ERC721, POAbased ERC20, DAPPS, Stable coin, Binance Smart Chain, hyper ledger, de-fi tokens, and customized wallets and staking systems. Apart from Ethereum based offerings, the company is also an expert in stellar, Tron, bitcoin, litecoin, ripple, and customized blockchain applications. IT industry is growing at a tremendous pace and so is the competition. While working over the years, team Quest GLT realized that in order to create a niche and lead the industry, it will have to think out of the box. The company believes that blockchain is an emerging technology and is gaining popularity among the users and the organizations because of its top edge data security and transparency. It has realized that it is the need of the hour, and it could change the way businesses operate. On the other hand,
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Our ready-to-use solutions are robust yet simple to use and have very fast turnaround times
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where the competition was focusing on the existing technologies to sell their products, Quest GLT trusted blockchain technology and developed its expertise to gain the fast movers’ advantage to lead the industry. Insightful Leadership Quest GLT is marching ahead towards excellence under the dedicated stewardship of its able leaders- Mr. Alok Agrawal, Co-Founder & Director; Mr. Mohit Sood, Director and Mr. Romil Jain, Co-Founder & Director; Alok Agrawal has over 15 years of Experience in Software Technology. He has won quite a few accolades and awards in his career including Tech Based Innovator Award, Successful People from Global Herald TV Group, Blockchain Impeccables Asia Pacific 2019 and has been recognized by publications like Entrepreneur.com, Yourstory.com, The Business Fame Magazine, Enterprise Resource Planning Magazine etc. He also has been a part of the Advisory committee to government of India under the aegis of ASSOCHAM on Blockchain matters. Prior to founding Quest Global Technologies, Alok worked for Fortune 50 companies like HSBC GLT and United Health Group. Mr. Mohit is a specialist in finance field, having secured his MBA degree from Birmingham City University (England). An entrepreneur by heart, he successfully set up business at a young age and then joined Quest Global Technologies with his innovative management techniques. He has worked
A Journey Filled with Challenges Making the decision of starting their own business was the biggest challenge for Mr. Romil, Mr. Alok, and Mr. Mohit. The founders had secure corporate jobs in MNCs and starting something new from scratch pulled their veins out. “When we thought of entering in the space of blockchain technology we were also a bit afraid that are we making the right move or not as this was a very new technology and not many people were aware about it,” stated the trio. The management also had doubts about how they would learn this technology or what if they got stuck in the middle of the project because at that time not many documents or study material were available. However, they believed in the saying, “A dream does not become reality through
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We believe in delivering innovative IT solutions to help you scale up your business effectively
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on varied range of services and is currently leading the company’s project deliveries. Mr. Mohit has an active interest in playing guitar, football, and cricket. A certified Global CMBS Analyst from S&P, Mr. Romil is renowned for his dynamic interests and taking up challenging assignments. His inclination towards finance and research comes from his engineering background (BE, Electronics & Communication) where he realized that every new idea requires a viable funding and hence decided to pursue MBA (Finance). In a short career span, he has created four different teams, including counterparty risk management analysis tool for S&P – London.
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We believe in long-term partnerships and all our clients have been with us from start to finish
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magic; it takes sweat, determination, and hard work.” And with their constant efforts, they were able to learn, master, and expertise.
soon. Also, the Indian government is in process of making a policy for the use of blockchain technology and once this is out, the implementation of this in government and private sectors will help businesses grow many folds. Advice to the Budding Entrepreneurs Addressing the leaders of tomorrow, team Quest GLT states that blockchain is evolving and has got a great potential in itself. With the current changing situations and adoption of digitalization, it has opened new doors to innovation and those who are already working in this industry or are aspiring to be a part of it will have a bright future. Towards the Future and Beyond Team Quest GLT believes that blockchain technology has opened the doorway to a new world of possibilities. Every industry whether it is banking, finance, healthcare, entertainment, and so on can use this technology to make their process stronger and even more reliable. “The best way to scale your business is to identify a problem and provide the solution for it,” states the management. It further adds that the bigger the problem that you address, the bigger is the opportunity to scale your business.
