A former chief information security officer at NSEiT, a subsidiary of the National Stock Exchange of India Limited (NSEIL), has launched an enterprise startup powered by blockchain technology for cybersecurity – Block Armour, as reported by Deal Street Asia.
Narayan Neelakantan has come up with the platform that uses blockchain and other emerging technologies to provide software-defined perimeter for digital signature based authentication for humans, devices and data in order to curb cybercrime.
“The platform will allow us to securely ring-fence critical infrastructure as well as provide IoT related security,” Neelakantan stated. The startup is in talks with venture capital firms to raise between $850k to $1.5m.
In an interview with Deal Street Asia, Neelakantan stated that the concept of the blockchain-based startup was drawn out months ago and the team bounced it off a few experts within and outside their network and validated the concept. The startup is now actively building the prototype and is looking to raise funds that will allow the company to complete development, launch in Beta, forge a few key partnerships and take the solution to early-adopters in key market segments.
When asked about India’s position in blockchain and cybersecurity, he said, “I’ve presented what we are building at Block Armour at multiple forums and the traction has been overwhelming. Especially since this is a topic that cuts across industry sectors. With India’s plans to go digital, I guess it’s a great place to develop and launch a blockchain based digital solution for cybersecurity.”
