A start-up based at Raipur in Chhattisgarh has been making monthly revenue of Rs 7 lakh per month through block chain technology. Want to know how? Continue reading.
Bitcoin mining gave the idea
When Ankur Rakhi Sinha, a techie based in Raipur was mining bitcoin two years ago, he realized that the block technology behind the cryptocurrency had huge potential and can be used for solving various pressing issues.
Ankur decided to use the concept on wider scale
He soon communicated the idea to his friend Aditya Mehta, also a techie who liked the concept. The duo decided to come up with block chain technology that could take care of grievances and supply chain side. Before we proceed ahead, we have to understand about block chain technology.
What is Block chain technology?
Block chain technology is structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a ‘digital ledger.’
For a layman, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which, the transactional records are stored based on actual purchases.
Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering. Hence, the information the digital ledger contains is highly secure.
The fascinating angle is that anybody can see the data, but they can’t corrupt it.
Retcons founded in 2018
The two techies founded their company Retcons in 2018, “We provide a range of services to suit varied scenarios. We conduct feasibility analysis, business model assessment, systems design, architecture and full-scale integration. Our product suite handles the problem of trust and provenance endemic to every industry, helping an entrepreneur to focus on his core business expertise,” told Ankur to Chalgenius.
Deals in Grievances and supply side
Retcons mostly deals in grievances and supply side, “Normally, people file complaints with officials but they remain ignorant of its status. The block chain technology helps them to build a semi-private network where the complainant can track that which official is having his complaint. It makes the system transparent,” says Ankur to Chalgenius.
Maintaining digital records of the company
On the other side, Retcons also help in maintaining transparent system of records of a particular company, “The supply side of block chain technology ensures that the management of the company can check the ledgers of the company in their network. It helps to maintain transparency,” said Aditya Mehta to Chalgenius.
The company has impressive list of clientele and has been making 7 lakh of revenue per month. The start-up has been incubated at 36inc.in
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Keywords: Retcons, start-up, block technology, Raipur, Chhattisgarh
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