Surviving During the Pandemic
Opinions about the Industry Team Quest GLT believes that India is a developing economy, and the way people are adopting technology is really appreciated. “It is said that we are already five years ahead in the technology adoption from where we were supposed to be,” states the management. Seeing this, many big industries have already started implementing blockchain technology in their processes and with growing awareness of using this secured technology, the management feels that many small and medium businesses will also start adopting
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Since the systems are already tested and used by several clients, you do not have to worry about technology
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The management believes that the current pandemic situation has changed the dynamics of doing business. Almost every industry is affected by COVID 19; for Quest GLT, it was a major challenge to ensure the safety of its team and clients. Therefore, to provide the clients with no hinderance in the delivery dates, it decided to make all its operations remote. The company is working 100% from home at the moment to ensure the safety of the teammates and their families. To sustain in this current situation and adopt the new changes, Quest GLT has been using various collaborative tools which has made working from home even more convenient and seamless.
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DY N A M I C S O F
B LO C K
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lockchain technology has been around for over a decade now and it is slowly becoming an integral part of our lives. It is the buzzword of the 21st century alongside being the most-hyped innovation in human history. The technology gave birth to cryptocurrencies and introduced us to Bitcoin, Ethereum, and Dogecoin, amongst others. Powered by Blockchain technology, these currencies allowed users to conduct crypto transactions anywhere in the world at any time. And over the years, the number of cryptocurrencies on the Internet has grown manifold. In this article, you will learn more about the dynamics of Blockchain technology in cryptocurrencies. You will find out about cryptocurrencies, the types of blockchain technology, and the consensus algorithms involved within
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T ECH-s et g o
CHAIN
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T E C H N O LO GY
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various varieties of blockchain may differ.
Consensus Algorithms - Proof of work vs. Proof of stake Aside from the various types of blockchain systems, the cryptocurrency industry is based on two key consensus algorithms. These are proof of work and proof of stake.
B LO C K T E
Definitions and History Known as a public digital ledger distribution technology, Blockchain offers a clean, transparent way for organizations and individuals alike to conduct transactions directly without having an intermediary third party such as the government. The blocks in the blockchain are linked together using cryptography. What this means is that each transaction can be verified by a peer-to-peer computer network. The transaction history is recorded using the multiple blocks and also carries the timestamp, forming the chain. Once data gets recorded, there’s no way for any user to alter it.
Public: The essence of a public blockchain is permissionless. As a result, anyone can join the network. These, too, are decentralized. In this case, all nodes have equal access to the blockchain, the ability to produce new blocks of data, and the ability to validate existing blocks of data. The public blockchain is mostly utilized for bitcoin exchange and mining. Bitcoin, Ethereum, and Litecoin are examples of public blockchains.
Types of Blockchain Structures Primarily, there are two types of blockchain structures i.e., Permissionless and Permissioned. These two categories can be further divided into four types: public, private, consortium, and hybrid.
Any user can join the blockchain network thanks to permissionless blockchain. In this case, the user might become a network node. Permissioned blockchains, on the other hand, contain just a few nodes to validate transactions, making it impossible for anybody to join the network. Although the basic technology underpinning multiple structures is the same, the target end-users of the
C H N O LO GY
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Blockchain technology has now been serving digital transactions for over 10 years. A group of unknown persons behind the cryptocurrency Bitcoin, known as Satoshi Nakamoto introduced Blockchain to the world. Today, it carries the potential to be the bedrock of the record-keeping digital world and systems.
The two fundamental consensus techniques that cryptocurrencies utilize to validate new transactions, add them to the blockchain, and issue new tokens are proof of work and proof of stake. The approach enables all computers in a crypto network to reach an agreement on which transactions are valid.
T E C H B LO N O LO GY
B LO C KC H A
CHAIN B LO C KC H A I N T E C H N O LO GY
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it. In other words, it’s complete coverage on everything under the crypto-radar.
Private blockchain: The public blockchain is permissioned and controlled by a single institution. In this case, the authoritative body gets to decide who may be a member of the chain, and it can provide equal rights to execute functions or not. Because access is restricted, private blockchains are only partially decentralized. Ripple and Hyperledger are two private blockchain examples.
Consortium blockchain: While private blockchain is controlled by a single entity, consortium blockchain is controlled by a collection of organizations. When compared to the private blockchain, it has more decentralization. The consensus mechanisms in a consortium blockchain are controlled by predefined nodes. A validator node is responsible for initiating, receiving, and validating transactions.
Hybrid blockchain: Common to both categories, a hybrid blockchain combines elements of both private and public blockchains. It is a type of blockchain that is maintained by a single company, but there is a public blockchain that monitors performance and does transaction validations. The private component provides for the control of certain data recorded in the blockchain.
Proof of Work employs a vast amount of computational power to solve a mathematically challenging puzzle, which certifies transactions. This system is protected and validated by virtual miners from all around the world. Miners in each network are rewarded in the network's native coin. When the value of a cryptocurrency rises, more miners are enticed to join the network, increasing its security.
