Author: Jagdish Kumar, India
With blockchain spreading its wings in the country and many startups are cropping up in the country, India has to develop a huge ecosystem that will help this blockchain sector flourish, Kavita Gupta chief of ConsenSys Ventures said.
ConsenSys Ventures is a venture funds that helps entrepreneurs in the blockchain space scale their businesses.
Speaking to a business magazine, Ms Gupta said that though we have funds to invest in Indian blockchain sector, but after we visited Delhi, Mumbai, Hyderabad and Vishakhapatnam (Vizag), we found that the technology knowledge is at a very shallow level.
During our visit to these four cities, we also met and spoke with 800 developers and tried to meet people who understand what’s really happening, but I could not find people who could go deep into the technology, Gupta said the magazine.
Ms Gupta underlined that the knowledge was just at the surface level and there is a need to build a big ecosystem in India because it’s one of the biggest brain power hubs.
Asking, whether their company is doing any project in India, Ms Gupta said that their company has signed a POC [proof of concept] with National Institution for Transforming India (NITI) Aayog for doing land titling in Chandigarh.
ConsenSys have also signed MoU with the Andhra Pradesh government which is for their transportation department and land titling. Today, the settlement of money for the international exchange takes up to 3-5 business days. If you do it on blockchain, it can go up to 30 seconds to 1 day. We are talking to a couple of banks, and hopefully we will close something by July.
The venture is currently only investing in Ethereum blockchain – pre-seed, seed stage and early stage companies with two funds of totaling $150 million. The company has already set invested $8 million in 10 companies.
Asking on why the company is investing in Ethereum blockchain projects, Gupta said the first technology was Bitcoin which was created just to support the financial transactions of Bitcoins. Ethereum is a financial currency but it’s different from Bitcoin. You can use it for authentication, verification and security of data – land titling, land records, transportation records, birth records, medical records and education records.
Before joining a leading blockchain technology firm, ConsenSys, Ms Gupta has worked with institutions like McKinsey, World Bank, IFC and Eric Schmidt’s family office.
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