With India’s logistics sector growing at a rate of around 10.5% a year - and expected to reach $215bn in 2020 - supply chain and logistics security is a top priority for enterprises in the region. In order to protect data and increase supply chain transparency, digital ledger technology is predicted to be a critical technology in the growth of the industry.
Here are Gigabit Magazine’s top three startups currently working to promote blockchain adoption in the Indian logistics sector.
Launched in August 2016, Primechain was founded with the belief that blockchain technology will be an enabler of “massive social upliftment and economic prosperity” in India and beyond. The company is working on several projects, including BankChain, a community of 37 banks for exploring, building and implementing blockchain solutions; Primechain-MONEY, a global blockchain solution for invoice discounting and debt instruments; and a number of educational programs aimed at increasing blockchain adoption on a global scale.
Signzy, a 2015 startup based in Bangalore, operates a digital contract platform, which enables digital drafting and signing of legal contracts in order to increase compliance and security during third party supplier interactions. Signzy guarantees non-repudiation of contracts through its biometric user authentication system and blockchain-based digital trail.
Founded in 2013, Imaginnovate specialises in delivering technology solutions to transportation and logistics companies. This month, the Visakhapatnam-headquartered company (which also has offices in Arkansas and Texas) was the latest to join the Blockchain in Transport Alliance (BiTA), whose President, Patrick Duffy, commented: “Blockchain will transform the supply chain by introducing greater transparency, innovation and efficiency. Members like Imaginnovate are the key to BiTA’s success, because the collective knowledge, insight and experience of Alliance members will help enable the best uses of blockchain in the transportation industry.”
Imaginnovate works with carriers, shippers and third-party logistics providers in the areas of load management, capacity management, fleet optimization, route planning and delivery solutions across all modes of transport including over-the-road, intermodal, regional and last-mile delivery.
“Imaginnovate believes that membership in BiTA will enable the company to collaborate with other industry leaders to create and implement effective blockchain standards for the transportation and logistics industry,” commented Krishna Vattipalli, CEO of Imaginnovate.