The current pandemic situation has brought about rapid changes in various frontiers to what we consider a "normal" workflow. People have become increasingly dependent on digital solutions and have resorted to conducting transactions via online medium.
Although it has made our life easier, it comes with its own set of challenges. With the skyrocketing rise in the digital information traffic, only a few tools are available which can handle the volume with some efficiency and reliability.
In comes Dhiway, a startup co-founded by Satish Mohan, Pradeep KP, Sreevidya Satish and Amar Tubballi last year to establish “digital trust”, where the right variant of data is provided to the organisation to facilitate their decisions without compromising on privacy.
Bridging the trust gap
Dhiway claims that it aims to plug the holes when it comes to electronic exchanges and bring about a change in the brittle nature of the same. Data feeding comes with its own set of challenges and organisations face the threat of receiving forged data and outdated information that might prove to be detrimental to the business. Certain businesses must identify the authenticity of the data with a high-degree accuracy.
The startup provides a "Verifiable Data Exchange" platform where a verified transfer of data and information is done to ensure efficacy in decision-making and handling business. This provides a much-needed disruption to the expensive and siloed systems which couldn't facilitate streamlined data exchanges.
Dhiway's platform allows for faster and efficient verification of an individual on an automated, real-time basis which saves up on time and resources on behalf of the organisation. It is built around open-source projects and standards such as HyperLedge.
Its platform charts out the requirement of an organisation for digital verification and implements various tools to accumulate authentically and verified information from an individual without compromising on consent ethics.
The company is currently engaged with a security services organisation which has around 5,000 security-men on its payroll. It becomes essential for such companies to gain as much authentic information and background data as possible, without any degree of fraudulence or falsification whatsoever.
The path ahead
One of the biggest challenges which Dhiway continues to face is to convince people about the concept of “digital trust” and how necessary it has become in our daily lives. The founders believe that enlightening people about the necessity of the concept will take some time to gain traction.
At present, the company is mainly focussing on constructing technological platforms for companies and has eyed two specific sectors- education and financial services. It is also in talks with a few educational institutions to roll out its platform.
It is currently working on a few revenue streams, which include providing a SaaS model, licence fees and services that can provide connectivities which will enable blockchain technologies.
It currently competes with startups such as Veri5Digital, IDfy, inVOID and Yoti which provide similar B2B digital verification and authentication services.