Hyderabad-based blockchain startup StaTwig has emerged as the runner up for the ‘Newsweek Blockchain Impact Awards 2019’, organized by American weekly magazine Newsweek. The awards aimed to recognize entrepreneurs and startups that are developing blockchain applications to accomplish social good. Apart from emerging as a runner up, StaTwig was also the only Indian startup to be nominated for the award.
StaTwig, which is also a part of startup engine T-Hub, was founded by Sid Chakravarthy in 2017. The blockchain startup leverages IoT, Artificial Intelligence, and Blockchain to track all products in the supply chain and gather data about each product. This data is used to prevent any sort of a failure in distribution. It also helps predict the demand and capacity levels, thus reducing cost and wastage. It also creates a permanent record of all failures in the supply chain, thus helping anyone involved in the entire process know exactly where there was a disruption.
“We were the only Indian company to be nominated and win so it’s a huge thing for us. Getting this award from a jury that comprises key decision makers within big social organisation such as UN, WEF is a great recognition within that community as well,” Sid told TNM.
The winners of the ‘Newsweek Blockchain Impact Awards 2019’ were SimplyVital Health, BitLumens, Chronicled, Grassroots Economics and Prescrypto.
“StaTwig’s commendable ideas made it one of six companies picked from across 50 countries to receive investment from the UNICEF Innovation Fund, in recognition of its potential and the importance of improving transportation of vaccines to the global health care system. The firm is also working in India to track the seafood supply chain, one of the most challenging projects of its kind in the world. This honorable mention recognizes that while much of what StaTwig does is still in the test phase, its ideas show enormous promise, and its success would have impact on a global scale,” Newsweek said while featuring StaTwig.
Apart from executives of Newsweek, the jury also included Amber Baldet, Co-Founder and CEO of Clovyr; Galia Benartzi, Co-Founder of the Bancor Protocol; Christopher Fabian, Co-Founder of UNICEF's Innovation Until; Alanna Gombert, CEO of the Digital Asset Trade Association; Saul Hudson, Managing Partner at Angle42 and Ashley Lannquist, Project Lead for Blockchain at the World Economic Forum's Centre for the Fourth Industrial Revolution.