Why Did This 29-year-old Woman Plunge Into a Male Dominated Market of Blockchain Primechain Technologies is developing one the largest blockchain-based solution for Indian banks, an initiative led by the country's biggest lender State Bank of India.
By Vanita D'souza •
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SHINAM ARORA (29); ROHAS NAGPAL (45), CO-FOUNDERS, PRIMECHAIN TECHNOLOGIES
Primechain Technologies is developing one the largest blockchain-based solution for Indian banks, an initiative led by the country's biggest lender State Bank of India. Speaking about the technology, Nagpal explains, "It is an innovative mix of tried and tested technologies including public key cryptography, cryptographic hash functions and proof-of-work."
Arora and Nagpal have been able to build solutions to solve some of the most critical pain points of the banking and financial services industry, namely - high maintenance and support costs, outdated IT systems, and need for manual reconciliation and systems that don't communicate with each other.
To address these issues, the start-up has developed blockchain-based solutions for cross-border remittance, corporate know-your-customer and charge registry, letter of undertaking, bank guarantees, etc. However, the growth for Primechain is tricky. "Blockchain solutions are extremely complex in nature and it takes a very long time to train employees," shares Nagpal.
UNBLOCKING SCALE
LAUNCH: August 2016 in Pune
HEAD COUNTS: 7
NO. OF CLIENTS 33 banks and financial institutions
TOTAL INVESTMENT Bootstrapped
NO. OF PATENTS 1
