The Vision Behind TransCrypts
Four and a half years ago, Zain Zaidi faced a significant hurdle while applying to graduate school: his academic transcripts were lost due to an administrative error. This unfortunate incident nearly jeopardized his acceptance into the program, prompting Zaidi to reflect on the consequences of not being able to verify one’s academic credentials. Realizing the impact such a situation could have on an individual’s life, he was inspired to create a solution.
From Student to Entrepreneur
Rather than pursuing his graduate studies, Zain Zaidi channeled his energy into founding TransCrypts, an innovative startup focused on streamlining the verification of employment information for companies. Recently, TransCrypts garnered significant recognition by winning CoinDesk’s Pitchfest at Consensus Hong Kong, a testament to its potential in the blockchain space.
Empowerment Through Self-Sovereignty
Zaidi passionately believes that individuals should have the ability to verify their own identities and credentials. “If we can’t prove data about ourselves, we lose an essential part of who we are,” he stated during an interview with CoinDesk Live after his victory. TransCrypts empowers users with “self-sovereignty” over their identification information, utilizing blockchain technology to securely prove their credentials on-chain.
Rapid Growth and Future Expansion
Currently generating approximately $5 million in annual revenue, TransCrypts is on an upward trajectory. While the startup initially focused on employment verification, it is now poised to expand its services to include medical records and academic records, further enhancing its value proposition in the market.
A Rewarding Win
As the champion of the Pitchfest, TransCrypts received a prize package that included $10,000 in tokens, a trophy, and ten coaching sessions to support their continued growth and development.
Spotlight on the Competition
Coming in as the runner-up was CredShields, an automated auditing platform designed to scan, manage, and remediate vulnerabilities in Solidity smart contracts. The Pitchfest featured a total of ten competing teams, including finalists Oneverse Technology and Liquidium, along with semi-finalists such as Apillon, Domi Chain, GoSats, iBTC, NettyWorth, Tokenyze, Vanilla Finance, and Zypher Network.
Presented by Dimitra, a token and toolkit aimed at empowering smallholder farmers, the event showcased the innovative spirit of the blockchain community in Hong Kong.
