Zeeve: Spend on blockchain and witness sharp increase

Global spending on blockchain technology is projected to reach $19 billion by 2024, growing at a CAGR of 42%, an IDC study has said. Over the past two years, the conversation around the technology has moved beyond concepts to applications, both inside and outside the enterprise, and in public and permission-based blockchain networks.

Zeeve takes advantage of the growing demand and aims to establish infrastructure functions in blockchain globally. “Our growth is a reflection of how the blockchain market has expanded,” said Ravi Chamria, co-founder and CEO. “When we started out, we built entire nodes, the complete infrastructure. As the market matured, we got into application programming interfaces (APIs) for various public protocols, because not everyone wanted full nodes, he adds.

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With blockchain demand evolving, Zeeve is now building its own indexing protocols, search engines, privacy and security features, and sophisticated dashboards for advanced analytics. “BFSI and telecom are two of the biggest industries we operate in. Consortia, supply chain finance solutions, decentralized finance exchanges (DeFi), non-fungible token (NFT) marketplaces and prediction markets are the main areas we work in today.” says Chamria.

Zeeve follows a software as a service (SaaS)-like subscription model for its API business and charges its customers on a monthly basis for each node it builds and maintains for them. Having seen investments of over $2.5 million, the business is profitable, with protocol partners accounting for major revenues, followed by enterprises. “Although businesses are expected to generate large revenues, the adoption is gradual and limited for now,” says Chamria. “They usually start with 20-30 nodes, and only if they grow to over 1,000 nodes do they become a big business for us. Public protocols, on the other hand, are past that level from the start,” he adds.

With the emergence of virtual worlds like metaverse and growing popularity of virtual games like fantasy leagues, Zeeve sees a huge opportunity for blockchain’s application in the Indian market. “In the metaverse, a person’s digital identity will be a smart blockchain contract. Since there will be millions of such contracts, we see Indian startups actively entering the metaverse space. In addition, NFTs are gaining traction with Indian fans and collectors, which is a big plus for us, says Chamria.