The Confederation of Indian Industry (CII) organised a blockchain summit in the city on Friday to demystify the technology that is being touted as the next big thing. The inaugural programme of the summit titled ‘Demystifying the Opportunities and Applications of Blockchain’ saw speakers sketch out a range of technological possibilities.
“In 2019, businesses are expected to spend $2.9 billion on the technology, up almost 90% from 2018, as per International Data Corporation. The global blockchain technology revenues are expected to top $23.3 billion in the next 4-5 years,” said D. Raju of CII.
A blockchain is a decentralised public digital ledger for recording transactions. Theoretically, a blockchain is resistant to modification of the data.
“As we speak, blockchain is changing the world. International remittances take five days. But with blockchain, the time will be trimmed to 30 seconds and the cost of the transaction will plummet from perhaps $20 currently to a few cents,” said Santanu Paul of National Payments Corporation of India.
“Blockchain is the first technology which man is creating to protect machines from human beings. The database will be tamper-proof. Blockhain is automating trust,” he added.
“We want Hyderabad to emerge a hub of blockchain technology. Like T-Hub, we are planning to create a blockchain district. To that end, we are in touch with industry leaders and trying to find out what is expected from the Telangana government,” said Ramadevi of IT, Electronics and Communications Department, Telangana government.