Proof of Stake blockchain, on the other hand, leverages a network of validators who put their own crypto at risk in return for the opportunity to validate new transactions, update the blockchain, and receive a reward. The Future of Blockchain Technology While Bitcoin might be the most popular implementation of blockchain technology at present, many other cryptocurrencies are based on this new technology. While it remains to be seen if cryptocurrency will overcome types of traditional payment systems, blockchain technology applications are expanding rapidly, and its supporters believe they will result in major changes across sectors.
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-Anmol Preet Singh
Accubits Technologies Inc Paving the way to a High-Tech World
B
usiness over the recent years has evolved tremendously. Several factors are responsible for this tremendous evolution of huge business firms and one of the important factors among them is business technology. Business technologies such as Artificial Intelligence and Blockchain development have propagated exponential growth of the mega giants in the business. These technologies have created an ease in daily operations for big corporations to focus more on the intrinsic tasks and expand at the same time.
Accubits Technologies Inc counts among one such names that has made its mark by offering such disruptive digital solutions to the companies. Situated in Vienna, Virginia, the company is led by its Founder and CEO, Jithin VG. The Visionary Genesis Accubits is a full-service software provider offering product development and digital transformation services to Governments, Tech start-ups, Fortune 500 companies, and Businesses. The company’s primary focus is on emerging technologies that include Artificial Intelligence and Blockchain technologies. It enables organizations worldwide to embrace cutting-edge technology solutions.
Jithin VG Founder and CEO Accubits Technologies Inc
Accubits helps organizations to be future-proof through data-driven solutions for mobile, cloud, and web platforms. Its vision is ‘to enable seven billion creative minds with technology and innovations’. The company believes that it is striding into the next phase of human evolution where technology negates the human miseries and where humans AUGUST 2021 | 18 | www.insightssuccess.in
Company of the Month
In January 2020, Accubits Technologies made its mission announcement to launch the world’s first enterprise blockchain satellite at The Space Technology Conclave organized by the government of Kerala. The mission aims to send a low earth orbit satellite, weighing 12 Kilograms to space for establishing an enterprise blockchain ledger that can enable a secure transactional network for nextgeneration financial and IoT systems. Quintessential Digital Business Solutions Accubits offers a whole wide range of products and services that make running giant businesses easier. Below listed are the services and products that assist huge corporations in sustainable growth. A. Products 1. CoinFactory is a suite of platforms that includes ICO/STO token issuance platform, whitelabel crypto exchange platform, whitelabel NFT marketplace platform and whitelable crypto wallet application. Coinfactory has successfully launched more than 50 ICOs/STOs. Several crypto exchanges use Coinfactory’s whitelabel exchange platform. Several NFT marketplaces use Coinfactory’s whitelabel exchange platform and several crypto wallet apps use Coinfactory’s whitelabel crypto wallet application. CoinFactory helped Accubits to provide end-to-end support for entrepreneurs who want to launch blockchain based projects. Accubits is able to support them from tokenissuance to DApp development. 2. Accucerts is a blockchain based certification platform offering digital traceability of the certification process for reliable and authentic certifications. It enables academic, as well as corporate organizations to boost their credibility by issuing certificates that cannot be forged. Certifications powered by Accucerts are registered on a blockchain, cryptographically signed, tamper-proof, and shareable. S-VYASA, the first-ever yoga university in the world, partners with Accubits Technologies to globalize Yoga by making its courses accessible all around the world, using Accucerts.
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To enable seven billion creative minds with technology and innovations
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can creatively work towards sustaining humanity. It constantly focuses on innovation that gets this future closer to humanity.
3. RebuildTheChain is a pandemic management system that can enable governments to effectively curb the pandemic with large scale and automated contact tracing, exposure analysis, spread probability analysis, selfdiagnosis, and case management. It also facilitates a digital health card-based access system that can help governments to revive the struggling economy. The Government of Cameroon is all set to launch a pandemic management system in its effort to curb the spread of the COVID-19 pandemic. The government has signed a contract with Accubits Technologies to use the latter’s pandemic management system software. The software named RebuildTheChain enables government agencies to effectively curb the spread of any man-made or natural outbreaks, epidemics or pandemics, to protect the citizens and the social and economic fabric of the country. The platform uses Blockchain technology to issue Digital Health cards. The system assigns health cards to a user based on their recent activities, such as the places they have visited and the people they have interacted with, etc. The health card indicates the threat level of a user in five different colour codes. 4. Emotyx is an AI-powered real-time video analytics software that enables businesses to harness intelligent insights from CCTV videos. It enables businesses to automate security surveillance, customer and crowd analytics, people and vehicle counting, facilities tracking, heatmap analytics, and much more.
