With an exclusive interview with Confer Global, Sudin Baraokar, Head of Innovation, State Bank of India, shares his views on the current scenario of implementation of Blockchain Technology in India.
Q. As we know that India is encouraging paperless transactions and moving towards a strategic plan to shift maximum percentage of transactions online, we can see that number of Indian banks have made substantial progress on understanding and implelemting secure technologies like Blockchain. What changes do you think Blockchain technology can bring in India’s corporate scenario?
A: Blockchain Technology used in combination with Fin-Tech can completely build an end-to-end Financial Services ecosystem for Indian corporates to leverage resulting in automated process, reduced transaction throughput costs and adopt a “Go Digital” strategy across the enterprise.
Q. What are your views about adopting Blockchain and cryptocurrency?
A. Blockchain Technology can be used across various solutions like Trade Finance, Payments, Smart Contracts, KYCs, Consortium Lending. Cryptocurrency are not fiat currencies and therefore can’t be regulated. Laws, rules, and regulations have still to evolve around this.
Q. Do you think Blockchain will radically transform the economy?
A. Yes, especially the Indian local themes like Financial Inclusions, Digital Payments, Digital Vilages, Digital Marketplaces.
Q. How you think Blockchain will change money and business?
A. New models will emerge with the decline of intermediaries and processes. New opportunities in emerging trends like crowd funding, P2P, Direct Contracts will completely change the future of money.
Q. What do you think, how Blockchain will disrupt your and other industry?
A. Banking will have to work in a Bi-modal way to sunries emerging fin-tech technology and at the same time sustain existing core banking platforms and ecosystems. So though disruption will happen, Blockchain will advance the Financial Services ecosystem.
Q. At last, we would like to ask your views on exception growth of bitcoin index globally?
A. It is purely speculative and everyone should be aware of the risks it entails.
Mr. Sudin Baraokar will speaking at the Blockchain Technology Summit India Edition organised by Confer Global, scheduled to take place from 07 – 09 November at Courtyard by Marriott Mumbai where we will be gaining more insights from his expert presentation and panel discussions.
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