Professor Sunil Aggarwal (Dean, Blockchain Programs), IIIT Hyderabad, said on Friday that Blockchain is the future for all transactions because its inherent architecture protects information and fosters trust.
Professor Aggarwal addressed the webinar “What lies ahead: Cryptocurrency, Blockchain in India,” organized by FICCI. He gave examples of single- and double-entry systems of transactions, their evolution, and the bookkeeping revolution. He also highlighted how the Ledger Technology has changed with the introduction of Blockchain and now allows for the triple entry system.
He mentioned that Blockchain technology is promising and will make a difference in the world’s political, social, and economic order. He said that virtual currencies are becoming more popular and that governments must seize this opportunity to improve the economy and use blockchain technology to finance future projects and put money in ordinary people’s hands to restore purchasing power.
Ramalingam Subramanian is the Chief Marketing Officer at CoinDCX (a leading Crypto Exchange in India). He highlighted that crypto’s growth has been remarkable in recent years.
The CMO addressed the common misconception that cryptocurrency is not traceable and said that proper KYC systems could make cryptocurrency transparent, user-friendly and help to dispel that myth. He said that people and governments have many questions and thanked FICCI for providing a platform for information dissemination.
Ravi Patwa (Co-Chair), Policy Sub-committee, FICCI Assam state council, stated that Blockchain and cryptocurrency are today’s hottest topics. He said that everyone wants to understand and learn about these concepts.
Patwa stated that Bitcoin and other cryptocurrencies had flooded the internet, giving people the opportunity to make money online. However, investors and the public are still lacking information and understanding of these new technologies.