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5. Searchyf is an AI-powered analytics solution for multimedia content. It allows you to pinpoint multimedia content that matches specific conditions, enabling you to search within their multimedia resources. 6. REIWAS enables pharma companies to automate the process of Regulatory Change Management. It helps you grow your business faster by processing compliance verification 60 times faster with 100% accuracy. REIWAS enables you to free up human resources from the monotonous job and enable them to engage in more productive tasks. B. Services 1. Blockchain Development - Accubits is one of the pioneering companies to provide custom blockchain development as a service. It is a pioneer when it comes to custom Blockchain solutions. The company is one of the oldest and most experienced Blockchain developer houses in India. The experience that the company has in the field of Blockchain technologies is immense. Over the past several years, Accubits has worked with many reputed companies, start-ups and enterprises around the world to make their business more secure and efficient using Blockchain technologies. Accubits Technologies has won the Frost & Sullivan Award for the ‘Most Promising Blockchain Consumer Application of the Year in Logistics/Supply Chain’. The award was presented at the 16th edition of the 2018 India ICT Awards on June 21 in New Delhi, India. When it comes to Custom Blockchain development, Accubits is compared with IT company giants like IBM, Accenture, Fujitsu, EY, etc. Several market research reports recognize Accubits as one of the leading Blockchain developers in the world along with these IT giants. 2. AI development - From tech start-ups to hospitals, the company’s AI solutions help decision-makers across sectors gain insights and knowledge that was hitherto undiscovered in their operational ecosystem. Accubits builds the tools, secures the channels, integrates the services, and scales-up systems to help you set up a smarter business in no time. To support its vision to empower humanity to be as creative as it can be, Accubits Technologies has launched an Artificial Intelligence (AI) research lab to accelerate
inventions and innovations in the technology and to push the boundaries of AI. This research lab, named Accubits Invent, is located near Technopark Phase 3 in Trivandrum, Kerala. It will focus on creating new IPs and patents in technologies such as Computer Vision, Natural Language Processing, computational analytics, and Artificial Neural Networks. 3. Robotic Process Automation - Accubits’ expertise in Robotic Process Automation has helped several businesses and organizations to reduce the requirement of manpower and thereby, to yield higher profit margins. A few of the job automation the company has done for its customers include automated signature forgery detection for a prominent bank in Indonesia, automated report generation for Tokio Marine Holdings, etc. It is a Platinum Business Partner of Automation Anywhere – the most-deployed automation solution on Earth. It has also established partnerships with leading automation tools like Electroneek, Kryon to help its clients with tailor-made solutions to automate their business processes. 4. Product Development – The company’s Custom Product Development services help businesses drive results faster with high performing products. Accubits’ engineers and experienced developers help create rich products and applications that help businesses drive innovation and growth sustainably and edge out their competitors for market dominance. For satisfying the ever-evolving business needs of its clients, the company uses the latest technology trends like Fault-tolerant super scalable distributed system, Heterogeneous programming, Real-time systems, Docker, Adaptive designs, etc. to guarantee the best output for your business solution Overcoming Adversities Accubits is one the first companies to provide custom blockchain development as a service, the blockchain developer community was not very vast. Availability of skilled resources in the blockchain sector was a challenge to the company. The company had to train resources from scratch to meet its requirements, which accounted for a lot of time needed for training and training costs as well, which Accubits provided for. Even though the pandemic caused the company to operate in ‘work-from-home’ mode, it didn’t really affect operations
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of the company. The support from the employees helped the company grow even during the pandemic. As blockchain related technologies such as DeFi and NFTs are booming (during the ongoing pandemic phase), the company is able to work with a lot more entrepreneurs and businesses worldwide.
world to embrace cutting edge technologies such as Artificial Intelligence and Blockchain. I see Accubits as an enabler, enabling the changemakers with technology and innovations to solve the status-quo they want to change, to make this world a better place. For all of us, for our future generations,” concluded Jithin.
Outlook that Counts
The Changemaker’s Quest
In our conversation with Jithin, we asked him what his advice would be to the budding entrepreneurs who wish to venture into the blockchain management and services sector, to which he replied, “A lot of companies scratch the surface of the technology and make use of already available libraries and codes, to build mediocre solutions and products for their clients. Such companies don’t last far in the game.”
