With an exclusive interview with Confer Global, Tina Singh, Chief Digital Officer, Mahindra Finance, share her views on how Blockchain Technology can bring changes in Indian corporate scenario.
Q. As we can see the rapid adaption of Blockchain Technology in the global corporate scene, so what changes do you think that Blockchain Technology can bring in India’s corporate scenario?
A: Currently, Blockchain is at a very nascent stage in the corporate sector. Most of the implementations are in the POC stage. BFSI is exploring this technology most actively. Blockchain allows its participants to exchange information real time in a secure and seamless manner. The benefits of blockchain increase exponentially as the number of participants increase. We are witnessing a change in paradigm where the word ‘competitive advantage’ shifts form an entity’s level to group level. Corporates, banks or entities with similar goals are coming together and working towards enriching the value chain. There is a POC amongst banks for a common KYC blockchain going on. This is just an example of how this technology can bring efficiencies at an industry level.
Q. What are your views about adapting Blockchain Technology & cryptocurrency?
A: We are already working on multiple use cases using blockchain. Some of them are in advanced stages. We believe that this technology is very promising. However, as we are not on the business of payments, we do not have any views on crypto currency. We believe that unless cryptocurrency is available through formal regulated channels, it will have a limited impact on the way things work.
Q. Do you think Blockchain will radically transform the economy?
A: Blockchain is more than a technology. It is a new way of thinking and doing things. Ironically, most of the use cases that we see are about current needs and processes and how do we automate them using blockchain. If the corporates have to really benefit from it, they have to move beyond efficiency and transparency. If they can harness the benefits of collaboration, co-creation, co-ownership of the value chain in all the stakeholders; then the commercial enterprise can also become a social enterprise. e.g. If all govt tenders are put on blockchain along with the bids and are publicly available to all for scrutiny, then not only would be there more rigour in submission of the bids but also full transparency of why one offer is better than the other.
Q. What do you think that, how Blockchain will disrupt your and other industry?
A: One cannot predict anything on where the disruption will happen or will start first. The changes will be gradual in the short term but in the long-term it’s possible that disruption comes through some of these benefits that come along with a greater participation blockchain based networks. Firstly, intermediaries can face disruption as information is shared on common networks between corporates, financial institutions, government and even countries. Secondly, the co-operative model can be rejuvenated with co-ownership and deployment of assets as well as sharing of profits on blockchain. Thirdly, an amalgamation of complementary technologies like IoT, AI along with Blockchain will give rise to new business models.
Ms. Tina Singh will speaking at the Blockchain Technology Summit India Edition organised by Confer Global, scheduled to take place from 07 – 09 November 2017 at Courtyard by Marriott Mumbai International Airport where we will be gaining more insights from her expert presentation and panel discussions.
Exclusive Confer Global Interview Article.
Copyright © Confer Global Private Limited 2017. All rights reserved.