Blockchain is the future of all transactions: Dean, Blockchain Programs, IIIT Hyderabad

GUWAHATI : Prof Sunil Aggarwal, Dean, Blockchain Programs, IIIT Hyderabad on Friday said that blockchain is the future of all transactions as its inherent architecture safeguards information and promotes trust.

Addressing the webinar ‘What Lies Ahead: Cryptocurrency and Blockchain in India’, organized by FICCI, Prof Aggarwal while giving example of single entry and double entry systems of transactions, its evolution and revolution of bookkeeping process, highlighted that the Ledger Technology has evolved with the introduction of Blockchain and it now facilitates the triple entry system.

He also mentioned that Blockchain is a promising technology which will bring change in the social, economic, political and global order. He added that the world is moving towards virtual currency and government must take this opportunity to strengthen the economy by using blockchain technology to fund future projects and put money in hands of common people so that purchasing power is restored among citizens.

Mr Ramalingam Subramanian, Chief Marketing Officer, CoinDCX, (leading Crypto Exchange in India) highlighted that the growth in crypto has been phenomenal in last few years. Addressing the popular misconception that cryptocurrencies are not traceable, he said that with proper KYC system it can make cryptocurrency transparent and user friendly. He mentioned that at present people and government have questions which needs to be addressed and thanked FICCI for providing a platform for supporting information dissemination.

Mr Ravi Patwa, Co-Chair, Policy Sub-committee of FICCI Assam State Council said that cryptocurrency and blockchain are the buzzword in the world today. Everyone wants to know and understand these two concepts, he added.

Mr Patwa further said that cryptocurrencies like Bitcoin has invaded the internet giving people the chance to earn money without lifting a finger but information and understanding about these new technologies are incomplete amongst investors and public.