Jithin started Accubits Technologies (www.accubits.com), an AI & Blockchain focused solutions company, with a seed investment of 30,000 USD in 2016 and over a period of 18 months, he grew it into a multi-million-dollar business. He believes that AI & Blockchain have the capability to augment our abilities to innovate and push this world forward for good. Accubits currently has its presence in 12 countries and works mostly with Governments and Fortune 500 companies.
“To be in the game, it is vital to have a strong tech team with a deep understanding of the technology. Deep expertise such that, if needed you should be able to develop an entirely new blockchain protocol or a consensus algorithm or a new blockchain altogether. So, my advice would be you build a strong tech team with a strong understanding about the technology. The rest would fall in the right place at the right time,” expressed Jithin. Towards a High-Tech Future Talking about the vision and future goals of the company, Jithin said, “I envision Accubits to be the leading company in the world, that enables other organizations around the
Jithin has also co-founded Accubits ventures, a seed stage PE fund focusing on AI & Blockchain start-ups through which he has invested in eight companies over the period of six months. He also started a Blockchain & AI research lab in Trivandrum, Kerala, to push the frontiers of these technologies. One of his companies Coinfactory(www.icoplatform.tech) has hosted 13 ICOs and raised over $120 million USD for their customers so far. He has also served as the advisor for several major ICOs. Jithin has also been featured in Entrepreneur.com as one among Top entrepreneurs to look out for in 2018.
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Revolutionizing
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How is
to THE
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he retail industry is at a crossroads. It is facing an unprecedented level of competition that threatens to redefine the way business has been done for decades. Numerous instances of supply chain disruptions—the result of natural disasters such as the pandemic, political unrest, and various others—have called into question the ability of retailers to stay open and offer customers a steady supply of goods and services. These ongoing situations have increased public awareness and concern over the security and stability of retail operations.
With key innovations in blockchain technology, retailers can mitigate the above-mentioned risks across the spectrum of goods handling to leverage real-time information for more profitable, informed, and immediate decision-making.
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Concerns around security, however, continue to be the primary concern when it comes to adopting blockchain technology. But retailers are finding many other benefits in blockchain’s ability to track transactions, buyers, and sellers. As these systems mature, more organizations might choose to implement them instead of paying for costly services individually.
Retailers can use blockchain for inventory management, product tracking, store of value, etc. However, one of the most common ways it is leveraged by retailers is to eradicate fraudulent transactions—the kind that is incited by money laundering.
The Essence of Blockchain Technology in Retail Blockchain technology is emerging as the solution to many of the problems faced by the retail industry. From improving payment systems to preventing counterfeiting, cutting out intermediaries to speeding up supply chains, blockchain is the answer. Although still in its infancy, it has already disrupted the status quo and will continue to do so over the coming years. For retailers, blockchain will enable them to be more competitive by accelerating transaction speeds, reducing costs, growing loyalty programs, improving transparency, and strengthening security. By using distributed ledger technology, retail businesses can track and trace cryptocurrency transactions, confident in the knowledge that the information has not been altered or compromised in any way. Improved Supply Chain Transparency To understand how blockchain can help with retail and supply chain implementations, there’s a need to know more about its most significant feature — the distributed ledger. This enables all types of transactions and business processes to be handled and harnessed in a transparent and secure manner by all concerned parties.
