This Techpreneur Explains How Blockchain Will Fortify Backend Processes
Customer will never know what blockchain is, however, they will experience the technology
Blockchain is one of the hot topics of this decade. The distributed ledger technology, which also powers Bitcoin, is expected to decentralise several processes which would eventually add transparency into the system. There is a lot of hype around blockchain along with misunderstanding and complexity that revolves around the technology. However, there are several startups who are trying to make technology simple.
One such company operating in this space is Eleven01. The startup is busy building a core platform protocol layer, which it claims to be one its kind. In fact, Tech Mahindra has also strategically invested in the startup.
In a conversation with Entrepreneur India, Rama Iyer, President and CTO, Eleven01 shares that they are building the blockchain platform for the next billion people which would create the right infrastructure and help developers build apps like they are building it on Windows or Linux.
“What we are trying to do is support some of the existing paradigms where programming platforms like solidity, which is promoted by Ethereum, so that there is no learning curve for people who already exist in the market. And then we will add other languages like Java, C sharp, etc. to make it easier for people so that they understand their language and they are able to do stuff,” he shared.
Even though blockchain is one of the most disruptive new age technology, it will continue transforms the backend and never will be at the frontend. In fact, Iyer believes that it quietly fortify the backend and attach itself everywhere.
He adds, “So tomorrow PAYTM or even Uber can be on blockchain but the end consumer will not be able to see, however, they will be able to experience and value of it as the data will no longer be solely governed by one entity. This will bring in a higher level of transparency and trust.”
The India Angle
Coming to India, blockchain has a huge opportunity from a pure market standpoint as the country is also a part of the developer community. From supply chain to health care, Iyer says multiple processes can be alignment with blockchain. Even the state and the central government are looking to integrate the technology to bring out more transparency in the system.
Having said, apart from working with government, Eleven01 is keen to work with corporates who are looking at blockchain as a solution and its strategic partnership with Tech Mahindra is part of this.
“For us as a company, for real traction, we're looking at large corporates, people who are looking at blockchain as a solution. We intend to be the blockchain specialized partner, so we can build custom solutions for their customers,” he concluded.
I am a Mumbai-based journalist and have worked with media companies like The Dollar Business Magazine, Business Standard, etc.While on the other side, I am an avid reader who is a travel freak and has accepted foodism as my religion.