The blockchain and AI solutions company, BirthVenue Growth Solutions, was announced as the winner of the highly coveted R3 Corda Challenge on December 8th, in the first-ever Corda Challenge in India. The prestigious Corda Challenge, recognizing BirthVenue’s success in providing innovative blockchain solutions for invoice discounting. R3 Corda brings together many BlockChain solution companies from all parts of the country to review the latest developments in the digital ledger community.

This year’s (2020) challenge was to create a purchase order invoice discounting application and it was a 3-round challenge. Their team noted down the problems that current deep tier financing faces such as mistrust amongst the players, authorization being with a central party (e.g. Banks, LoC’s, etc.), fraud, alterations, later trade disputes, manual processing of paper-based documentation, manual modes of communication to name a few. They went on to propose an end to end digital infrastructure equipped with a trade facilitation platform equipped with a blockchain-enabled KYC process which reduced valuable resources involved in the on-boarding process.

The main focus was to focus on financial choke points which would map the credibility of the users established by the profile history on the platform. This created the potential to provide a large variety of product offerings, settlement conditions, and payment terms.

The company launched in September 2018 has differentiated itself by the quality of decentralized projects delivered to date and has continually contributed to improving the way that blockchain is adopted in the country. “We are extremely happy to have been recognized as one of the best solution providers for Blockchain-enabled discount based invoicing solutions in the country by R3 Corda”, said Sabarish Nair, Director of Operations at BirthVenue. “Blockchain is going to enter pretty much all the industry verticals in the coming years, ranging from education to supply chain to fintech and many more”, He added. Lakshay Taneja, Strategy and Partnerships noted - “We are looking forward to work closely with Federal Bank and R3 as part of this win, to make this project a huge success”

BirthVenue now plans to capitalize on the wide recognition its product has garnered in the market by deploying more products in AI & Machine Learning. Their recent product in InsureTech has already been adopted by TrueCover and is currently working with TradeFi companies like Origo. Their mission is to make the world a better place by providing next-gen technology solutions to leverage the impact of companies on society and community wellbeing.

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