KrypC Technologies | Simplified blockchain platform to leap towards business transformation goals
KrypC Technologies officially opened their European Headquarters during the Cyber Security Week last year. The company’s simplified blockchain-based platforms help public institutions and enterprises to get ‘blockchain-ready’ much faster. KrypC has a team of 35 employees who work from offices in Bangalore, The Hague and Los Angeles. We recently spoke to Mr. Ravi Jagannathan, CEO and co-founder of KrypC Technologies to find out what blockchain is and why they chose The Hague to roll out their platform.
Blockchain remains somewhat abstract for many. How would you explain this technology to a layperson?
“I think it can best be illustrated by taking the example of banks”, says Mr. Jagannathan. “We all have bank accounts. Our transactions and balances are usually maintained by a system database under the bank’s control. This means that we as customers are depending on the bank and the systems they use. With blockchain, it’s a different story. A blockchain is a distributed database, which means its decentralized and not all connected to a common processor. Both the bank and the customer will have the same set of records and balances with an equal say in the management and maintenance of the transactional records. To make changes, the bank, who has one private key, and the customer, who has the other, can access the information, and the information is only shared when one of those users shares his or her private key with a third party, say a mortgage provider. This creates trust, minimizes dispute and increases security and protection of data.”
Why a blockchain platform?
“The technology develops so fast, and the breadth and depth of required expertise for real enterprise-ready solutions is so deep, that it becomes increasingly difficult to keep track of developments for most companies and institutions. We solve this problem by putting configurable platforms and solutions in the hands of our clients. They just want to get from ‘A’ to ‘B’, but for that, they don’t need to build an engine to drive the car. We have already built the car with the engine for them: They can use our products and platforms to quickly and effectively get to where they need to be.”
Why did you set up an office in The Hague?
“Apart from the rich talent pool, I would also add the receptiveness and willingness of local businesses to jump in and experiment with emerging technology as another big factor. We highly appreciate the strong innovation culture in The Netherlands and recognize the particular strengths of The Hague region in the areas of cyber security, cryptography and blockchain development. In less than six months, we have closed two very successful deals, enabling digital transformation using blockchain. And on top of that we have another exciting engagement coming up with a well-known public utility organization.
Also, we have been introduced in a great network here. We have been invited to present and talk about blockchain at industry events, conferences, and even universities. The congruence of IoT and blockchain is an important business driver for us and we see a big role for our Netherlands office in driving this initiative for us. There are some challenges as well of course. We want a faster local team ramp up and more technical work done locally. We are working on this and the next quarter of 2018 should be better.
Obviously, none of what we set out for in The Netherlands would have been possible without the help of local partners. We truly appreciate the welcoming environment and support from Enterprise Summit and our local director, together with the Municipality of The Hague, The Hague Business Agency, InnovationQuarter, and many others for their assistance to us in setting up our European office.”
Please check www.krypc.com to learn more about their recent developments.