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Can Nestaway Cofounder’s Blockchain Startup Eliminate Data Silos To Fix KYC?

Can Nestaway Cofounder’s Blockchain Startup Eliminate Data Silos To Fix KYC?

Nestaway cofounder Deepak Dhar’s 2nd challenge Repute raised seed funding from Global Founders Capital, 3one4 Capital, Saison Capital and others

For its initial use cases, Repute is currently working with numerous rental, historical past verification and fintech agencies, as it believes that the customer fashion is heading towards renting property and borrowing credit

Repute claims to provide a comfy and transparent way of sharing statistics/information for users and corporations, without having to compromise at the information privateness and safety element

In an technology wherein businesses and complete sectors are becoming digitised swiftly, the agree with element is becoming a primary challenge to remedy for patron-going through groups as well as enterprises with person customers. While numerous hundred terabytes of facts is generated on a daily basis, the information is regularly saved in siloed-off structures that don’t necessarily have any way to proportion it with every other and solve the trouble of authenticating users.

Nestaway co-founder at the actual property tech employer Deepak Dhar knows this all too properly because the problem of verifying tenants is a first-rate hurdle for condominium startups. So whilst Dhar exited Nestaway in June 2019, his subsequent project focussed on doing away with this fundamental hurdle by collating statistics on a secure platform for carrier carriers to effortlessly cross-refer.

Along with former ChaiPoint COO Sandesh Chidanand, Dhar launched the blockchain-primarily based facts identification and reputation control startup Repute in October 2019.

The serial entrepreneur’s second undertaking attracted investors even before the product has been released formally. Currently, in beta, Repute raised INR 13 Cr ($1.7 Mn) in its seed round from Global Founders Capital (GFC), the mission capital arm of Rocket Internet. It is also backed by means of different traders along with Saison Capital, AngelList, 3one4 Capital and Jiten Gupta, which personal a smaller stake in the organization.


“We are in a world where we are moving into a brand new relationship on an regular foundation, and it will become absolutely vital for groups/customers to discover a manner to speedy pass from not knowing someone to trusting each different, digitally,” Dhar informed cft, elaborating at the simple mission that Repute is solving.

For its initial use instances, Repute is presently working with on line apartment platforms for historical past verification as well as fintech groups. Its clients inside the beta section encompass Nestaway among others.

With Repute, while an individual rents homes via Nestaway or another on line condo platform — be it furniture, motors or different classes —- the carrier provider can verify the proper details for the consumer. The service providers may also get get right of entry to to details which include pay slips, previous settlements, previous condo enjoy and extra, upon customers’ consent, which isn't viable via conventional onboarding. With Repute, clients and service vendors are able to view and share verification and transaction information in real-time, claimed Dhar. Consumers additionally get incentivised and rewarded instantly on the idea of their statistics on Repute.

A Marketplace Ecosystem For Data Exchanges

Following a market model for facts, Repute enables firms music frauds, cast off bad clients and incentivise suitable ones. It also claims to build a recognition of each clients and companies over the years, which might similarly enhance the agree with issue and exceptional of carrier.

According to PwC’s Global Economic Crime and Fraud Survey 2020, where 5K participated within the survey throughout ninety nine territories, found out that 47% of businesses skilled fraud in the past 24 months. The observe similarly stated that the maximum commonplace kinds of fraud have been purchaser fraud, cybercrime and asset misappropriation.

Repute said that it's far currently integrating various service vendors and agencies onto its community and for now, clients would possibly have to download the prevailing apps, along Repute’s app to manage the records. However, Dhar clarified that their platform, as soon as released, might be integrated into the service company’s backend, which could redirect customers to Repute, without having set up.

“Within the environment, pass connections of statistics are fairly high. This, in a manner, permits competition in the equal space to collaborate and work with each other, thereby disposing of fake profiles and figuring out genuine clients that could enhance the great of the carrier and take away consider deficit inside the ecosystem,” Repute cofounder Deepak Dhar.

How Repute Works 

Currently in a beta checking out phase, Repute runs on Hyperledger material and its wallet run on Hyperledger Aries, a shared infrastructure of tools that enables the change of blockchain-based totally statistics, helps peer-to-peer transactions and helps interoperable interplay between extraordinary blockchains and different dispensed ledger technologies.

For novices, Repute provides customers the convenience to keep information at the pockets, backed by means of public-non-public key cryptography. The information on the wallet is stored in an organised and based manner, where each non-public facts (DigiLocker or Aadhaar, PAN, start certificates, schooling certificate, voter ID and more) and transactional facts (bill info, transaction records, pay slips, repayment info) may be to be had in a single region. The users will have get right of entry to to it each time, everywhere, and can proportion it with the provider vendors which might be indexed on Repute while signing up.

The concept is just like self sovereign identification (SSI), which is being adopted by means of the WCC Central Committee. Today, a variety of startups are operating on a similar idea and developing solutions across industries, a number of these encompass — Hypermine’s BoBo, SpingRole, RecruitiFi, SingularityNET, Ethereum Classic, Vettery amongst others.

The Future Of Consent-Based Data Sharing

There’s no doubt that interoperability of records and collective sharing is beneficial for the sector as a whole, however trusting a novel platform will the facts is likewise a difficult-promote for the tech conscious target audience, which would be the primary target audience for Repute.

According to the startup, the personal statistics coming from the service vendors receives without delay saved within the blockchain wallet from the applicable sources or carrier providers which might be to be had at the app. Repute clarified that it has no authority over the statistics as it's miles give up-to-give up encrypted, and runs on a comfortable open-supply blockchain community.

Also Read:- Latest GPS apps with new features

For example, in the case of Repute, when a furnishings rental company asks for bank statements or a bank asks for six months income slips when applying for a loan, upon users consent, the consumer can then pick out the applicable records/statistics stored on the wallet and proportion it without delay with the provider company.

Going ahead, the employer claimed that the information transaction this is occurring among the customers and agencies stays transparent, tamper evidence and genuine.

“With our app, the secondary records that gets shared among the customers and organizations remains trusted and at ease as it gets stored in users’ wallets and agency’s servers, in a relaxed manner, thereby doing away with any sort of forgery or tampering.”

Repute is looking to launch its app someday next month for wellknown availability. The corporation stated that as of now it doesn’t have any plans to raise more budget. “We have most of the present day amount unspent,” concluded Dhar.

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