Over the years, blockchain technology has become increasingly popular for online transactions due to the enhanced backend security it provides. Furthermore, it is versatile and can be coupled with almost any aspect of digital in today’s world. However, Sri Lanka is still new to the concept of blockchain and its numerous benefits. Being a catalyst for the technology in Sri Lanka, Niftron is a services platform that helps businesses seamlessly integrate blockchain into their existing projects and products.
The startup recently raised Rs. 21 million in funding from the Angel Fund by the Lankan Angel Network and its investors. It’s also a graduate of the Sprialation programme’s class of 2020. The Spiralation programme by the ICTA recognizes and supports such startups looking to create an impact in the local tech sphere. This government-funded program provides seed funding, training, networking, market access, and much more to up-and-coming tech entrepreneurs on the island.
What is Niftron?
Essentially, Niftron works by converting digital elements of a business to blockchain tokens. The process is known as ‘Tokenisation’ and helps create a decentralised system, to which each user will be given a subsidiary account to access their data.
Marketing the phrase “BaaS: Blockchain as a Service”, Niftron caters to two open platform products. Upon registering as a User, the first acts as an inbuilt wallet and token management tool to those using blockchain technology for the first time. Once sufficiently familiarised, users may then proceed to use the platform as a Creator.
On this more advanced version, Niftron SDK or Niftron Creator may be used to integrate blockchain into their own applications. This may be done through inbuilt wallets on the platform or pluggable components available via a pay-as-you-use model. Both products by the company are built on trust and transparency, guaranteed ownership, security, and privacy to their clients.
Sharing feedback from their customer, Co-Founder & CEO of Niftron, Sharmilan Somasundaram, said, “We have found that Niftron reduces blockchain integration and development time by up to 80%, while cost reduction can be as high as 70%. The whole development with Niftron takes just a few weeks for large enterprise applications to only a few days or less for a small project, which makes business transformation very fast,”
The past, present, and future of Niftron
Founded during the COVID-19 pandemic, the journey hasn’t been easy for cofounders Sharmilan Somasundaram, Azeem Ashraf, and Jejeththanan Sabapathipillai. Further, there’s a massive gap between Sri Lanka and the rest of the world when it comes to blockchain integration. Hence, the startup surpassed a steep learning curve, investing massive amounts of time and capital during the initial stages of their operation.
In retrospect, the founders found that 2020 proved to be the ideal time for Niftron. The pandemic forced businesses to adopt digital solutions. Corporate leaders realized the importance of embracing technology and that it was here to stay. As a result, businesses need to be empowered with increased protection on their digital assets and transactions, with an almost non-existent risk of cyber tampering. These circumstances put Niftron in a unique position that allowed the award-winning startup to secure clients and funding.
Looking at the future of Niftron, the founders’ primary focus is the development and stabilisation of the platform in Sri Lanka since it is still in its primitive phase. Once the product is established in the country with a significant clientele, the co-founders believe that Niftron will be a worthy competitor globally as a blockchain integration platform. Discussions are currently underway with international companies to expand internationally. Much like blockchain technology itself, Niftron’s growth is predicted to be exponential in the upcoming years – both locally and internationally.