India’s embrace of blockchain technology is steadily expanding across multiple sectors, including finance, supply chain management, healthcare, and government services. As the Indian blockchain ecosystem matures, the emergence of Blockchain as a Service (BaaS) holds promise for driving innovation and digital transformation across various industries.
Qila’s Mission
Qila, co-founded by Sid Ugrankar and Vishal Malhotra, is committed to offering secure identity storage solutions to enterprises through blockchain technology. They envision their solutions as potential game-changers for enterprises seeking enhanced security and efficiency.
CEO Insights
In a conversation with Entrackr, CEO Sid Ugrankar discussed the growth of BaaS in India, the challenges in technology implementation, and the industry outlook.
Challenges and Solutions
Ugrankar elaborated on the complexities of setting up and managing dedicated blockchain networks, citing the need for extensive data preservation efforts. He emphasized the value proposition of BaaS, likening it to familiar service models like Email as a Service and Software as a Service.
Platform Features
Qila’s platform offers enterprises the flexibility to integrate blockchain features such as Smart Contracts and Non-Fungible Tokens (NFTs) through monthly subscriptions. The subscription options include Ark for shared service and Ark+ for dedicated network setups, enabling customers to choose based on their specific requirements.
Barriers to Mainstream Adoption
Discussing the delayed mainstream adoption of blockchain, Ugrankar attributed it to the association with cryptocurrency and the challenges in technology implementation. He highlighted the high costs of using public networks like Binance and Ethereum and the complexities of setting up private blockchain services.
Industry Outlook
Ugrankar expressed cautious optimism about blockchain’s prospects in India, citing governmental regulations and the prevailing sentiment towards cryptocurrency. Despite challenges, Qila.io aspires to become the leading enterprise blockchain solution provider, targeting markets in Europe, the Middle East, Africa, and Asia.
Future Initiatives
Qila.io aims to drive blockchain adoption for real-world use cases with its tokenization solution, PrivaSea. By anchoring data privacy and provenance, Qila anticipates blockchain’s pivotal role in facilitating technologies like AI and emphasizing user consent as the cornerstone of the future internet.
Conclusion
Qila Blockchain, operating on the Qila Private Cloud, seeks to establish itself as a globally recognized player in enterprise blockchain solutions. With a focus on localization and compliance with local laws, Qila.io is poised to shape the future of blockchain adoption across diverse markets.