What Blocks The Blockchain Growth? Where Is The Innovation Needed?
Banking Frontiers|August 2020
Experts discuss the current scenario & future scope of blockchain in BFSI at Technoviti 2020. Edited excerpts:
What Blocks The Blockchain Growth? Where Is The Innovation Needed?

Girish Bajaj, Blockchain Evangelist

I have seen tremendous improvements in the use of blockchain technology in India, particularly in the BFSI and other sectors. NITI Aayog has done a wonderful job and done several case studies in the fertilizer and healthcare industry. It has done POCs and pilot projects on the blockchain. Further, they are moving in to live projects in the next few months. In 2016, ICICI Bank did its first blockchain transaction and in 2018 HSBC did it's for Reliance Industries.

Indian banks are moving forward in the adoption of blockchain. Startups are vibrant and have given very revolutionary ideas on the use of blockchain. There are plenty of opportunities for blockchain because it is transparent, corruption-free, cost-effective, and operationally efficient. Blockchain will eliminate corruption completely and with required data to store, you can control what you want to release. Currently, the Telangana government has incorporated blockchain for land record registries. There are POC and live projects going on in the other Indian states.

The ROI for the blockchain technology is good in India. About 2-3 years ago, it was expensive to use blockchain. It is important to understand which sector you are in and what blockchain will suit your requirements, then move towards your aim and mission. The cost of blockchain technology will come down in 2- 3 years and banks, enterprises, and even end-users will demand blockchain. As a service, it is available from Amazon and Google. Blockchain helps to avoid security leaks, in terms of controlling what data can be seen by the stakeholders and which can be controlled.

Vikram Pandya, Director Fintech at SP Jain Global:

This story is from the August 2020 edition of Banking Frontiers.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the August 2020 edition of Banking Frontiers.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BANKING FRONTIERSView All
Kamdhenu & Sammrudhi loans top rural customers
Banking Frontiers

Kamdhenu & Sammrudhi loans top rural customers

Unnayan Bharat Finance Corporation (UBFC) Director & Co-Founder Avneesh Trivedi shares the company's attempts to enhance the rural lending environment & deliver better services to its consumers:

time-read
3 mins  |
September 2023
It's going to be a 'world' of CBDCs
Banking Frontiers

It's going to be a 'world' of CBDCs

Practically, every central bank in the world is testing and readying a CBDC system:

time-read
8 mins  |
September 2023
Training for behavioral & social skills is key
Banking Frontiers

Training for behavioral & social skills is key

3 CHROs from the top BFSI companies in India open up about their training and motivation programs aimed at enhancing employee effectiveness. The story is divided into 4 parts: (i) functional and behavioral training, (ii) manager to leadership training, (iii) learning-based training, (iv) motivational programs:

time-read
9 mins  |
September 2023
THE AI COMPASS
Banking Frontiers

THE AI COMPASS

Artificial Intelligence has risen to be the hottest topic of discussion today. It is expected to impact everyone, and the impact could exceed that of war, global warming, supply chain disruptions, geopolitics, and much more.

time-read
10+ mins  |
September 2023
To mentor & coach emerging leaders
Banking Frontiers

To mentor & coach emerging leaders

Manish Shah, MD & CEO of Godrej Capital, outlines his focus areas today and in the future:

time-read
3 mins  |
September 2023
Innovation will unlock India's Mission 'Atmanirbhar’
Banking Frontiers

Innovation will unlock India's Mission 'Atmanirbhar’

Sunita Handa is Chairman, Toyota FSIN and Principal Advisor & TLAB Chairman, Protectt.ai Labs. She shares her current activities and her deep insights on innovaiton in an interaction with Manoj Agrawal:

time-read
6 mins  |
September 2023
Algorithm is the Boss
Banking Frontiers

Algorithm is the Boss

Irem Sayeed, Chief Credit Officer at U GRO Capital, dwells into business focus and modernization at the lender:

time-read
6 mins  |
September 2023
Fintech and Neobank under the same Umbrella
Banking Frontiers

Fintech and Neobank under the same Umbrella

It was started in 1902 to build what came to be called Israel:

time-read
3 mins  |
September 2023
Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation
Banking Frontiers

Bajaj Allianz Revolutionizes Employee's HR and IT Experience with WhatsApp, MS Teams, Al and Automation

A productivity booster shot at BALIC:

time-read
2 mins  |
September 2023
Small Beginning for a Big Opportunity
Banking Frontiers

Small Beginning for a Big Opportunity

AMU Leasing's focus on serving the underserved market of individuals and fleets looking for financing for electric 3-wheelers and 2-wheelers:

time-read
3 mins  |
September 2023