KOCHI: Jithin V G, a city-based entrepreneur and co-founder of Accubits Technologies Inc, a company which provides blockchain solutions to its clients is part of Chainsat, a mission which aims to launch the world’s first enterprise blockchain satellite. “The satellite development is underway and we have sent applications for getting the initial patents. The design and the software used for ledger communication has already been completed. We are expecting to launch it by January 2021,” said Jithin.
One of the reasons for launching the project according to Jithin, is to enable private enterprises to share their data through a secure network. The existing blockchain communication channel requires companies to use the internet which does not satisfy their security needs. Another limitation is the low internet connectivity in rural areas, especially in North India. The hardware parts of the satellite will be supplied by DI Invest, a company based in Switzerland on a contract basis. From a business point of view, executing the mission successfully would also help Jithin in popularising blockchain technology among enterprises and other financial institutions in the country and specifically in Thiruvananthapuram.
“Although there has been hype around blockchain in 2016 and 2017, companies and financial institutions such as banks are still yet to employ the technology. They fear that sensitive information could be hacked since it uses internet as the platform,” said Jithin. Although, the blockchain satellite will be completed by Accubits next year. Around seven more are needed to make the communication channel more effective and fast. “It takes around 16 minutes for one satellite to deliver a message. So the message cannot be delivered in real time. The total cost of building all the satellites will come to 10 million US dollars,” he said.
Jithin had co-founded Acubits in 2016. Interested in technology and business from a young age, he had to face a lot of challenges initially to gain more expertise in the field. ‘Cino’, the first product he built with his friend Ditto during his school days was a failure. “Our aim was to make internet available on non-smart phones. But we could not raise enough funds for making it a success back then,” he said. It was the success of their second product ‘Merchant’ that enabled him to form Accubits.
Coming from a middle class family, it was also not easy for Jithin to convince his parents regarding his career choice. “Like most middle class families, my parents also wanted me to lead a settled life by securing a government job,” said Jithin.
l Helmed by Accubits Technologies Inc, the project will enable private enterprises to share their data through a secure network