Event Summary:

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On 23^rd May, Felix Advisory in partnership with Government Blockchain Association (GBA) organized webinar Introduction to Blockchain and its Use Cases. It was an endeavor to bring to light the uses of blockchain and expand the horizon of its understanding to the participants.

The session panelists were Mr. Amit Jindal, Partner- Felix Advisory, President – GBA (Delhi NCR), PMG – COE of Blockchain Technology- STPI, Govt of India, Mr. Adamya Sharma, Partner – Felix Advisory, Core Member GBA and Mr. Sharat Chandra President India – GBA. Ms. Sanchita Midha, Consultant – Felix Advisory was the session moderator.

The session started with an opening statement by Mr. Amit Jindal explaining the basic concept of blockchain and how it is different from any other data storing platform. He highlighted the importance of blockchain and its potential contribution to the industrial revolution. He also elaborated about the origin of blockchain and its journey over the years. He further explained the basics of blockchain including what are blocks, how data is stored with timestamps eradicating the changes of backdating/tampering, its process, the architecture, its software protocol, its architecture and emphasizing how blockchain is commonly misunderstood as cryptocurrencies and how it is, in fact, the technology behind cryptocurrencies. He also emphasized the salient features of Blockchain, its variants, benefits, and barriers. He concluded by listing the potential impact blockchain can have on the industry.

Mr. Adamya Sharma and Mr. Sharat Chandra carried forward the session by discussing the different use cases of Blockchain, including the use of Blockchain by the government of Telangana and the trial runs of the blockchain-enabled voting system in California, Unites States. They further addressed the questions from the participants. Participants were curious about the expensive method of data mining involved in blockchain and its impact on technology, the possibility of creating fake consensus to attach a new block and the security measures around it, use of blockchain technology in finance and accounting, the possibility of robotic coding of the transaction for faster processing, the implementation of blockchain technology in auto-sector and the limitations, the progress of blockchain in remittances and application of blockchain in taxation. They also shed light on the readiness of Indian industries for this level of breakthrough technology, considering the low level of cybersecurity and related norms in India.

The session concluded with a vote of thanks by Ms. Sanchita Midha expressing gratitude towards panelists for sharing the information and their opinions and the attendees for sparing their valuable time to attend the audio-webinar and make it successful.