Koinearth is a stealth mode startup working at the intersection of blockchains, machine learning and mechanism design. KoineArth works at the intersection of blockchains, machine learning and mechanism design to enable economic networks. It is inolved in Software publishing, consultancy and supply [Software publishing includes production, supply and documentation of ready-made (non-customized) software, operating systems software, business & other applications software, computer games software for all platforms. Consultancy includes providing the best solution in the form of custom software after analyzing the user’s needs and problems. Custom software also includes made-to-order software based on orders from specific users. Koinearth is a part of NetApp Excellerator Cohort 6.
Praphul Chandra is the Founder & Head of Marketing, KoineArth. In an interaction with The Tech Pod, Praphul talks about global supply chains. Read more!
Tell us something about yourself and what does your company do?
KoineArth was founded by Dr. Praphul Chandra and is an amalgamation of a Greek and Sanskrit word, which stands for a ‘community of people that share the same purpose or meaning’. I have always been fascinated by evolution. One of the unique features of human society is the scale at which we cooperate with each other – socially and economically. Technology has played a critical role in enabling this. With LinkedIn, Slack, WhatsApp, Trello, Asana and others, individuals can collaborate with each other very effectively but when it comes to coordination across companies, we still have a long way to go. The objective of setting up KoineArth was to enable trusted collaboration among entities who need to collaborate to achieve a common objective.
The main underlying technology we use to enable this are Blockchains. We also use AI/ML, interface with IoT services and use economic principles from game theory to design our smart contracts on the blockchain. We have built the MarketsN platform for this purpose.
What is the Asset Sharing solution framework?
Unused value refers to the time over which products, services and talents lay idle. With fair incentive schemes, these assets can be shared within a community increasing their utilization, and thus reducing wastage. The Asset Sharing solution framework enables the easy creation of two sided marketplace where unused assets can be shared among a community. An underlying token economic model incentivizes sharing, rewards positive behavior and penalizes negative (to the community) behaviour.
With this framework, an “Uber”- like model can be created for any asset where there is the asset owner/value provider on one side and the customer/value consumer on the other side.
How can businesses flourish with blockchains for a smarter supply network?
Just imagine you and your classmates are planning a trip. They have 2 ways to plan it. One way is one on one messages. As you can imagine, this would be painful. A better way is to coordinate in a group (for eg. a WhatsApp group or a conference call etc.). That said, B2B coordination and transactions in complex supply chains have largely remained one on one transactions across the majority of industries globally. Blockchain creates a paradigm shift in this area. With Blockchain, supply chains and its businesses need not struggle with knitting together one on one transactions. They can function as one, always on the same page with respect to flow of data, physical goods, delivery of services and money.
Blockchain can transform supply chain management by enabling more transparency and accountability. This will be led by the digitization of the entire supply chain management system that can help keep track assets from production to delivery. The benefits of this are increase in traceability of material supply chain, improve compliance and visibility and lower paperwork and administrative costs. What this means for businesses is better credibility and trust with their partners which in turn helps strengthen their overall reputation.
COVID19 has exposed global supply chains for its fragility. The fundamental ability of blockchains to bring all parties on a supply chain to the same view of their world is critical in building resilient supply chains. If complex supply chains are linked end to end on a blockchain backbone, many positive effects would result. For e.g. disruptions can get faster responses, shared information can be used for better planning, new vendors could be more easily onboarded as the common workflows across the supply chain are already set in place etc.
What does the future of the IT industry look like with Blockchain technology?
There are two forces which are gaining in strength. The first is integration i.e. entities coming together, working together with less friction, complex supply chains, economics of scale etc. The other is decentralization i.e. retaining independence, autonomy, circumventing corruption and bureaucracy etc. They seem to be in opposition of each other. What is common among them is both forces need trust to be created between entities in order to provide beneficial results. Blockchains have the potential to aid both forces while creating trust in the information flowing across all members of the blockchain. I feel integration would be fulfilled primarily by Private or Permissioned Blockchains. Decentralization would be fulfilled primarily by Public blockchains. In the future, a hybrid combination of public and private blockchains will unearth new value across all industries. There are many technical issues which are yet to find elegant solutions in the space. Many smart people are working on this. I would say, the medium-long term future is bright for Blockchain technology.
How big data helps manage a huge amount of clients?
Not relevant for koinearth. I will try to attempt answering a different question…how can big data benefit from blockchains?
The quality of all big data algorithms and AI/ML work is directly proportional to the quality of the data which is used to train the algorithms. While we can always improve the technical quality of data, the question of whether this data is valid in the first place is harder to answer. If you feed in perfectly prepared data which is fundamentally invalid, the AI/ML algorithms would perfectly learn invalid data. It would be like teaching 1+1 = 3 to a classroom using the best pedagogy and material.
Blockchains are all about trusted data as data validation is built in. The trust factor is created due to various reasons both technological (e.g. cryptography, consensus algorithms) and non-technological (e.g. well-designed incentives). Therefore, if big data algorithms are fed with data generated and validated on blockchains, the probability of big data algorithms to churning out better results would be higher. This will have a direct impact on business top-line and bottom-line.
Since blockchains create data at the level of an ecosystem of entities as opposed to specific to one entity, the advance of blockchains would probably usher in big data in areas like public delivery systems, governance, economic analysis of entire industries or geographies etc. This would expand the scope of big data itself.