Do you know what the fun “thing” about working in a service industry is? It’s that you get to play a lot around diverse technologies, that’s the real fun! Blockchain technology is radically transforming the future of world economy which eventually leads to gaining traction in the capital markets industries.
To be very precise, Blockchain is digitized, distributed, decentralized, and incorruptible public ledger of all digital assets and economic transactions that are recorded in chronological order within a worldwide network called peer-to-peer (P2P) of distributed ‘nodes’ or computers. Authentication, transparency, and auditing which eliminates the existence of the intermediaries can be considered as its key advantages. Several corporations, big or small are racing towards building such technology-based platforms to carry out innovations. And that’s because, it has the ability to allow multiple parties to transfer and store sensitive data in an environment that is anonymous, secure, permanent, and easily accessible. In addition to this, it even simplifies the expensive, paper-heavy and logistically complicated financial operations such as cross-border transfer, remittances, shareholder management, securities trading, and ownership exchange.
In countries like India, Andhra Pradesh turns out to be the flag bearer of blockchain technology. The state simply aims to be seen as the global hub for innovations. It may even interest you to know that that there are fastest emerging companies in India which have succeeded in attracting $900 million in investments, creating 5,500 jobs. Due to which the AP government launched its ambitious ‘Fintech Valley Vizag’ initiative with the aim of building a world-class fintech ecosystem where the government, academia, entrepreneurs, and investors host emerging technologies like blockchain, data analytics, artificial intelligence, machine learning, cybersecurity, and cloud computing. In fact, a blockchain university has been set with an initial investment of up to $10 million for the pilot program that mainly focuses on creating world-class sustainable blockchain ecosystem with “the largest, open and cryptographically secure ledger of information on a blockchain protocol designed in compliance with the Indian regulatory framework..
Why is India one of the Hottest Market for Blockchain Startups?
Babu Munagala, the founder of Zebi Data who has his marvelous expertize in data protection business after having worked at various profiles at Oracle. After getting into in depth of hardware and software solutions that could provide data protection without human intervention. And since he has bumped into the concept, he has been working on expanding it across several platforms.
He says “There is lack of a holistic solution for problems associated with security and privacy of these large amounts of data collected and used by governments and enterprises against rising threat of data hacks, data tampering, and identity thefts. This is a huge opportunity with no solution in sight, and blockchain offers a promising solution to all of these problems. This leads to an inability to identify business use cases. There is also a lack of internal resources that are familiar with the technology and hence, they are not well versed to the in-house initiative, which creates a hurdle while selecting a vendor to integrate the solution within the existing system.”
Overall, running a blockchain company is not an easy task as there is lack of awareness and understanding of the technology among industry-related stakeholders.
Zebi latest offering includes- An artificial intelligence-based blockchain platform that caters to hospitality industry which has the mandate to submit guests’ information and brings both privacy and security while automating the whole data transfer activity for hotels. In addition to this, all the private and sensitive data of individual hotel guests is stored in the blockchain and any access or updates to the data are part of the immutable records on the blockchain.
Understand the working– When a visitor enters the hotel and already has a Zebi ID, he/she can check in within seconds. If not, he/she can provide a picture and photo id, and create a Zebi ID, which is stored on Zebi’s blockchain platform. Which means there is no need for a printed photocopy or mobile number as his/her Zebi ID is on the Blockchain. This will eventually mitigate the risk of the guest’s data being misused by a hotel or other enterprises.
So far so good, AI Chain solution is deployed at more than 200 hotels and Zebi is preparing for full-scale deployment across all the hotels in India.