Hyderabad: Blockchain technology is not just about Bitcoins or Altcoins but has valuable applications in several other areas.
“Since the potential of this technology is limitless, slow transactions like land regulations can make use of this. It can be extended to other areas as well where the process becomes slow,” Ajeet Khurana, head of Blockchain and Cryptocurrency Committee (BACC) of Internet and Mobile Association of India (IAMAI), said.
The Andhra Pradesh and TS governments are testing Blockchain technology for maintaining land records. Speaking at the World Blockchain Opportunities Summit-18 held on Tuesday in Madhapur, the BACC head said, “It is a great milestone for the country that in the tenth year of crypto currency, Union finance minister Arun Jaitely spoke about it in the budget.”
The full-day summit featured several speakers and more than 250 attendees spread across Blockchain trail blazers, academicians, industry start-ups, investors, technology leaders and evangelists. The economic feasibility of Blockchain is attracting not just investors but gaining consumer interest and attention.
“Blockchain technology has come of age. Some decades ago you could not define what the internet was. That is where we are with Blockchain right now. The overall perception and understanding of distributed ledger technologies (DLTs) is dominated by crypto-currencies. There is an ardent need to create awareness in this space,” E. K Girish Singh, chairman, Block C 60 LLP said.
The panel discussions at the summit were centered around 5Ws of Blockchain. and ICO (Who, What, Where, When and Why of both Blockchain and ICO), Crypto trading and token economics, Legal and tax compliances in Blockchain and ICO, PR, branding, Business development and marketing in Blockchain and ICO, Smart contract-led business transformation.