In India, the adoption of blockchain technology is steadily increasing across various sectors, such as finance, supply chain management, healthcare, and government services. As the Indian blockchain ecosystem continues to develop, Blockchain as a Service (BaaS) is anticipated to play a significant role in fostering innovation and digital transformation across these sectors.
Qila, co-founded by Sid Ugrankar and Vishal Malhotra, aims to provide secure identity storage solutions to enterprises utilizing blockchain technology. They believe that their offerings could revolutionize enterprise operations.
Qila’s CEO Ugrankar discussed the growth of BaaS in India, implementation challenges, and industry outlook in a conversation with Entrackr. Here are key excerpts from the discussion:
Could you simplify what blockchain-as-a-service means and provide an example of its application?
Blockchain as a service involves a platform set up and managed by a single entity, allowing multiple users to access it without the need to establish their own blockchain network. This is akin to services like Gmail (Email as a Service), Amazon Web Services (Infrastructure as a Service), or Salesforce (Software as a Service).
What are the main services you offer?
Qila’s platform enables enterprises to integrate blockchain features such as Smart Contracts and NFTs through a monthly subscription. Customers can opt for a shared service subscription called Ark, providing them with a dedicated channel within a shared network setup. Additionally, Qila offers a dedicated network setup called Ark+, where customers can store their data without sharing resources with other users.
Why hasn’t blockchain technology become mainstream yet, and what are the challenges in implementation?
Blockchain initially gained attention due to the rise of cryptocurrencies like Bitcoin. However, concerns surrounding cryptocurrency volatility and recent controversies have hindered blockchain’s mainstream adoption. Additionally, setting up and managing blockchain networks is complex, leading many enterprises to utilize public networks like Binance and Ethereum, which can be costly.
What is your outlook for the blockchain industry, particularly in markets like India?
The outlook for blockchain in India is uncertain due to government regulations, including the imposition of taxes on cryptocurrency and restrictions on crypto trading. This has prompted many companies in the blockchain space to relocate to crypto-friendly countries like the UAE.
What are your short-term and long-term plans for business growth and product diversification?
Qila aims to become the go-to cloud offering for enterprise blockchain, akin to AWS for layer 3 blockchain. They are focusing on markets in Europe, the Middle East, and Africa, with plans to expand into Asian markets like Singapore, Thailand, and Indonesia. Through offerings like PrivaSea, Qila seeks to drive blockchain adoption for real-world use cases, emphasizing data privacy and provenance. Additionally, they are extending their Qila Private Cloud to other markets to comply with local data regulations.
