Though in its nascent stage in India, Blockchain Technology has got immense potential to transform governance and industry the way it works. Experts from world over have agreed to this in a day long discussion at APAC Virtual ‘World Blockchain Symposium’ held on Wednesday. Global experts from US, Brazil, Thailand, Netherlands, Ireland and along with top policymakers from India and digital transformation leaders from banking, pharma, agriculture and manufacturing sectors attended the event and discussed on various aspects of Blockchain technology.
Several state governments in India are adopting blockchain in agriculture. Speaking in the inaugural session: Rescripting new age of trust, security, traceability, and transparency in governance through Blockchain Technology: India & Global perspective Manoj Mishra, Secretary, Electronics & Information Technology Department, Government of Odisha said that in the last three years, Odisha Government has successfully introduced blockchain in paddy procurement process. Similarly, Maharashtra Government has also harnessed the technology. Nawin Sona, Secretary to Government and Member Secretary, Development Board, Governor’s Office, Maharashtra shared, “In cotton market we can bring blockchain by using blockchain in traceability. We can also trace the origin of the bale and its grade and tag it.”
Speaking on Global Perspective on Blockchain for Government: Suzana Maranhao, Digital Innovation Analyst, Brazilian Development Bank said, “Study shows only 45% people trust their own govt and blockchain can be used to cope with this problem. In Brazil we are creating a national network.”
In the panel discussion: Bringing More Trust, Transparency & Traceability in Blockchain Standards Interoperability – Laxmi Eshwari, Head, C-DAC, Hyderabad explained how blockchain helped with property registration management system especially in Shamshabad area in the outskirts of Hyderabad.
Of late there has been a lot of buzz in the banking sector. Amit Saxena, Global Deputy CTO, SBI shared the news of the establishment of Indian Banks Blockchain Infrastructure Company (IBBIC) under which several banks have come together. He said that this was the first step and it was a spate entity. Prasanna Lohar, Head- Digital, DCB Bank said blockchain technology could solve several issues and narrated that the apex bank, RBI seeks data on several issues and subsequent questions are raised on its authenticity, if the data is on blockchain, a lot of questions could be answered.
The speakers were of the opinion that standard protocols and standardization would go a long way in taking the technology ahead. J A Chowdhary, Chairman, Indian Blockchain Standards Committee said that only a trust protocol in these times will change the landscape and the committee is working towards bringing in standards in Blockchain. Echoing a similar view, Dr B K Murthy, Scientist G and Group Coordinator, R&D in Information Technology, Ministry of Electronics &Information Technology, Government of India said, “This is the right time to come up with standards and interoperability as adoption of blockchain is at nascent stage.”
In the panel discussion – Blockchain led Innovation in Pharma Sector – The Present, The Future speakers opined that blockchain a lot of potential but the penetration of the technology in the sector was far from satisfactory as compared to other sectors. Srinivasa Reddy, Vice President & CIO, Granules India Ltd said, “In India many companies in pharma are still paper based and are reluctant to migrate to electronic based system.” He added, “In R&D, AI has been used extensively and in warehousing Robotics.” Ravi Kalla, Head IT and Automation, Anthem Biosciences Pvt Ltd said, “Blockchain technology can facilitate pharma and healthcare industry to go hand in hand.”
In the panel discussion: New Era of Traceability in Global Agro Supply Chain Management through Blockchain Deepak Pareek, Managing Partner, HnYB Tech-Incubation Pvt Ltd who moderated the session said that agricultural companies use data and with distributed trust, value to farmers could be given with adoption of blockchain. Nabarun Bhattacharya, Senior Director & Centre Head, C-DAC, Kolkata said that entire farming community comprises individual entrepreneurs and there is a need for a unified ledger.” Karthik Hegadeka, Deputy Secretary, Department of Personnel & Training, Government of India said blockchain has maximum impact on fintech, IOT, sensorization, certification, voting, military and intelligence.” Srinivas Mahankali, Blockchain Expert & Author said, “The GoI is keen on pushing digital agriculture and implementing blockchain.”
The virtual conclave ended on a high note with Karthik Hegadeka, Deputy Secretary, Department of Personnel & Training, Government of India stating the maximum impact of blockchain would be on fintech, IOT, sensorization, certification, voting, military and intelligence. Aljosja Beije, Director, Blocklab, Netherlands said that “Co-creation is the way to go ahead with blockchain.”
