Indian industry to govt: Blockchain is the future

Industry leaders are vouching for blockchain, which is gaining prominence in various sectors including financial services, banking, insurance, retail, cloud and LoT. The industry leaders believe that government should adopt proactive steps in promoting it to realize its dream of creating a digital India.

Blockchain is a kind of digital technology, which not only supports cryptocurrencies but is also apt for businesses where a large amount of data needs to be processed, filtered and updated by multiple users.

According to a statement given by Microsoft India, "Microsoft Azure Cloud has been powering the exponential and disruptive growth of Blockchain and believes the convergence of public and private Blockchains to an ecosystem. It can already be seen that its potential to reach across non-fictional sectors is staggering in India." (Source: Gadgets Now)

Further, the company added, "Looking ahead, Microsoft is working with customers, partners, and the developer community to accelerate Blockchain’s enterprise readiness."(Source: Gadgets Now)

It was not a surprise to Sunil Sharma, Managing Director, Sales for Sophos India and Saarc, that Blockchain technology was mentioned and given the due importance during the Union Budget.

Sharma stated, "With the rise in Bitcoin’s popularity and a strong warning to act with ‘extreme caution’, the significant risks of choosing to invest in cryptocurrencies is apparent."

Raja Raman, Vice President at Sapient Consulting, said that the initiative to emphasize on technologies such as data analytics, AI, machine learning, printing and blockchain, will give India a vantage point in the journey of becoming a digital nation.

The Managing Director of Red Hat, India and Saarc, Rajesh Rege, is looking forward to the implementation of Blockchain and AI technologies. Rostow Ravanan, CEO, Mindtree is also of the opinion that allocating budget to Blockchain and other similar technologies could help deliver superior results.

Symantec, cybersecurity firm believes that Blockchain can be used for purposes outside cryptocurrencies such as its functionalities will be useful in interbank settlements through the help of loT.

Symantec also stated, "However, these use cases are still in their infancy stage and are not the focus for most cybercriminals today" (Source: Gadgets Now)

Cybercriminals will be more interested in users’ coin wallets and coin as these are much easier targets and provide higher returns too.

Source: techgig.com