Home Press Release Chinese Blockchain Company CyberVein Looks at India for Future Opportunities

Chinese Blockchain Company CyberVein Looks at India for Future Opportunities

April 30, 2019 13:34
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As we had earlier reported, Blockchained India was all set to organize a series of meetups from today. We had said that this time, the focus would primarily be on international projects. The first project to be showcased on the platform is CyberVein.

CyberVein is a China-based blockchain company which is a mix of public as well as consortium chain. It is a network of immutable, blockchain-based databases which will help to create a more efficient and secure data ecosystem. Chiefly, CyberVein allows the maintenance of publicly accessible data-sets which can be used by anyone but cannot be modified by anyone. The token CyberVein Token has already been listed on some of the leading cryptocurrency exchanges such as HitBTC, OKEx, Bit-Z.

The company, in collaboration with Hackerearth also hosted a hackathon for different pressure points such as social initiatives, data management, identity management and smart wallets. The hackathon started on February 18 this year and concluded on April 28.

A spokesperson for the hackathon said, “We received 1670 registrations across India and total of 151 teams submitted ideas tp solve the given problem statements. We have shortlisted 18 teams out of which 10 attended the hackathon at Chancery pavilion Bangalore. We had multiple prototype presentations which were showcased and each of them solved the given problem statements in a unique way.”

She added that statistics of the solutions presented in the onsite hackathon were pretty encouraging. Blockchain for social initiatives saw 3 solutions, Blockchain for data management saw 3 solutions, Blockchain for identity management saw 2 solutionsand Blockchain for smart wallets saw 2 solutions.

The participants in the hackathon ranged from students to professionals having blockchain experience of upto 2 years and the prize money to be distributed would range from INR 50,000 to INR 1 lakh.

The project that bagged the first position was Hypersign.

Solution Details: Hypersign is a cryptography based SingleSignOn Solution that enables users to securely access applications without providing their access credentials [usernames and passwords]. The Application further enables a user to securely sign transactions in decentralised environments; the Hyprsign SDK allows easy authentication to the Blockchain.

Hypersign uses cryptographic algorithms and equations in the mobile application, totally eliminating the need for usernames and passwords. The Application Server does not store user data, rather it relies on the users private key and public key [generated using the ECDSA – Elliptic Curve Digital Signature Algorithm] stored in users device.

The project that bagged the second position was Blood Diamond.

Solution Details:  A blood donation system which provides end to end traceability:
Blockchain-based blood donation system: A unique way to trace blood and add accountability to the ecosystem by: Enabling digital signing of donated blood bottles by an authorised donation center Tracing and signing a pint of blood by the testing center. Empowering the health center (and therefore, the consumer of the blood) to track the history of blood and utilize it!

The project that bagged the third position was Block Hunters 2. 

Solution Details: A non-transactional cold storage hardware wallet to securely protect crypto private keys offline using contactless NFC technology and blockchain. This NFC chip can be used to login to wallet to perform crypto transactions.

With data breach a real problem, it can be hoped that a project like CyberVein would go a long way towards containing the menace. CyberVein creates an entirely new market environment in which data sharing among competing entities is economically incentivized through crypto-economical and game-theoretical means and which in turn builds a more supportive ecosystem instead of a toxic environment.

Apart from the hackathon, the company is in the middle of talks with the Indian government, regarding the possibility of a blockchain-enabled smart city.

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