Experts discuss the future of blockchain technology in India’s startup revolution

Mumbai, Maharashtra, India | 24th July 2023: As a part of Startup 20 engagement forum of the G20 presidency, Savishkar India, in collaboration with National Stock Exchange (NSE), Anantam ecosystem and Digital Prosperity for Asia (DPA) organized a roundtable conference titled “Blockchain Revolution: Unlocking Startup Opportunities in India” on 20th July 2023 at NSE, Bandra Kurla Complex (BKC), Mumbai. The round table conference, which was attended by 54 participants emphasized on how blockchain technology has the ability to revolutionize the startup ecosystem.

The roundtable brought together key stakeholders from National Intellectual Property Awareness Mission (NIPAM), Atal Incubation Center (ATAL- AIC), Institute of Electrical and Electronics Engineers Entrepreneurship (IEEE entrepreneurship). The objective was to foster knowledge sharing, collaboration, and policy discussions that will pave the way for unlocking the full potential of blockchain technology.

Mr. Chintan Oza, Council Member, Alliance Taskforce, Startup 20 and Dr. Sujata Seshadrinathan, Director – IT, Basiz Fund Services, Mumbai presented their thoughts on blockchain. Their presentation specified statistics and research on technology, opportunities, regulatory frameworks, challenges, cross border trade and engagement with government. 

During the discussions, Dr. Seshadrinathan spoke about the opportunities, challenges and enabling factors of blockchain in various sectors. She spoke on implementation and cost of blockchain innovation and went on to say that; “Blockchain is helping us to build a better world. It is here to stay and there is no other technology like it. While many have understood the features of blockchain but not the technology behind it. There will be a gap in (understanding) of every innovation adoption in first few years. However, as far as technology is concerned, blockchain is one of the most powerful innovations of recent times and also the most misunderstood” Dr. Seshadrinathan added.

Stating the importance of blockchain Mr. Ashish Chauhan said “One thing is very sure, young people will learn technology faster and will enlighten us. We need a ‘patra’ for knowledge, a person who has that credibility and authority of the subject, who can communicate and shape discussions on it with authorities” In his concluding statement Mr. Chauhan states, “We need to focus on blockchain technology, AI, 5G and all kinds of technology, their advantages and disadvantages. It is important that we have forums where all aspects of these technologies are discussed and then brought to light to the policy makers. Blockchain as a technology is here to stay and such discussions are very much necessary for the betterment of our country”.

Mr. Ramnath Gopalakrishnan, Director & GM – APAC for DPA Member Quickwork, which has been a key member in exploring collaborations and opportunities in the APAC region, said, “The Coalition for Digital Prosperity for Asia (DPA) supports the Startup20 India initiative as a vital step towards empowering Indian SMEs in the blockchain and digital sectors to achieve their full potential and power robust growth for India’s digital economy. Events like this roundtable allow digital and blockchain entrepreneurs to demonstrate their ingenuity and showcase the potential of this emergent and promising market. The DPA is proud to be a partner of this Startup 20 engagement under the G20 umbrella and work towards creating opportunities for capacity development for India’s digital startup ecosystem, promoting seamless cross border data flows, and high standards of digital trade.”

Besides Mr. Oza and Dr. Seshadrinathan, the event saw participation and discussions from several other renowned names including Mr. Ashish Kumar Chauhan, MD and CEO, National Stock Exchange, Mumbai; Mr. Nilesh Vohra, Enterprise Leader – Digital Transformation & Technology Infrastructure Enterprise Leader Arthur D. Little, among others.

The discussion was moderated by Mr. Krantisagar More, PhD Scholar in pharmaceutics at the Institute of Chemical Technology (ICT), Mumbai, National Convenor, Savishkar India. Other subject matter experts including Ms. Ekta Singh, IP Lawyer, Web 3; Dr. Unnat P Pandit, Controller General of Patents, Designs & Trade Marks, and Mr. Uday Wankawala, CEO Atal Incubation Center- Rambhau Mhalgi Prabodhini were also part of the conference. Mr. Malcolm Gonsalves, and Mr. Kushaal Patel, two youth entrepreneurs, shared their perspectives on Blockchain system and application in India. 

Blockchain technology has been significant growth in India. Interestingly, both public and private sectors are exploring the potential of blockchain technology and ways to leverage it. There is immense scope for value addition in the several sectors including financial sector, supply chain management, healthcare, and education sectors to expedite processes, validate and securely store data. Government of India has already begun exploring the use of blockchain for government services through ‘IndiaChain’, a block initiative launched by NITI Aayog. There is growing number of blockchain businesses and innovation centers focuses on studying, creating, and implementing its use across domains.

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