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India Internet Governance Forum (IIGF’21) Discusses Blockchain as a trusted platform

New Delhi, 21st September 2021: Ajay Data, Chairman, Pre-IIGF welcomed guests, speakers, and spoke about the importance of Internet Governance & pre-IIGF and also about the theme of IIGF to the students, professors, industrialists, and speakers.

 

Dr. Souradyuti Paul, Associate Professor, Department of Electrical Engineering and Computer Science, Indian Institute of Technology, Bhilai, decoded the concept of blockchain while elucidating its importance with relevant examples, especially in the business sector.

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It makes the asset decentralized, allowing transparent and full-time access to the public. This makes blockchain a revolutionary technology in every sector by generating trust and security and consequently reducing risk and fraud.

 

According to him, “blockchain, inherently, is not a security providing platform, but instead, it provides trust.” He further explained that “a business or agency cannot exist without issues like dispute, disagreement, bias, and red tapeism.” In this light, he mentioned that a business-friendly climate must include “trust, fairness, transparency, and democratic principles” that can be achieved through a technological mechanism. He discussed the application of this mechanized system of trust in the FinTech sector and said “high volume micro and decentralized financing is invigorating business.” The session concluded with discussing the application of blockchain in energy transactions.

 

Mahesh Kulkarni conducted a brief round of questions and answers, summarised the session, and shared a thank you note.

Looking forward to hearing from you.

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