Privacy Across Data Streams Blockchain technology can come to the rescue as it has certain features that ensure the security and privacy of personal information. With the technology, it is possible to store information about users’ behavior and consumer preferences on a shared, decentralized ledger that is virtually impenetrable. The immutability of the blockchain makes it an attractive option for retailers that want to record and use such information efficiently and securely. Build Brand Value and Customer Loyalty Retailers are now more focused on rewarding their customers with loyalty points and rewards for patronage. As a result, consumers are more focused on getting more involved in loyalty programs and using points earned to make purchases. When consumers participate in customer loyalty programs, they will have a library of virtual badges that represent the number of loyalty points they have accumulated from various marketing channels. These badges can then be integrated into other blockchain platform services to build a holistic ecosystem that engages consumers and rewards them for contributing value to the system. Enhanced Logistics Tracking a product from its source to the final retail store can be a prolonged and frustrating process, with
counterfeits causing severe losses to all parties within the industry. Blockchain allows for a level of transparency in logistics that wasn’t possible before given that no one has full control over it. Blockchain can also be used for trading parts of intellectual property, such as patents. The patent is tagged with certain terms and once these are met, payment is made to the seller of the patent. Payments and eCommerce Retailers can accept cryptocurrency directly from consumers. This does not depend on any specific government or central authority and is hence a very secure payment method. It allows for cheaper and faster transactions, especially with micropayments since the merchant won’t have to bear the cost of the transaction fee. The transactions also remain transparent due to the use of blockchain technology providing a true history of all transactions that ever occurred within the network. Thus, it reduces the risk for merchants as they don’t have to worry about doublespending or chargebacks. The application of blockchain technology across various industries has been increasing at a rapid rate. The retail industry, in particular, is one of the most affected sectors owing to its presence online. The technology offers cryptocurrency payments, smart solutions for supply chains, and even tokenization of assets. The most important thing is that they offer transparency to their customers. It’s only a matter of time before retail giants shift their focus towards using blockchain solutions. -Anmol Preet Singh
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India's Fastest Growing Blockchain Companies to Watch in 2021
bitsCrunch B
Indexing All the World's Blockchain Data
lockchain technology incorporates security with the ability to verify and allow transactions originated by a trusted party as well as encryption while data is being transmitted and stored. It provides transparency about who has access, who is transacting and a record of all the interactions. Blockchain is still very much connected to the crypto world in the mind of many. And that is seen as a world of bad actors, hackers, frauds, and speculators. Indexing and querying blockchain data has become a challenge for decentralized projects in the blockchain ecosystem. Taking this dilemma into consideration, bitsCrunch, was formed. bitsCrunch is one of the top four AI companies in Munich, Germany that excels in Blockchain technology and is making giant strides in the blockchain ecosystem by providing AI enabled securing services that protects the ecosystem integrity. The mission of bitsCrunch is to create impactful insights from intricate data sources, by harnessing predictive analytical systems which is empowering organizations with actionable intelligence. bitsCrunch's vision is to be the stakeholder of choice that best understands the intersecting contexts of data, technology and people generating tangible value in an abstract digital ecosystem.
Trust is a primary barrier to adoption for the NFT marketplace ecosystem. We are building AI products to secure the ecosystem and increase adoption. Our Products: Crunch DaVinci An AI model that flags forgeries, copycats and bootleg digital art contents thereby protecting the artists and their creations. Scour An AI agent that acts as a watchdog to flag the spoofing transactions that manipulates both volume and price of the assets in the NFT ecosystem. Liquify A fair value estimation and analytics for Digital Assets (NFTs) using AI to empower the community to embrace and value their assets in real-time. Brief us about the featured person and their journey in the blockchain services space. Vijay Pravin Maharajan, is CEO at bitsCrunch | Data Story Teller | TEDx Speaker | 20+ Inspiring Data Scientists to be followed (AI Time Journal, USA) | ‘40 under 40 Data Scientists’ Awardee in India.
Read along to know more about how bitsCrunch is making an impact in the crypto industry.
He is Specialized in Public Speaking, Blockchain, Data Analytics, Data Science, Data Visualization, Machine Learning, Artificial Intelligence.
What are the distinguished set of products or services offered by your company? Please elaborate on how it has helped in staying ahead of your competitors. NFT market is growing tremendously with its ability to generate, sell and exchange numerous digital items, like games, arts, sculptures, lands, characters, videos, music which attracts many collectors, traders, and creative assignments.
How has the ongoing pandemic affected the operations of your company? How are you driving your firm to sustain its operations and ensuring safety of your employees at the same time? Current pandemic did not affect our operations, the reason being we incorporated our business in the middle of the pandemic. We are working remotely since the beginning and thereby also ensuring the safety of the employees.
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Get into blockchain as early as possible. We believe that blockchain has the potential to change this world more than the internet did
What would be your strategic approach to scale your business in 2021 and beyond? Our strategic approach to scale our business since we have reached a bottleneck where employees are unable to handle the workload and our leads continue to increase, is to expand. We are planning to increase the operations team to handle work and help us on developing the products. What would be your advice to budding entrepreneurs who aspire to venture into the blockchain management and services sector? Get into blockchain as early as possible. We believe that blockchain has the potential to change this world more than the internet did. Where do you envision your company to be in the long run and what are your future goals? We are already on our mission of indexing all the world's blockchain data. We have indexed all NFT data on Ethereum since its inception! We would like to index different blockchain data and would like to be Ecosystem Guardians by providing our product services. Our future goals are to deploy our products in a phased manner and provide solutions for the NFT marketplaces. What is the current industrial scenario of the Indian blockchain management services space? Digital technologies are gradually entering all areas of our lives. The impact of blockchain in the industries of finance, identity, supply chain management creates more use cases for enterprises, institutions, and governments.
