Kumar is an Indian serial entrepreneur who has been awarded with Extraordinary Status by the United States government for his expertise in blockchain technology. Due to his vision and execution, Auxesis Group & Cashaa founded by Kumar have become two of the world’s Top 100 blockchain companies.
Kumar served as the Vice President for Innovation in various conglomerates and as an engineer who designed navigation systems for Ferrari and BMW. During his time in Italy, he also co-founded Darwinsurance, the first Italian peer-to-peer insurance platform backed by AIG and later acquired by Esedra.
Kumar’s journey in the blockchain space started after he read the Bitcoin Whitepaper written by Satoshi Nakamoto back in 2013, which later became the basis of his future endeavours. He was awestruck with the potential of this technology. Being a new technology he first trained himself to build a system which can benefit the masses. With a mission to educate people about blockchain, he made 50+ appearances as a speaker and advisor to the European Parliament, government forums and universities and became one of the top 100 most influential blockchain personalities in the world.
His vision led to the foundation of Auxesis Group in 2014. Over the years Auxesis has pushed blockchain innovation in partnership with governments and top Fortune companies across the globe. Auxesis Group has designed a blockchain network called Auxledger which has emerged as the world’s largest blockchain technology based network with a user base of 53 Million people and working with the likes of IBM & HPE.
Kumar founded Cashaa in 2016, which has been instrumental in expanding the horizons of blockchain implementation into banking industry. Cashaa turned out to be a revolution which was supported by 50,000+ people in its ICO raising over 33 Million US Dollars, in less than 4 weeks.
Cashaa has introduced a brand new model for executing financial transactions such as currency exchanges at highly affordable costs and superlative efficiency, while ensuring the complete security that is a hallmark of blockchain.
Team IncubateIND recently caught up with Kumaar and spoke to him Blockchain Technology and the sectors which are more likely to adapt Blockchain Technology and disrupt the way businesses in the past have been running
Tell us something about yourself and what Cashaa does?
I am an Indian serial entrepreneur, international speaker, and was awarded with an extraordinary status by the United States government for my achievements in blockchain technology, and was also ranked among the Top 50 Innovators from the Industries of the Future. My keen interest in blockchain technology, Banking, Crypto-markets and digital economy inspired me to deliver speeches at premier institutes like IITs, TieCON, TechCrunch, government forums and numerous conferences across the globe. Presently, I am Founder and CEO of Cashaa and Chairman of Auxesis Group.
I started Auxesis Group in 2014, which quickly emerged as a leading enterprise solutions development firm in India and internationally, and which today with its flagship product Auxledger is running over a dozen applications for Indian state governments, including having onboarded over 53 million users.
I founded Cashaa in 2016, after I came up with an entirely new concept of digitizing the current banking framework by means of blockchain technology. The Cashaa wallet will solve individuals’ and businesses’ problems with today’s banking systems. Its comprehensive features enables users to easily manage fiat and crypto, including being able to store, save, spend, receive and borrow local currencies and cryptocurrencies across the globe in a legally compliant way. For startups in the cryptocurrency and token sphere as well as any established business looking to enter this industry, it will provide much sought-after business banking facilities and will enable to easily conduct legally compliant token sales. In this way, we are a hybrid bank, the bridge between new and old money, enabling everyone to get the best of both worlds without regulatory complications. The Cashaa wallet is scheduled to launch in October in Europe, followed by India in Q1 2019, whereas the first businesses have already started to accept CAS tokens in their token sales and have been lining up for our future services.
What inspired you to do this and how has your entrepreneurship been so far?
Aside of the problems being faced by the huge proportion of unbanked and underbanked people across the globe, I in the past years also came across the issues being faced by many companies in our industry, which are building some of the most advanced, exciting services in the world, while having to struggle with the basic problems of not being able to open a bank account. I decided it would be a great opportunity to help all these initiatives focus on what they do best, and help them get rid of unnecessary hurdles.
So far, I along with my team have been successful in bringing the vision much close to reality.
We earlier this year were awarded Technology Provider of the Year 2018 by The Small Business Awards in New Delhi.
We have most recently been nominated as “Best Fintech for People” startup by the second-largest Spanish Bank BBVA in their annual Open Talent Awards which represent the largest fintech competition worldwide, and were also nominated by TechCrunch’s The Europas Awards as “Hottest Financial Crypto Startup”. Furthermore, we are a member of the prestigious Level39 Accelerator, Europe’s largest Fintech Hub.
What do you think, Is Blockchain a fad or revolutionary technology?
Blockchain has the potential to serve in several ways. Whether it is by facilitating low-cost currency exchanges, peer-to-peer payments, loans syndication, KYC, cross-border payments, virtual currencies, remittances and preventing bank frauds, to only name a few in the financial sector, additionally, there are numerous applications in non-financial industries and government. Thus, I consider it as a revolutionary technology which can serve the entire population.
Can blockchain and Artificial Intelligence co-exist?
Blockchain and AI individually are the two extreme sides of the technology spectrum! AI being focused over fostering centralized intelligence on close data platforms while blockchain evolves around promoting decentralized applications in an open-data environment. Now, if we combine these two major technologies we’ll be able to deal with complex problems that previously seemed impossible and impractical. As examples, their co-existence can introduce a new decentralized learning system such as federated learning by means of AI, it can bring up a more secured and efficient transaction platform that ensures user-end privacy.
Which sectors have adapted blockchain the most?
Blockchain technology has created new possibilities that previously seemed impossible and impractical. It is a matter of fact that this technology is evolving at a very fast rate. Due its wide range of applications it has been adapted in the following sectors, among others:
- Identity: Secure, cheap identities, as implemented by Indian State Governments having secured over 53 Million identities using Auxledger
- Banking: To facilitate efficient, secured and low-cost transactions.
- Voting: Creating a tamper-proof verification process ensuring it is fair in all terms
- Media: Preventing piracy and copyright disputes.
- Healthcare: Ability to securely transmit data between two parties is already being put into practice in health care
- Cloud Storage: More efficient and less expensive provision to store data in the cloud space.
Which industries will the blockchain disrupt in future?
Since blockchain technology is growing at a very fast rate, it is expected that in future it will further enter areas like:
- The Real Estate Industry:
Presently, buying and selling in real estate industry involves lot of paperwork and it becomes cumbersome. In near future, all of the documents and transaction records will be stored securely with measurably less efforts and less cost by using blockchain.
- Legal Industry:
Blockchain technology will be widely adopted to disrupt some areas of the legal industry by being able to store and verify documents and data.
- Education Industry:
Blockchain technology will make an impact over the education industry by creating a global community of faculties, students, campuses, and curriculums.
According to you, how does blockchain affect economic growth and development?
Blockchain technology by no doubt is one of the fastest emerging technologies that are meant to make an impact over all major sectors in the world. In my opinion, it will be quite promising in dealing with four major development challenges:
- Facilitating faster and cheaper international payments
- Providing a secure digital infrastructure for verifying identities
- Securing property rights.
- Making aid disbursement more secure and transparent.