MyAbhyaas – a new age Edu-Tech company – in association with IES Management College & Research Centre is organising a series of interactions between academia and industry, more so focused on Digital Economy & Finance. In this respect, we organized our first seminar on BLOCKCHAIN on 16th September.
With the ongoing Fourth Industrial Revolution, academic institutions along with businesses are grappling with opportunities and challenges presented by emerging technologies. There is a convergence of views that technological innovation will fundamentally change the way we live, work, and interact. While the transformation underway is likely to result in long-term gains in efficiency and productivity and make business transactions more secure, it has potential to significantly disrupt labour market. MyAbhyaas is working with leading corporate professionals and scholars on skilling students and re-skilling professionals so that with commercialisation of innovative technologies, millions of professionals remain relevant in emerging jobs.
Blockchain is increasingly becoming a new normal in the world of financial services and is touted to have the potential to transform multiple industries. While Blockchain is being discussed as a solution to make processes more democratic, effectively manage the security threats and achieve significant cost efficiency, businesses are still cautiously evaluating it. This seminar gathered eminent speakers and scholars engaged in Blockchain adoption and tried to demystify the concept and its practical adoption.
This seminar was organised with the support of Mr. Ninad Karpe, Chairman, Western Region, Confederation of Indian Industry.
The first session started with the Introduction of Blockchain by Mr. Jatin Meswani, Cloud Leader – Global Business Services, IBM. He focused on explaining the Blockchain technology and its impact on the business processes. The focus was on explaining things in non-technical jargons. Jatin explained how the current system of record-keeping and contracts between parties is inefficient, expensive, vulnerable and how Blockchain – through its shared, replicated and permissioned technology in the business network – can make the system of record-keeping and contracts between parties based on consensus, provenance, immutability, finality. Jatin also explained how Blockchain will help in broader participation, lower cost, increased efficiency – all leading to increased business performance. Jatin also explained some use case examples – particularly the Letter of Credit where Blockchain adoption is resulting into: 1) Increase speed of execution, 2) Vastly reduced cost, 3) Reduced risk, and 4) Value added services, e.g. incremental payment. Moreover, the bank handling letters of credit (LOC) can offer them to a wider range of clients!
This second session by Mr. S Dinesh, Director, E&Y focused on demystifying Opportunities & Challenges Presented by Blockchain. Dinesh started his session explaining potential benefits of using Blockchain across industries and then he moved on the practical challenges that needs to be resolved before Blockchain becomes a prevalent technology. Some of the key challenges explained by Dinesh included: 1) Process Restructuring, 2) Security Framework, 3) Rules of Engagement, 4) Interoperability, 5) Regulation & Compliance and 6) Scalability & Costing. He explained all these challenges in practical terms when implementing Blockchain for insurance.
Dinesh also presented his thoughts on how adoption of blockchain in the Power & Utilities sector will make the entire flow more efficient through peer-to-peer connect. This will also address the key pain points in the power production & distribution like: 1) Realtime Settlement: platform for real time trading of electricity between peers, 2) Better Balanced Grid Network, 3) Reduced Costs Of Energy, and 4) Green Energy Tracking.
The third session be Mr. Sudeep Choudhary, Lead Consultant for Blockchain at Zensar Technologies was focused on Use Case On Implementation Of Blockchain for a Digital Mortgage for a mortgage service company in USA. Sudeep discussed how transition to Blockchain technology made the entire process more transparent, quick with added ease in transactions and traceability. Sudeep demonstrated the proof-of-concept (POC) version of this to drive down the points. Sudeep ended his presentation by delving into top 10 questions that need to be answered while implementing the Blockchain.
The last session of the day – Powering Artificial Intelligence with How Blockchain – by Mr. Shailesh Dhuri, Executive Director, Decimal Point Analytics helped put the entire technological progress into proper perspective. He also explained the applicability of Blockchain much beyond the hype of crypto-currencies.
Shailesh not only brought out how AI as “yin” and Blockchain as “yang” together can work across business processes, but also their defining and positive impact on prosperity levels across globe. He predicted three overarching principles: 1) AI and Blockchain will redefine the meaning of tradable commodity, 2) Many more items will become tradable and 3) Trading will become automated. He also explained how these three working together will have far reaching impact on distribution and availability across sectors and thereby will eradicate the problem of shortages. Based on long term analysis (from 0 AD to 2100), Shailesh predicted that the global prosperity is likely to see a quantum jump with AI and Blockchain.
The participants’ feedback was very positive and we are sure that interactions like these will help create a better understanding, about technological progress and its implications, among stakeholders