Binance CTO'S Blueprint to Mainstream Blockchain in Everyday Transactions

In the cryptocurrency space, virtually 100 per cent of transactions are recorded on blockchains. On the contrary, the adoption of blockchain for transaction recording is still developing in financial systems and business applications. Leading technological initiatives at Binance, the world's largest cryptocurrency exchange by trade volume with 240 million global users, Rohit Wad is optimistic of benefits sprouting from transaction recordings beyond crypto.

- PAROMITA GUPTA

“The coding of (non-crypto) records on a trusted blockchain can revolutionize transactions and transaction monitoring. That’s what I’m excited about,” shared Rohit Wad, Chief Technology Officer, Binance with Entrepreneur India on the sidelines of the Binance Blockchain Week 2024. He feels India can be a good example, courtesy of how it proactively adopted technology, especially in the telecom space. “Back in the day, people didn’t have landlines in India. They had to go to booths to make calls. So when cellular phones came, the country was immediately on board,” he shared. While there is a strong interest among India’s youth in Web3 and cryptocurrency, there’s less awareness about transactions centred on the blockchain.

USER EXPERIENCE (UX) AND ACCESSIBILITY

Wad further urges developers to simplify the user experience (UX) while maintaining security measures and making the technology invisible yet integral that feels natural, secure, and easy for everyone. “If you have to know that a transaction is on a blockchain, then something’s wrong,” he shared.