What is Blockchain?
It is defined as a ‘digital ledger of transactions’ and is a technology that powers cryptocurrencies and NFTs (non-fungible tokens is a unit of data which when stored on a blockchain, certifies a digital asset to be unique and hence non interchangeable).
What is Disruption?
Disruption essentially means the ability to rapidly change an industry and subsequently cause changes to other linked sectors as well. In this scenario, the Blockchain technology is disrupting finance by transforming payments across many other sectors like Cybersecurity, Healthcare, etc.
Indian start-ups disrupting finance
Polygon wants to make blockchain mainstream. The start-up is disrupting finance by facilitating quick, low-cost transactions on the main chain and by attracting high investor interest. Polygon’s very own form of Bitcoin named ‘Matic’ is among the top 20 global currencies with a market cap of over $10B.
Instadapp is a Hyderabad-based blockchain start-up which is disrupting finance with their blockchain-based platform that’s solving problems in decentralised financing. The regulatory landscape in India which is not conducive to crypto transactions. Instadapp offers foundational DeFi (decentralised finance) integration which services can plug into in the absence of infrastructure and can even offer their own system to top it.
WazirX, a Mumbai-based cryptocurrency exchange is disrupting finance even amidst the regulatory cloud in India and RBI’s apprehension of the crypto boom. Their NFT (Non-Fungible Tokens) marketplace recently went live. Banks and crypto exchanges like WazirX are at war regarding crypto investments. But that is not deterring WazirX from taking leaps in enabling crypto usage in India with its NFT trading platform which is the first of its kind in South Asia.
Other noteworthy Blockchain start-ups disrupting finance
CoinSwitch Kuber, an Indian focused crypto exchange is popular among newbies to the crypto world for its clean UI. Psi Phi Blockchain lab is disrupting the healthcare and supply chain industries by optimising the supply chain data flow with blockchain-based products for these sectors. Next is Print2Block, a Chennai-based blockchain start-up which is disrupting governance by assisting the state government of Maharashtra in issuing Covid-19 test certificates. Also worth mentioning is Primechain, which is disrupting the banking sector with its blockchain based solutions.
Zebi is another noteworthy start-up which has come up with a unique NFT platform for the cricket world. Unique digital collectibles pertaining to cricket (e.g., an autograph) can be exclusively purchased and owned on Zebi’s platform.
KoinEArth’s MarketsN platform is disrupting the supply chain by enabling greater collaboration between suppliers, logistics, service providers, and distributors. CoinDCX, a cryptocurrency exchange, is targeting millennial and GenZ crypto investors to consider Bitcoin as an investment class asset. SoluLab’s blockchain applications are disrupting multiple industries like finance, healthcare, real estate, and more. The company is also offering blockchain development services and is also an active investor in this space.
CoinDCX, a cryptocurrency exchange is targeting millennial and GenZ crypto investors to consider Bitcoin as an investment class asset.
What’s in it for me?
The biggest outcome of investing in a blockchain start-up is that you can facilitate lightning-fast payments and transactions for your customers. The upside for customers availing blockchain services is that they will enjoy a better output at much lower fees compared to banks and traditional financial institutions.
Blockchain technology is piping hot currently in the fintech world and start-ups are in the race to capture the market. Some of the successful Indian start-ups mentioned above have shown tremendous growth and potential, even amidst a less conducive environment within the country. Blockchain is a goldmine to tap into mainly because it can disrupt multiple industries. Start-ups venturing into Digital Contracts have immense potential of winning foreign investments.