Get All Access for $5/mo

On Rapidfire Growth 5ire intends to solve the problem by connecting phone, email and digital wallets of the 1.5 billion people globally who are unable to participate using traditional financial services

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

5irechain
Pratik Gauri, Founder & CEO, 5irechain

Finance is a space that has taken off in the recent past. The global fintech market is supposed to grow to $300 billion by 2023 according to a report by Research and Markets. The fintech sector is a huge umbrella under which insuretech, cryptocurrency, banking, financial services, etc. are existent. However, with the growth of the fintech industry, a sizeable portion of India's population does not have access to technology or even a mobile. 5ire intends to solve the problem by connecting phone, email and digital wallets of the 1.5 billion people globally who are unable to participate using traditional financial services.

5irechain aims to bring a paradigm shift as the blockchain wants to embed sustainability taking a forprofit model to a for-benefit model. 5irechain's primary goal is to create a user centric sustainability-driven ecosystem, and it is able to achieve this by having sustainability deep inside the 5irechain consensus mechanism and runtime logic. Thus making sure that sustainable participation in the network or the real world is highly incentivized. Blockchains that exist do not have governance procedures which results in chain maximalism.

5irechain's transparent governance mechanism allows its consumers to democratically participate in the network and propose changes. 5ire is the first blockchain network that comes equipped with local governance solutions from the provenance of private property and title records, and recording private business transactions from business agreements, licenses, registration, and intellectual property registration, to personal credentials like passport, visa, driver's license, and birth records that are securely stored in blockchain systems.

5ire has worked to create a sense of community, both among its followers as well as its team members. Staying true to the company's belief in promoting sustainability, the company has centered its ethos on the 17 sustainable development goals set by the United Nations and are guided by it. According to Pratik Gauri, Founder & CEO, 5irechain, governmental agencies are beginning to witness the change brought forth by innovation. 5ire's experience of working with public sector partners in three continents has been extremely positive.

"Learn to get comfortable with failure. It is the only tool you need to innovate," said Pratik on his life lessons while building a fintech company. Growing rapidly, 5ire is teaming up with people passionate and focused on sustainability as they focus on solving problems with a communal mindset instead of focusing solely on technology.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Supply-Chain Financing Platform Mintifi Raises USD 180 Mn in Series E, Valuation Soars to USD 850 Mn

The raised funding will enable Mintifi to diversify its product offerings, such as dealer management systems, loans against property, and factoring services, powered by artificial intelligence.

News and Trends

Stride Ventures Launches Fourth Fund with USD 300 Mn Target Corpus

Industry leaders like BlueStone, Upstox, Moneyview, Ather, Pharmeasy, Infra.Market, and Ola Electric have benefited from Stride's support.

News and Trends

AWE Funds to Scale Women-Led ClimateTech Initiatives with CGEF Grant

The grant will empower AWE Funds to expand initiatives, invest in women-led climate companies, enhance accelerator programs, and launch a fellowship nurturing young women professionals in climate and sustainability.

News and Trends

Australian Human Spaceflight Pioneer Expands Indo-Pacific Footprint with New Operations in India

With a focus on pioneering advanced human spaceflight services, the new India office will serve as a strategic hub to cater to the growing demand for innovative space tech solutions in the Indo-Pacific region and foster collaboration with Indian government agencies, research institutions, and private enterprises.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.