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Blockchain to transform the banking and financial sector in a big way

Published in General Friday, 06 April 2018 15:32

 

Karthik Subramanian, Founder and Chief Business Officer, Aicumen Technologies Inc.  said that  Blockchain, the Decentralized, Autonomous and Trusted technology is  going to revolutionize the   Banking and financial sector, Sharing of information, Smart Contracts, Crowd Funding, Governance, Data Storage,Supply Chain Auditing etc; in the next 10 years. Talking on the subject,  “Blockchain and its transformation potential” at a seminar  organized by Indo- American Chamber  of Commerce iKochi,  he  pointed out that now the world is moving towards the Digital Age  from Internet Age.
 

With the help of Blockchain financial fraud can be substantially reduced,  he said. Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

People who need money and who can lend money  can interact  through Blockchain. Transaction between strangers is possible better than Internet Era. By storing data across its network, the blockchain eliminates the risks that come with data being held centrally. Its network lacks centralized points of vulnerability that computer hackers can exploit. Today’s internet has security problems that are familiar to everyone.  While “username/password” system  is used to protect our identity and assets online, Blockchain security methods use encryption technology. The basis for this are the so-called public and private “keys”. A “public key” (a long, randomly-generated string of numbers) is a users’ address on the Blockchain.
 

According to  Karthik Subramanian currently, banking and  finance offers the strongest use cases for  Block chain technology. The blockchain potentially cuts out the middleman for these types of transactions.  Personal computing became accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a “desktop”. Block chain will significantly reduce the role of our banks.

“ Although the Government and  RBI are not happy with the Bitcoin and other Crypto Currencies  these are realities; Government can  tax the investors, but  not in a position to ban it”,  Karthik Subramanian added.

Indo- American Chamber of Commerce  Kerala Chapter Chairman P. Ravindranath welcomed the gathering  and Vice Chairman  Ambareesh Saraf  offered a vote of thanks. Former Chairman A. K. Nair presented memento to  Karthik Subramanian.

Photo Caption:

Karthik Subramanian, Founder and Chief Business officer, Aicumen  Technologies Inc. talking on “Blockchain and its transformation potential” at a seminar  organized by Indo- American Chamber  of Commerce in Kochi. Indo- American Chamber of Commerce  Chairman P. Ravindranath and Vice Chairman  Ambareesh Saraf   are also seen



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Business Diges March April 2018

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