Vijay Pravin Maharajan CEO
Awards, Rewards and Recognition: Our clients are Rarible, Covalent, OneOFF and few others. We are Runner up at Untitled NFT Hackathon during the Oct 2020 event. We were featured as Top 40 Startups at Web Summit 2020. We are winners at ETH Global Hackathon in 2021.
We believe that blockchain will have a positive impact on the fundamental principles of the systems that dominate the world today.
AUGUST 2021 | 27 | www.insightssuccess.in
Mithilesh Bandiwdekar Founder and CEO So labs Group
Softlabs Group
Driving Innovations in Blockchain Technology AUGUST 2021 | 28 | www.insightssuccess.in
India's Fastest Growing Blockchain Companies to Watch in 2021
Using its vast experience of more than 18 years, while comfortably adapting to global cultures and varying time zones, it has created a rock-solid and robust development mechanism as well as delivery models to serve its esteemed clients. With its extensive expertise in varied domains and deep knowledge of Blockchain, it has successfully identified used cases and delivered state of art Blockchain-based solutions to its global customers in the respective areas.
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Blockchain is solving the trust issue of businesses worldwide
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lockchain is the innovative technology that is fuelling the growth of cryptocurrencies such as Bitcoin and Ethereum. The field is evolving immensely with every passing day. Speaking of Blockchain technology, we came across this amazing Blockchain Development Company, Softlabs Group. Founded in 2003, it has been passionately helping companies of all sizes globally to accomplish their digital transformation goals.
Company Insights Softlabs Group, founded in 2003 is a Global IT House headquartered in India, having its offices in Sweden and the USA with a strong partner network spread over different continents. It has a global footprint and legacy of successful deliverance of IT Solutions to various countries including the USA, Canada, Sweden, UK, Portugal, Australia, Singapore, South Korea, Zambia, Kenya, South Africa, Israel, UAE, Saudi Arabia, and Oman. The company has worked in diverse domains that include Fintech, Infrastructure, Energy, Shipping and Logistics, Retail, Education, Real Estate, Hospitality, Health care, Pharmaceuticals, Diamonds, and Tourism. It has been a pioneer in embracing the latest emerging tech during every technology revolution over the last two decades, be it Web Technology, Mobility, AI/ML, IoT, or Blockchain. Today, Softlabs Group is one of the top Blockchain development companies in India, which has helped companies across the globe successfully leverage and implement Blockchain technology in various business domains. It has developed Blockchain Solutions for several industries including Fintech, Logistics, Healthcare, Entertainment, Education, and Supply Chain. It has been assisting them with enterprise-ready, cutting-edge Blockchain solutions and services to integrate with their existing business processes and garner higher technological strength with promising ROIs.
Its objective is to surpass its proficiencies benchmark with every single project and discover innovative ways to make optimum use of Blockchain technology in its client’s existing businesses. Services Offered Softlabs is a digital transformation venture specialized in providing eminent Blockchain solutions such as, Blockchain-based Electronic Health Records, Blockchain and IoT based solutions in Clinical Trials, Blockchainbased Smart Certificates, Blockchain-based Traceability in the Supply Chain of Manufacturing, Agriculture, Blockchain solutions for Insurance Companies, Manufacturing and other Process Compliance Audit, e-Commerce Escrow, and much more. Apart from the mainstream use cases, Softlabs Group also provides Crypto Services to Offshore Companies like Cryptocurrency Exchange Development, Crypto Trading Bots Development, Wallets Development, Smart Contracts Development, Token Development, ICO/STO/IDO Services, Decentralized Exchange, De-Fi Protocols, assistance in running Blockchain Nodes and more. It also specializes in Ethereum as well as other popular Blockchains’ Layer 2 and Sidechain-based Solutions, which are more scalable and cost-effective.
