The Most Active Blockchain Company in the Prairies
Anesh Pillai was working at a credit union when he became very interested in the opportunities for blockchain to revolutionize the financial system. His early involvement in cryptocurrencies furthered his passion until he joined forces with his brother, Binu Pillai, to create Krypto Blockchain Solutions.
Blockchain is a system in which a record of transactions is maintained across several computers. It is most famous for being the underlying system for bitcoin and other cryptocurrencies but it has other applications in areas such as banking, public service and copyright law.
Based in Regina and Calgary, Krypto Blockchain Solutions started out with an emphasis on training executives and developers how to implement the programming system. As they shared the benefits of blockchain with the financial institutions, it was often requested that the brothers develop the solutions. Eventually, they also started a blockchain consulting firm.
Pillai shares “Blockchain is moving very fast, and there are new technologies released almost every week. We make sure our clients take the right path for their blockchain development”
For one of their projects, Krypto created a secure way to transfer money for a financial institution. In the past, if someone wanted to transfer money to another country it could take between three to four days and have a lot of fees attached. Now, if there are two banks that are working with blockchain to an aim to settle international transaction in less than minute. There are benefits for the bank and for the clients in terms of time and cost.
Aside from the Financial Sector, Krypto has been working on problems in Supply Chain. Blockchain provides a distributed ledger that helps the end user track every product to its origin. Krypto has been receiving a lot of interest from agricultural, oil & gas and legal companies recently.
One of the challenges of Krypto is the shortage of IT Blockchain talent in Western Canada. Krypto has plans to partner with educational providers to fill this gap. Anesh believes that it is best to get student involve earlier in the technology space before they have commitment later on in life.
Another very cool project that the Krypto team is working on is helping a pharmaceutical company combat the problem of counterfeit drugs which is a $200 Billion problem. One million patients die annually from counterfeit medicine and 90% of online medicines come from a different country than the website claims. Blockchain can verify the origin of the medicine and make sure that there is accountability for the origin of the drugs.
As their portfolio of amazing blockchain development grows, Krypto Blockchain Solutions is a Saskatchewan success story.
Founders: Anesh Pillai, Binu Pillai
Incorporation Date: June 2016