Friday, December 1, 2017

Future of Blockchain in India

Prof Dr Bart Preenel, Belgium, Prof Dr Kouichi Samurai, Japan, me, Satyam Lokam , Microsoft and J A Chowdhury, AP. At ISI Panel discussion today. .

There was a panel discussion today at Indian Statistical Institute. This was at the end of a 3-day workshop on Blockchain. I attended the inaugural tutorial lecture and another on coding. Today I was at the panel discussion.
I learnt many things and i mentioned that on Wednesday 6th Dec we would have a strategy discussion to chalk out Bengal's approach.

Some key takeaways:
- The Bitcoin bubble will probably burst and it would be risky to deal in ICOs (initial Coin Offerings) and Cryptocurrency in the public sector.
- A government backed cryptocurrency with matching assets would be better than normal physical currencies as it would be less fungible and a traceable trail (because of embedded hash functions) and so chance of theft and black money would be less. There was a discussion on payment tokens for Self Help Groups using cryptocurrency. Japan has been trying a version of J-currency in this fashion
- Estonia and Sweeden are doing good work on blockchains. Dubai is also forging ahead.
- There are promising e-governance applications like smart contracts, land registry, car ownership, driving licences etc
- Crowdsourced infrastructure funding was also discussed.
- Bank / financial institution cybersecurity could be strengthened by blockchains
- Supply chain management
- International money transfers in real time (few seconds)

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