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Dynamic Leader Mithilesh Bandiwdekar is the Founder and CEO of Softlabs Group, an India-based Global IT House. Along with a core team of intellects in Softlabs Group, Mithilesh has been studying and exploring Blockchain fundamentally for its application utilities in different domains where Softlabs already has detailed exposure. Anticipating Blockchain’s future potential and applicability in various areas, Mithilesh, along with effective perpetuation of existing engagements and business commitments, has also consciously developed a parallelly aligned focus of Softlabs Group’s vision and its most fitting resources on Blockchain. Mithilesh and his team believes that every solution available in the market today has a fair potential to get relaunched in a decentralized form offering benefits and empowering the hands of the users constructively. Mithilesh, also very firmly believes that as a technology, Blockchain is going to be the next revolution, larger than the internet revolution of the 1990s. We have all witnessed the phenomenon of the dial-up internet connection, with a mere speed of 56 kbps from the outgoing decades of the 90s and 2000s getting upgraded to the 4G and 5G generations. Likewise, the Blockchain technology available today can also evolve exponentially after going through a tremendous
overhaul of dynamic up-gradation and improvisation to become established as the de-facto of the future. Hurdles on the way The biggest challenge while expanding the business in Blockchain services was to understand and master Blockchain itself. Blockchain is a combination of technically intensive and complex concepts like Cryptography, Peer-to-Peer Networking, Consensus Algorithms, Virtual Machines, Language Compilers, and Runtime Environments. After humongous efforts aimed at understanding and mastering Blockchain, the next challenge was to help the customer getting acquainted with Blockchain basics and have them comprehend and see how it would help improvise their existing business processes leading to an increase in ROIs. People were also confused about Cryptocurrency and Blockchain. It took a while even for the big conglomerates to be comfortable to acknowledge the difference and the true power of Blockchain. Acing the Pandemic The pandemic did pose challenges initially while being compelled to go into a remote working model as an organization. However, that challenge also presented an opportunity to devise mechanisms and tools for remote
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work management while tracking the operations productivity and transparency of the employees. As a firm in IT business, unlike other industry or businesses, it was easier for Softlabs to adapt to the technological advancement. Its employees too, responded well with 100% proactive cooperation in their responsibilities while contributing to the consistent growth process of the company. The pandemic has fast-tracked the pace as everyone is going virtual. On the other hand, the sudden economic shock, followed by an even more expansive fiscal policy worldwide, has propelled inflation concerns, causing many people to invest part of their wealth into inflation-proof assets like Bitcoin and other cryptocurrencies. Furthermore, the security features and utilities of Blockchain technology helped businesses to become more secure. So, the sudden rise in Blockchain adoption and the demand for Blockchain solutions in the industry encouraged more companies to reach out to Softlabs, to discuss every possible room for integration of Blockchain technology into their business processes. Business Tactics Softlabs Group has been working on developing its own Blockchain platform since 2020. It already has a reasonably good number of clients worldwide using its Blockchain solutions built on the prevalent, popular Blockchain platforms. Due to network congestion and ever-increasing gas fees, it has become very difficult for its clients to continue using these Blockchain platforms affordably, for their business solutions. Softlabs Group is working on a sustainable model of a Blockchain, which will be scalable with high throughput and negligible gas fees for transactions. Softlabs is developing a Blockchain platform that is easy to adapt for companies with zero to minimum knowledge of Blockchain technology. The Blockchain being developed by Softlabs Group will be a user-friendly one, promising all the existing features of Blockchain-like security, encryption, decentralization, immutability, much to the liking and understanding capacity of a layman, easy to be utilized at a greater speed of execution at the same time.
Health Records, Traceability in the Supply Chain of Manufacturing as well as Agriculture and Blockchain-based commercial solutions for the Real Estate Industry. Advice from the Best Today, with the ever-growing global cognizance of the power of Blockchain, the entire world is looking up to Indian techies for Blockchain-based solutions. This is the best time to shine, go full throttle on the Blockchain, develop POCs and demonstrate them to potential client companies and government bodies. Utilize the strength of knowledge and contacts to penetrate different levels of organizations to win their acceptance on Blockchain as the future and bag the first opportunity from them to exhibit the acquired skills and magic of Blockchain. “My advice to the budding entrepreneurs in the Blockchain space would be to capitalize on this globally booming Blockchain revolution and use this as a well-laid, progressive ramp to achieve not just their envisioned success as entrepreneurs, but also to feel and live the motivation of using the technology as a means to serve fruitful utilities for the betterment of mankind,” says Mithilesh. Looking Ahead Looking Ahead Softlabs Group has equipped itself with the right team, right skills at the exact right time. It envisages revolutionizing different industries and institutions globally with its expertise in Blockchain. It aims to become like the SAP in Blockchain space and cater to private and government organizations across the globe. Ongoing Activities Any data stored and retrieved from Blockchain cannot be challenged for mutation or manipulation. Massive requirement of genuine data for training Machine Learning Models, can be fulfilled by the immutable Blockchainbased data sources. Today the entire world looks up to Indian companies for Blockchain-related assistance so the future for Blockchain Services companies from India is very bright and it is the best time for them to invest focused efforts and flourish.
In the first phase, the company will be integrating IoT devices with its Blockchain in areas such as Electronic AUGUST 2021 | 31 | www.insightssuccess.in