Brainchain Completes 3 Year Of Building a Decentralized knowledge Economy
BrainChain technologies, a Delhi based start-up, started its journey in early 2017 and was incorporated on 15th Feb 2018 with a vision to transform the Global Education System. The global education system had room for improvement for conducting fair examinations and skills assessments. However, despite the opportunity, lack of available technology to help forge trust among various stakeholders and scalability prohibited development of a viable disruptive solution. With the emergence of Bitcoin and more specifically Blockchain, it was now possible to have an independent, de-centralized and transparent technological solution to the problems/unethical practices in skills assessment. By conceptualizing the way forward and developing an ethereum based platform to resolve the bottlenecks in 2017 Equate was born.
Our journey thus far: A Road of Adversities, Grit & Opportunities
The last three years from conceptualization to the platform launch however have been topsy-turvy to say the least. In the beginning, we faced a lot of challenges to help our prototype scale up and reach the next level. Built on the Ethereum blockchain, our platform faced serious roadblocks in terms of the high transaction cost and demand that the enterprises needed. Despite these challenges, we remained focussed at improvising and building on top of blockchain without compromising on decentralization and our consistent efforts were recognized by:
- NASSCOM (NIPP) for acknowledging us as the top 50 blockchain startups in the country
- House of the Commons, UK for bestowing us with the prestigious award at Global Education Summit 2018
- Nexus, a US government funded incubator for accepting us in their Incubation program
- Intellectual Property, government of India for granting us a national patent on “System & Method for securely assessing candidate skills using Distributed Ledger Technology”
During our initial years we also conducted POCs with various stakeholders including governments which helped them better understand our product and capabilities of Blockchain. Along the journey, we expanded our team, on boarded advisors and forged partnerships with organizations who shared a common vision. Most importantly, during our R&D efforts to resolve the identified bottlenecks we realized that our core product had multiple use-cases and could disrupt not just the Education/Ed-tech industry, but also Market Research & Marketing industry and prediction markets.
What lies ahead for us:
Our horizon is now vast, focus is explicit and the approach is structured. The upcoming launch of the Equate platform built on Ploygon (previously Matic) will allow faster transaction finality, throughput and scalability.
The foundation is now set for creating a new de-centralized knowledge economy by aggregating verified data, monetizing information and rewarding skills.