Mumbai: Bengaluru-based bootstrapped startup Dhiway is looking to capitalise on the data verification needs of companies, its CEO said, at a time when many manual processes across sectors such as education, banking and healthcare are shifting online.
Founded in 2019, Dhiway is building a blockchain-based âverifiable data exchangeâ.
This is to help companies and individuals avoid the hassle of establishing their personal identities, credentials or data many times over.
âWhat we are seeing today is, one needs to keep verifying antecedents every time on various platforms (be it Aadhaar IDs, PAN cards or other IDs). It is a verification process that keeps going on from the age of 15 to maybe around 60,â said co-founder and CEO Pradeep KP.
Its verifiable data exchange platform intends to simplify this process.
According to Pradeep, the company has built an engine that takes any credential (personal ID, data of any kind) and puts cryptography around that credential, makes it an envelope and sends it to a blockchain in such a way that it can be stored without being breached.
The issuer of the data and the holder of the data are also given copies, which they can verify.
For instance, if an individual (holder) has completed a higher education certification course, a digital certificate would be received on the Dhiway app/ mobile wallet. The issuer in this case would be an educational institution.
âIn future, if the individual were to send it to any university for verification â it would happen by the university getting on our app. What we have done is to make a manual requirement a machine-led requirement in the field of education,â Pradeep said.
Dhiway is currently working with a few companies, including a private security firm, which is using the app to onboard security guards.
The app is being used to ensure âthat security guards are highly verifiable, traceable from the point of view of locational identityâ¦,â according to Pradeep.
Citing another example, he said, âIn the pharma industry, there are applications where the industry would like to cryptographically encrypt certain data coming out of their assembly lines to keep it immutable.â
Many industries have credentials created digitally which can be stored on the blockchain and are capable of being verified.
The startup is working on a Software as a Service revenue model and a licence fee model.
In May, Dhiway and 28 other founding member organisations launched a âTrust over IP Foundationâ, hosted by the Linux Foundation, to increase the adoption of trustworthy exchange and verification of data between any two parties on the internet.