In conversation with Ravi Jagannathan-Krypc
I met ravi at CCD, Indiranagar in Bangalore. He is an amazing personality have very deep knowledge in cyber security and fintech. It was a great meeting and we shared our entrepreneurship experience along with recent trends on blockchain.
I’m extremely glad he agreed to give us this interview, I hope this conversation can help shed some light into Ravi’s views on blockchain for Banking Sector.
(1)Hi, Thanks for taking the time out for our readers. To get right into it – how did you get into the blockchain?
KrypC’s founding team has been in the FinTech space for more than 9 years now being involved in Digital Signature, Secured Messaging and Mobile Wallet space. The founding team had decided to work in the transformational technology, realizing its potential to transform industries. It has been more than a year now and Blockchain interest has been ever-increasing in the market.
(2) What is blockchain in your own words?
The buzzword in the Technology realm today is – Blockchain. Yet it may seem like a very cryptic topic to most business folks. Its transformational potential is immense, and it is popular in industries such as banks, financial services, supply chain, healthcare and more. However the complexity of the technology leads to ignorance about what Blockchain holds to transform our future. To realize the potential of Blockchain, one must value the importance of sharing information among parties with trust deficit. In recent times, trust is crumbling even with large financial institutions as they are sole controlling parties in the ecosystem with limited transparency. This calls for a system, which enables trust, transparency, secured transactions and permanent storage. Blockchain is synonymous to such a system.
(3) Why Blockchain for banking industry?
Banking industry is where there are maximum trust deficits or provision of trust services. Utilizing the potential of Blockchain to enhance the trust service provided by banks is crucial to their business.
(4) Tell us a little bit about Krypc, what is the offering and how did it come about?
KrypC provides enterprise ready solutions and services for businesses keen on adopting Blockchain technology. KrypC’s protocol agnostic workbench – KrypCore, helps implement Blockchain quickly with near zero coding effort and minimal Blockchain knowledge to reap the maximum benefits of this tech. Get more information at www.krypc.com
(5) Who is your product primarily geared towards?
KrypCore addressed the need for enterprises to quickly build Blockchain based applications with near zero coding effort, easier interaction with legacy applications and clear definition of participants and processes in the Blockchain network.
(6) What are the advantages of your product?
Identity Layer Mapping, transaction interactivity and near zero coding for Blockchain application development on a protocol agnostic workbench.
(7) Where do you see the use cases in the next 5 and 10 years?
Banking, Financial Services, Supply Chain, Healthcare, Insurance, Automobile Industry, etc.
(8) Which Blockchain platform do you use for development?
Primarily Multichain, Ethereum and Hyperledger. Also exploring other platforms/protocols
(9) Which type of blockchain is best for Banking use case?
Banking requires identity mapping and management and it will need a private Blockchain. Thus, we expect Hyperledger to be more suitable in many banking use cases.
(10) Where the blockchain industry is heading? What is your views on security of a private blockchain?
Banking industry is conducting many proof of concepts and we are even seeing live implementations of Blockchain for trade finance. We expect more PoCs and more live implementations in the coming months/years. Private Blockchain may not be as secure as public Blockchain today, but protocols such as Hyperledger show good promise in security in a private Blockchain scenario and we expect tighter security layers in near future and also expect more regulatory involvement in the future.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.