Moving Forward with Distributed Ledgers: IAMAI Creates Blockchain Committee
The current volatility and global disruptive potential of blockchain technology has forced both governments and private institutions to step up their response to this new and still burgeoning tech. For instance, the Reserve Bank of India (RBI) knows all too well that their cryptocurrency ban hasn’t stopped underground Indian exchanges from providing P2P facilities for free crypto trading. The Internet and Mobile Association of India (IAMAI) has responded by creating an official Blockchain Committee, formed by different representatives from some of the biggest and most influential tech companies in India and the world. The committee will be chaired by Mahindra Finance’s Chief Digital Officer, Tina Singh, alongside co-chair Prasanna Lohar, head of Innovation and Architecture for DCB Bank Limited.
Singh states on The Economic Times how “Blockchain is undeniably the technology of the future, slated to bring decentralisation, trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the
intervention of government bodies, regulatory authorities and corporates.” This will be the primary purpose of the IAMAI’s Blockchain Committee – creating and administrating content, dialogue, and skill development, for the participative integration of blockchain in India’s giant market. Considering how the country has already been developing new blockchain-based and connected technologies in its public and private sectors, there’s no foreseeable limit as to what the adoption of blockchain can do for its economy.
Apart from the burgeoning Indian crypto trade, blockchain has already led to a surge of jobs in India. From June to November 2017, the job posting site Indeed saw a 300% increase in posts regarding cryptocurrency and blockchain-related jobs. Indeed India managing director Sashi Kumar explains: “While blockchain development promises to be an exciting new field of work and offers tremendous scope for application, the sector is still in a very nascent stage.” She also adds that they expect the global market for blockchain-related jobs to reach $7.7 billion (₹555.2 billion) by 2020. Given these considerations, it’s simply high time for the IAMAI to act on the potential of blockchain technology in India, Asia, and the world.
Apart from facilitating crypto exchanges, India’s engineers and mass workforce are already familiar with the many possible applications of blockchain. This has a lot to do with how blockchain can provide existing operations and processes with increased security – an increasingly valuable resource in an increasingly connected world.
In fact, its highly secure nature is the reason why blockchain or distributed ledger technology is so effective at trading currency. A comprehensive article on distributed ledgers by FXCM notes that blockchain has enhanced data security, as it would "require a nefarious party and enormous processing power" to change even one node in the ledger. In short, it’s high time that the IAMAI created a Blockchain Committee. Alongside developments like the IoT-enabled Eastern Peripheral Expressway, blockchain technology companies are increasing in India, and with new manufacturing tech like digital twin technology, which we’ve covered before on CIO Insider, the adoption of blockchain will provide a significant boost to the country’s industries.