Getting The Fundamentals of Blockchain Right

Blockchain is most suited to businesses that operate in the realm involving the convergence of IoT, AI, ML, commerce and smart governance

Photo Credit : Subhabrata Das, Businessworld,

Blockchain Panel at CIO Imperatives (L-R: Brian Pereira, Prasanna Lohar, Rajesh Dhuddu, Raj Chowdhury and RN Mohanty)

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.

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