Narayan Neelakantan, a former chief information security officer at NSEiT, a subsidiary of the National Stock Exchange of India Limited (NSEIL), has decided to counter the alarmingly growing incidents of cybersecurity in the world by leveraging the power of the swiftly growing Blockchain technology. In order to do the same, he has recently launched a startup powered by blockchain technology for cybersecurity called Block Armour.
The startup will be effectively making use of blockchain and other emerging technologies of the world for the purpose of providing software-defined perimeter for digital signature based authentication for devices, data and humans in an effort to curb growing cybercrime cases in the digital world.
Based out of Mumbai, India, Block Armour’s main aim is to counter cyber security challenges in bold new ways – smarter, faster and at a fraction of the current cost.
According to the startup’s website, the recently launched startup will be starting by bringing together best IT security practices, cybersecurity insights and emerging technologies to provide a base for a new breed of identity management, rights management as well as a information integrity solutions. Their goals is to provide the world with easily deployable, scalable and cost-effective next-generation enterprise-grade cybersecurity.
The startup is also addressing the growing concerns over the security of Internet of Things devices and is working towards safeguarding connected devices and networks in the Internet of things (IoT).
Last year, Mirai, the malware had spread and infected internet-connected devices in over 177 countries all around the world, causing one of the worst denial of service cyberattacks that the world had experienced in the last few years. This particular incident had actually made a lot of IoT device owner vary of IoT.
According to an interview given by Neelakantan to Deal Street Asia, the concept of Block Armour had been under development for some months, during which the team had discussed the concept with a few experts within and outside their network so as to validate the concept. The startup is now launched and actively building the prototype. It is also looking to raise funds and is already in talks with venture capital firms to raise between $850k to $1.5m. The company is needs of funds so as to complete its prototype development, launch it in Beta, develop a few key partnerships on the way and make the solution reach early-adopters in key market segments.
Neelakantan believes that with the Indian Prime Minister Narendra Modi pitching the country the concept of digital India, a blockchain based digital solution for cybersecurity like Block Armour has a huge potential to grow and prosper.