Questions relating to cryptocurrencies must be addressed, says Subramanian
Blockchain is a promising technology and future of all transactions as its inherent architecture safeguards information and promotes trust, according to Prof Sunil Aggarwal, Dean, Blockchain Programs, IIIT Hyderabad.
While giving example of single entry and double entry systems of transactions, its evolution and revolution of bookkeeping process, Prof Aggarwal highlighted that the Ledger Technology has evolved with the introduction of Blockchain and it now facilitates the triple entry system.
Addressing the webinar ‘What Lies Ahead: Cryptocurrency and Blockchain in India’, organized by FICCI on 23 July 2021 in Guwahati, he sees Blockchain bringing change in the social, economic, political and global order.
Prof Aggarwal pointed out that the world is moving towards virtual currency and the government must take this opportunity to strengthen the economy by using blockchain technology to fund future projects and put money in hands of common people so that purchasing power is restored among citizens.
Ramalingam Subramanian, Chief Marketing Officer, CoinDCX, (leading Crypto Exchange in India) highlighted that the growth in crypto has been phenomenal in last few years.
Addressing the popular misconception that cryptocurrencies are not traceable, he said that with proper KYC system it can make cryptocurrency transparent and user friendly.
As of now, there are questions relating to cryptocurrencies that must be addressed, felt Subramanian.
Ravi Patwa, Co-Chair, Policy Sub-committee of FICCI Assam State Council, observed that everyone wants to know and understand cryptocurrency and blockchain which are the buzzword in the world today.
Patwa noted that cryptocurrencies like Bitcoin has invaded the internet giving people the chance to earn money without lifting a finger but he felt that information and understanding about these new technologies are incomplete amongst investors and public. #economy #technology /fiinews.com
