Bengaluru based bootstrapped startup Dhiway is on the way to capitalize on the data verification needs of the companies, at a time when major manual processes across sectors like education, healthcare and banking are shifting online, said CEO Pradeep KP.
Established in November 2019, the startup was founded by Satish Mohan, Pradeep KP, Amar Tumballi, and Sreevidya Satish to create a platform of “digital trust”, where the right kind of data is available for organizations to make their decisions, but at the same time, the privacy of the individual can also be maintained. The founders are technologists and come with extensive experience in open standards technology.
In May 2020, Dhiway and 28 other founding member organizations launched a ‘Trust over IP Foundation’, hosted by the Linux Foundation, to increase the adoption of trustworthy exchange and verification of data between any two parties on the internet.
In the time of this Covid-19 Pandemic, where everything has taken an online switch, Dhiway’s blockchain-based ‘verifiable data exchange’ will let companies and individuals to avoid the hassle of establishing their identities, credentials or data again and again. Its verifiable data exchange platform intends to simplify this process.
“What 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,” said CEO Pradeep KP.
According to Pradeep, the company has built an engine which takes any credential (personal ID, qualifications, other details) and puts cryptography around that credential, converts it into an envelope and sends it to a blockchain in such a way that it can be stored without being breached.
Dhiway is currently working with a few companies, including a private security firm, which is using the app to onboard security guards.
Many industries have credentials created digitally that can be stored on the blockchain and are capable of being verified. The startup is currently working on a Software as a Service revenue model and a license fee model.