Blockchain This Week: Cognizant’s Latest Move, Elemential Funding And More

As the curtain a.k.a Bitcoin shrinks, the underlying technology Blockchain shines high, making stakeholders realise Bitcoin was just the beginning; blockchain is the ultimate track to go beyond and make new destinations.

Home to the world’s IT services India is no different. Right from the banks, corporates to the government authorities, a number of organisations are keen on to explore and adopt the blockchain-based solutions.

Sathvik Vishwanath, co-founder and CEO of blockchain exchange Unocoin, states, “It’s good to know what blockchain can do; however, it’s equally contextual to know what blockchain can’t do.”

While blockchain-based PoCs have been raining across hackathons and blockchain conclaves across the country since late 2015, the adaptability has just got higher after leading banks like SBI and others have launched blockchain solutions, thus lending recognition to the blockchain startups as an essential part of the development.

As per a ToI report, after a high in May 2017, when VCs poured $187 Mn into blockchain startups, things slowed down and investments dropped to zero by August. But, in 2018, significant investments are pouring in as blockchain startups such as Elemential and Drivezy successfully closes the fundraise.

As the funds keep coming in, data released by job site Indeed shows that there has been a significant demand for professionals in the blockchain sector leading to a boom in the blockchain job creation, with jobs concentrated in the prominent metro cities of the country. With the global market for blockchain related products and services expected to reach $7.7 Bn in 2022, there are sure to be even more jobs created in the sector in the future. In fact, blockchain experts with a CTC of $22.8K (INR 1.5 Mn) are being paid on par with the top-notch doctors in the country.

Now onwards, Inc42 will be publishing a weekly roundup news keeping its readers updated about the latest developments pertaining to blockchain in the country.

Let’s take a look at the recent blockchain-related developments that happened in the past week.