The world is rapidly embracing digital transformation and this transition is helping businesses to be more agile. The advent of new technologies is precisely helping businesses to go beyond their limits and counter any existing challenge which can affect their business growth. Blockchain is indeed a next-gen technology which is playing a vital role in the digital transformation journey of organizations across verticals. The leading organizations are harnessing this technology to elevate their performance. During an interaction with Rajeev Ranjan, Editor, DT, Mr. Dharmveer Singh, Managing Director of Blockcube.co elaborated about the role of blockchain in today’s world and how they are helping the organizations to leverage this next-gen technology. Read below excerpts:
Rajeev: How do you see the role of blockchain in the ever-changing dynamics of the Indian IT industry?
Dharmveer Singh: Over the past several years, digital transformation has played a vital role in changing the existing traditional market dynamics. The blockchain is a digital transformation technology that helps to record and share the tamper-proof transactions in the peer-to-peer network.
Blockchain makes the transaction transparent as the participants of the network use, share and collaborate the predefined documentation/contracts as opposed to individual tamperable documentation. Since alteration, modification in any transaction is not possible in the blockchain, it makes the data more accurate, consistent, and transparent. It also reduces the cost by eliminating the third parties or middlemen. In traditional, paper-heavy processes, applying a blockchain mechanism can streamline and automate the process and complete the transaction much faster and efficiently.
Rajeev: Which all verticals are you serving currently? Which are those major verticals where you see the growth coming in?
Dharmveer Singh: We cater to all the verticals where Blockchain can be used and bring more efficiency and disruption. To be specific, e-governance, record keeping, Telecom, healthcare, supply chain, real estate, and others are some of the services and products we offer. There is a tremendous opportunity in Blockchain Technology in Healthcare Management, Document Management and Authenticity, KYC, e-Governance, Financial Application and Telecom.
Rajeev: How does your technical team work to develop the blockchain solutions? What is the key factor which contributes to your growth?
Dharmveer Singh: We have an experienced technical team, which possess extensive knowledge and actively contribute to core research on Blockchain scalability, security and economics. As a team, we deliver IT Solutions through blockchain with the right mix of business knowledge, market positioning for the product and technology landscape.
Rajeev: How are enterprises embracing blockchain to accelerate their digital transformation journey? How do you assist them to do so?
Dharmveer Singh: The blockchain is a digital transformation technology that helps to record and share the tamper-proof transactions in the peer-to-peer network. Organisations embracing Blockchain technology are reaping significant business benefits that include greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs.
Rajeev: How has been your performance throughout CY2020? What are your revenue targets for this CY?
Dharmveer Singh: Due to Corona Pandemic, businesses across all sectors are significantly impacted however we emerged stronger as a company and achieved significant milestones in line with our Company Vision. We increased our team size by almost 50% and expect our team size to double in the next six months. We also added two new Applications (Medlocks and Verifier) in our portfolio as an effort of the last six months of research and Development. Medilocks Application will transform the Healthcare industry as a digital assistant for Doctors and Patients. Verifier on the other hand Makes Documents management, KYC and fraud prevention easier and efficient.
Rajeev: As the whole world is passing through a very challenging phase of COVID-19 pandemic and the lockdown period impacted a lot to every sector so what impact did you feel on your overall business? What were the challenges for you during this period?
Dharmveer Singh: The Indian IT industry serves the majority of service to the various customers globally and the COVID 19 Pandemic has a significant impact on the technology sector. It affected the raw materials supply, disruption of the electronics value chain, and causing an inflationary risk on products. But we as a team tried to ensure the uninterrupted service for global customers.
