ThynkBlynk is a blockchain company that has created ChainTrail, a blockchain data interchange platform with offices in the UAE, India, Singapore, and Malaysia. UNLOCK interviewed ThynkBlynk CEO Mr. Parag Jain who discussed what they are doing and their projects in the UAE.
According to Mr. Jain, “ We are working to create a world were data and documents exchanged for business and formal interactions are digital, 100% reliable, where security and privacy is protected at all times.” With this in mind ThynkBlynk developed ChainTrail as an interparty trust enabling platform built on Ethereum Enterprise Platform in private consortium mode. As he explains, “We distribute data fingerprints on the nodes, creating trust and ensure that we fall within the guidelines of sovereign data regulations.” Jain talks about data interchange which is based on issuers, consumers and verifiers, all working together to create Blockchain interchange trust network empowering people and businesses with reliable data instantly. ChainTrail relies on institutional Trust Creators’ consortiums locally or globally, powered by Blockchain networks. Simply put, Blockchain enables distribution of anonymised and immutable data signatures within the Trust consortium. Any data issued, eSigned or endorsed within ChainTrail becomes instantly verifiable and forever reliable. Through its Trust ecosystem, ChainTrail delivers 4 key outcomes:
Jain believes that Blockchain should meet the needs of businesses and governments today in the real world, the world will not change for blockchain so blockchain has to come to the real world of today. It has to have practical easy to use format where users don’t even know they are using blockchain. As such Chaintrail is a simple to use, secure and an ever available interparty trust enabling platform. As Jain explains, “Chaintrail can be used wherever there is a need for document issuance verification and consumers. This is in all sectors, whether banking, governmental, education and others. Our service is horizontal and we see ourselves as enablers of data interchange.”
A simple example is a bank statement, the data owner is the person himself, the bank statement creators are the banks, and the bank statement consumers, are other banks or any organization that the data owner allows. Chaintrail enables the interchange of this data.
In addition to clients in Malaysia and Singapore, ThynkBlynk is also working with several clients in the UAE. In September they rolled out ChainTrail within the HR department of Etisalat that has integrated its HR system into HR ledgers with full signatures on Chaintrail, including pdf documents with Machine readable data that can be accessed by data consumers such as Abu Dhabi Commercial Bank.
Another recent project is the Proof of Concept that ThynkBlynk is working on with Umm Al Quwain Emirate. As Jain explained, “Umm Al Quwain is requesting two projects to validate data exchanged between government entities in an effort to enhance internal efficiencies while providing world class service, under the concept of minimizing government while maximizing governance.” Using Chaintrail, government will continue to develop their revenue streams, while utilizing less time and paper trail.
ThynkBlynk in the MENA region is chaired by Mr. Ahmed Lootah, currently the CEO of Al Hilal Capital. ThynkBlynk will be working in Kuwait with the partnership of Microsoft as they have built Chaintrail on Azure platform. According to Jain Kuwait government is planning Blockchain implementations. Chaintrail is also part of the automation process of Cairo City in Sinai peninsula.