Blockchain Technology- Game-changer for Ease of Doing the Business, Ease of Living and in Governance

PHD Chamber of Commerce and Industry hosted a virtual conclave on Blockchain Technology: Leveraging Business Innovation and Application with Mr. Arun Kumar Jha, Director General, National Productivity Council, Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India along with an august gathering of industry stalwarts.

The objective of the conclave was to get an overview of Blockchain technology, its tools, open-source, platforms, and ecosystems that will help in practical application and use cases of Blockchain. It was to understand the legal and regulatory framework including Bitcoin and its implications. The conclave focused on getting institutional perspective on Blockchain-Enabled Platforms and its adoption in terms of Blue Print for adoption, implementation, and running Blockchain-based systems and to evaluate its integration with Emerging Technologies like IoT, AI, ML, Cloud, Edge, Fog Computing, Big Data, and Data Analytics.

Mr. Arun Kumar Jha deliberated about the blockchain, the subject which needs an understanding by the industry. An industry 4.0 revolution that is taking place is a golden opportunity for the industry that needs to be adopted at the earliest. We have got low-cost automation techniques available that include machine measuring data that can be connected by all MSMEs to grow their businesses, said Mr Jha.

In these changing times, industry has the potential to swiftly shift to blockchain technology. He cited examples of the industry which can use blockchain that can ease the business process and share data in one kind. He urged the members of PHD Chamber to start adopting blockchain, as that will be the next game-changer.

The conclave witnessed the deliberation of august industry stalwarts including Dr. S D Sivakumar, Director, Agribusiness Development, Tamil Nadu Agricultural University; Mr. Ryan Soh, Founder and CEO, Edufied; Mrs. Shanthini Raja, Founder, Chairperson and CEO, Rsquare Technologies W.L.L; Mr. Surinder Kalra, Blockchain Expert, and Mr. Rahul Kumar, CEO, EGW Capital.

Dr. S D Sivakumar gave a detailed presentation on BlockChain for Agriculture with focus on relevance of Blockchain relevant for Indian Agriculture. He cited sample of the flow of the food chain and how the process can be smoothened and amplified with the help of blockchain. He discussed the end languages that include C++, Javascript, Python, Solidity, and many more and explained in working on the blockchain that includes Transaction, Block, Verification, Hash, and Execution.

Mr. Ryan Soh, in his deliberation, shared insights about Blockchain-Enabled Platforms and their Blockchain adoption in the world of today. He shared

industry perspective and the implications in the Legal and regulatory framework of Blockchain technology including Bitcoin and its implications.He highlighted the focus area in expanding Massive Open Online Courses(MOOCs) and the ways to transform education using blockchain that included

improvement in record keeping; increase efficiency in existing business processes; create a new market for digital assets and create a disruptive business. He also shared practical process and cited examples related to blockchain.

Mrs. Shanthini Raja gave a presentation on BlockChain in Banking and Insurance Sector and explained the different aspects and need for blockchain in sectors like banking and insurance. She also threw light on the use of cryptocurrency and how it makes its special from traditional currencies.

Mr. Surinder Kalra, deliberated on the Integration of Blockchain in Agriculture/ production, trade, and overall business to increase its productivity and production. He also covered the convergence of blockchain, data analytics, and artificial intelligence that will aid in the adoption features of blockchain and building the blocks. He also explained how to define the business process, its scope, and its application.

Mr. Sanjay Aggarwal, Senior Vice President, PHD Chamber of Commerce and Industry while giving an overall industry perspective gave an overview of the blockchain technology that can help to amplify the business development in the country leading to ease in doing business, governance, and living of the country. He deliberated about the various benefits of the application of blockchain that mainly included privacy, record keeping, cost efficiency, better time management, and the go-to technology that will impact the future. He shared industry reports of different sectors which are leveraging blockchain technology. He lauded the efforts and initiatives of government bodies to propagate the usage of blockchain in the country that has opened several opportunities in various sectors of the country.

Mr. Ashish Aggarwal, Chairman, Startup Forum, PHD Chamber while moderating the session gave an industry perspective and how blockchain can leverage the industry can leverage the technology for business development and growth in India’s developing economy.

Mr. Sumit Duggal and Mr. Bharat Singh Mehta, Startup Forum, Co-Chairman, PHD Chamber gave their concluding remarks and delivered a formal vote of thanks to all the delegates and participants.

The session was moderated by and Mr Ashish Aggarwal and Dr. Jatinder Singh, Director, PHD Chamber. The virtual conclave witnessed participation of more than 290 industry stalwarts around the country. Thesession was supported by Master IoT.

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