According to Economic Times a Mumbai-based blockchain startup – Elemential – has successfully raised its seed funding target, led by Matrix Partners India. The round also saw participation from Investopad, Lightspeed India Partners, Digital Currency Group, Hinduja Group, Eight Innovate and several notable angels such as PayU India’s Amrish Rau, SlideShare’s Amit Ranjan and former Facebook executive Prashant Malik.
Although the funding amount has not been disclosed, Elemential will utilise it for team expansion to cater to its global demand.
Making it Easy to Build and Manage Blockchain Networks
As middleware, Elemential’s product can be used by application developers of all kinds to build a blockchain network and manage it. Elemential’s products Hadron (orchestration tool) and Elements (building blocks) enable building of such scalable blockchain applications smoothly by resolving hiccups in smart contract programming and management of the blockchain.
“Blockchain orchestration and management is a fundamental challenge in the blockchain ecosystem that’s a roadblock to scalable implementations,” said Raunaq Vaisoha, cofounder of Elemential. “With Hadron, our focus is to make managing a blockchain network an easy process with a short learning curve”.
The blockchain startup is working with the National Stock Exchange (NSE) of India and several other pilot customers across various cases that vary in their usage from KYC, trade finance, reconciliation and consent management. It also counts some leading capital market players as its clients.
What is Hadron?
Imagine the website handling, content publishing and its control with and without WordPress. A user can publish his or her content without using WordPress too. However, it’s WordPress that makes the entire process seamless, easy and impactful.
As per Raunaq, Hadron is a freemium middleware, much like WordPress plugins which are used to control and monitor websites. The middleware admin console helps manage the blockchain. It manages everything in blockchain – keys, stakeholders, smart contracts and so on which otherwise is very difficult in the case of blockchain.
Acting as an interface between the application and the infrastructure, Hadron helps manage the protocol layer, based on the inputs that come from the application side.
Thus, Hadron’s work could be divided into three parts: Deployment, Stakeholder Governance and Intelligent Orchestration.
To ensure the security at the middleware-end, Raunaq says,
We have developed a utility protocol Federated Network Protocol (FNP) that controls the Hadron. This ensures the security of the Hadron. If at all any bug comes, the protocol removes Hadron and reinstalls it,
The protocol acts as a moderator and administrator, which further derives its security from the blockchain. The company has also filed a few US patents pertaining to the product.
There is also a coin called Hadron Coin and Hadron Cloud mining, to which Raunaq clarifies that their Hadron admin console is completely different and independent from the above-mentioned Hadron cloud mining.
Since Hadron does not get involved in DApp frameworks, irrespective of the applications and platforms, it’s easy to install it with all the blockchain platforms such as Hyperledger and Corda, and applications such as smart contracts, banking solutions or shipping, etc.
Rajat Agarwal, vice president at Matrix India said,
Blockchain is the next big infrastructure shift in technology and we are looking to invest in startups that are capturing value at the core infrastructure, middleware or application layer.
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