Four and a half years ago, Zain Zaidi faced a major setback while applying to graduate school. An administrative error resulted in the loss of his academic transcripts, jeopardizing his chance at further education. This experience imparted a profound understanding of the critical importance of verifying academic credentials and how easily one’s life trajectory can shift based on such documentation.
Determined to prevent others from facing similar challenges, Zaidi pivoted from his original plan of attending grad school to founding TransCrypts. This innovative startup focuses on simplifying the verification of employment information through blockchain technology. Recently, TransCrypts showcased its potential by winning CoinDesk’s Pitchfest at Consensus Hong Kong.
Zaidi emphasizes that without the ability to substantiate our data, we risk losing critical aspects of our identities. “We as consumers can’t actually verify who we are, own who we are,” Zaidi remarked in an interview with CoinDesk Live after his victory. This belief underpins the mission of TransCrypts, which aims to grant individuals “self-sovereignty” over their identification information by proving it on the blockchain.
Remarkably, TransCrypts currently generates approximately $5 million in annual revenue. Following its successful launch into the employment verification space, the startup plans to expand its services to cover medical records and academic credentials.
The recognition from CoinDesk’s Pitchfest comes with rewards that include $10,000 in tokens, a trophy, and ten coaching sessions, further propelling the startup’s momentum.
In the runner-up position was CredShields, which offers an automated auditing platform designed to scan, manage, and rectify vulnerabilities in Solidity smart contracts.
TransCrypts competed with ten other innovative teams at the Pitchfest, including notable finalists such as Oneverse Technology and Liquidium, along with semi-finalists like Apillon, Domi Chain, and Vanilla Finance.
The entire event was graciously presented by Dimitra, a platform dedicated to providing tools and tokens for smallholder farmers.
