Entrepreneur India – July 2019

JULY 2019 l ENTREPRENEUR l 59

consumers like data scientists

or AI practitioners can be

assured of the quality and

provenance of the data being

purchased, while providers

are compensated fairly. All

compensation is paid in

Quadrant Protocol tokens,

which are recorded on the

blockchain,” says Davie.

The company’s primary

focus is on location data,

which is an essential tool

in understanding the

behaviour of potential

customers. The platform

processes over 50 billion

records a month, enabling

organisations in every

industry to obtain data they

can use to make business

and policy decisions. It is

powered by a protocol that

uses blockchain technology

to authenticate and map this

data.

Insurtech company Hearti

is serving insurers with

their proprietary artificial

intelligence (AI) and

blockchain platform.

Keith Lim, Chief Executive

Officer, Hearti, believes

blockchain’s immutable

nature can foster trust in the

insurance agreements between

consumers, insurers and

partners.

“Smart contracts are

executed based on events

that trigger conditions within

the agreement (for eg. to pay

out claims in the event of a

flight delay). When claims

data is shared securely on the

blockchain, duplicate claims

and fraud can be tracked

and detected. Such uses of

blockchain create huge value

for our company’s proposition

and put it at the forefront of

the industry,” says Lim.

Founded in June 2015,

Hearti Lab was born out of

the realization that there

was a void in the corporate

and personal insurance

sector: the lack of a low-cost,

full-featured AI platform for

insurance management. To

achieve its vision of developing

an integrated insurance

platform, the start-up has

developed two complementary

platforms: BENEFIT.X and

SURETY.AI.

In Tech We Trust

For Joseph Lee, Chief

Technology Officer, BridgeX

Network, blockchain is the

“new technology of trust”.

BridgeX Network is a financial

ecosystem framework, built

on a proprietary technology

core that bridges the worlds of

cryptocurrencies and fiat.

“We are using blockchain

technologies to create a

platform to allow lenders and

borrowers to transact directly

in a secure environment.

The terms are specified in

the blockchain and will

be executed automatically

without bias. The costs

saved from eliminating

intermediaries are passed to

participants on the platform,”

says Lee. “Perhaps due to the

newness of the technology,

there may still be a trust

deficit with the public. But we

strongly believe in it.”

“THE NEED IS TO

UNDERSTAND ITS

(BLOCKCHAIN’S)

APPLICABILITY

TO A PARTICULAR

PROBLEM AND THE

IMPACT IT HAS IN

SOLVING IT.”

Sankalp Shangari, CEO and

Founder, LALA World

“WHEN CLAIMS

DATA IS SHARED

SECURELY ON THE

BLOCKCHAIN,

DUPLICATE

CLAIMS AND

FRAUD CAN BE

TRACKED AND

DETECTED”

Keith Lim, CEO, Hearti