Getting The Fundamentals of Blockchain Right
Blockchain has been associated with Bitcoin crypto currency mainly catering to banking and fin-tech companies. Now it is slowly moving into other industry verticals like manufacturing, automobiles, life sciences etc. The blockchain is most suited to businesses that operate in the realm involving the convergence of IoT, AI, ML, commerce and smart governance.
Addressing the technology adoption perspective Rajesh Dhuddu, SVP – Quatrro Processing Services said, “Legal execution in Blockchain is fully automated. Internationally a lot of development is happening and in India, some section is aware of the benefits and a lot of awareness needs to be created.”
According to Raj Chowdhury, Blockchain and Cryptocurrency Advisor, Investor Consultant, “There are private Blockchains and public Blockchains. In private ones, participants are known to each other since their identity is revealed where as in Public ones like Bitcoin, the participants are unknown.” “In a very short span of time, Blockchain is going to be implemented in India too with proper regulation in place,” he added.
Commenting on the trends in the past and emerging trends, Prasanna Lohar, Head Technology (Digital Banking) – DCB Bank said, “Blockchain is a secured database and we need to create awareness programmes to make use it in various sectors.”
Speaking about the Blockchain in manufacturing sector, R N Mohanty, President Technology, Pedilite Industry Ltd. Said, “Industrial IoT is a new concept in the manufacturing sector.” “Blockchain combined with IoT is a huge advantage for the manufacturing sector,” he added.
“Value of Bitcoin is decided by the supply and demand. It is an element of speculation and fundamentals of various factors,” explained Dhuddu. The functionality of Blockchain is written on open community platform, he added.
The next stage of Blockchain is going to be the convergence of IoT and commerce. Banks in India with Blockchains are getting more business from abroad, especially from GCC countries observed Chowdhury while Mohanty concluded by saying Blockchain is very useful for the humanity and it is going to be the way forward.
