February 19, 2024
In an exclusive interview with NFTMetta Journalist, Sidhharth Ugrankar, CEO of Qila.io speaks about blockchain as a service platform. Qila.io leads the blockchain revolution with a vertical-agnostic approach, offering tailored solutions like PrivaSea and GoTrust. The platform ensures scalability through a centralized approach and addresses security challenges with distinct layers, including encrypted Smart Contracts.
Qila.io anticipates a significant impact on digital transformation, emphasizing blockchain’s decentralized nature, real-world asset tokenization, and enhanced data privacy. Compliance is prioritized by focusing on tokenization as a digital contract, and robust privacy measures include blockchain security layers, encryption, and exclusive data access through a mobile wallet application.
Q: Can you provide an overview of Qila.io and its primary objectives in the blockchain technology space?
A: Qila.io is a blockchain as a service platform. Our two distributions, Ark (shared infrastructure) and Ark+ (dedicated infrastructure) is a managed infrastructure service for blockchain applications. Using subscriptions for Ark or Ark+, enterprise can quickly and seamlessly adopt blockchain use cases in their applications. Our primary objective is to simplify blockchain technology by providing easy-to-use integration tools and manage the whole blockchain infrastructure for our clients. This will in turn accelerate blockchain adoption within businesses.
Q: How does Qila.io differentiate itself from other enterprise blockchain solutions in the market?
A: We have two key differentiators, our solution workflows, PrivaSea and GoTrust. These solutions are pre-defined workflows that help companies tokenise their physical or digital assets and in turn providing authenticity and confidentiality of their products to their customers. For example, PrivaSea is a Mobile Wallet solutions designed for companies that have to provide authenticity proof for their products. PrivaSea enables Luxury Brands such as Rolex, to issue ownership certificates in the form on tokens on a blockchain. These tokens have lifetime value and can be managed and collected by the buyer through the PrivaSea wallet application. This wallet application can be downloaded from the respective app stores.
Q: What industries or sectors do you see benefiting the most from Qila.io’s enterprise blockchain solutions, and why?
A: Qila.io is a vertical agnostic solution. Blockchain can be implemented in any industry verticals across many various use cases. Besides the luxury goods use case, we envision blockchain to make a strong impact in the healthcare industry. Using blockchain, patient data can be protected and control can be given with the owner of the data and also kept secure from hackers. A majority of healthcare information such as diagnostic data is available in the public domain and gets misused very frequently. Blockchain offers a solution to protect the secure transfer of information because of its encryption capabilities.
Q: How does Qila.io address the scalability and security challenges typically associated with blockchain technology?
A: Scalability: The scalability challenge of Blockchain is addressed using a centralised approach. In this case, the nodes that are responsible for performing the validation and storing activities are customised for speed and power. This is unlike the challenge with public networks such as Bitcoin where the nodes are controlled by independent entities participating in the network. Other public networks such as Solana have taken a centralised approach to offer speed and power over decentralisation for this reason.
Security: Qila is made up of two distinct layers:
- a.Qila Management Interface: This is a stand alone password enforced management interface. It follows standard web2 security practises with respect to the network and application set up. The API requires a security key that is revealed just once. If the client forgets or loses the key, they will be required to generate a new key.
- b.Qila Blockchain Platform: The blockchain platform is a standalone system that provides a unique API key to the Qila Management Interface. The blockchain platform provides state of the art blockchain technology security features.
The two interfaces are mutually exclusive and follow their own security protocols. This will help prevent bad actors from trying to gain access to the data stored on the chain. In addition to this we are also implementing security layers around Smart Contracts. Smart Contracts are executable lines of code that are stored on the chain. In order to avoid any malicious activities, we will be using the latest AI tools to screen all Smart Contracts before they are written to the chain.
Q: Please discuss the potential impact of blockchain technology on digital transformation efforts within enterprises.
A: The original state of the internet was known as Web1. This meant that there were machines and servers that hosted information and in order to get that information, you had to connect to that machine and access that information. Since this proved to be extremely inefficient, companies like google and Microsoft started creating a centralised or federated internet which is known as Web2. In Web2, where most of the internet is currently operating in, consists of 5-6 entities that are catering to the needs of the users. Web2 however has proven to be an issue with respect to data privacy and flow of information.
As the world moves towards improving privacy and data accessibility blockchain is at the forefront of technologies providing this support. Due to its decentralised and distributed nature, Blockchain wrests control with the individual and not the enterprise. Realising this, more and more enterprises will prefer implementing blockchain in some shape and form. Moreover, the blockchain’s ledgering and security features provide great benefit to the enterprise. Real World Asset Tokenisation is a blockchain use that will drive the technology adoption within enterprises. RWAT is the process of creating a digital footprint of a physical or digital item that is immutable and irreplaceable hence providing a distinct proof of ownership and authenticity.
Q: How does Qila.io ensure compliance with regulatory requirements, especially in industries with stringent regulations?
A: The regulatory controls are more in the crypto segment. Crypto is one of many blockchain use cases. Qila does not offer any cryptocurrency services on its platform. The tokenisation is more of creating a digital contract of an item. At the core of it, Qila Blockchain is a database service compliant with all IT regulations.
Q: How does Qila.io prioritize privacy and data protection within its blockchain solutions, especially in light of increasing concerns over data breaches and cyber threats?
A: Blockchain technology is a bunch of blockchains that are chained together using a hash identifier. This identifier contains information of only the block’s previous block. So its virtual impossible to be able to know where the chain of blocks exists within the network. This makes the network extremely secure. This is over and above the fact that the information contained inside the block is also encrypted and can be decrypted with only the certificates from the authority server.
To add another layer, the data inside the block will always be assigned to single or multiple entities and can only be accessed using our mobile wallet application.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
