Blockchain and Smart Contracts to help create a thriving economy

Mr. Bharat Mallapur says that digital transformation and smart contracts will help create a thriving economy and realize the vision of minimum government, maximum governance.

Addressing the FICCI Tech-Thought Leadership Session on Enterprise 2.0 – Digital transformation through the adoption of Blockchain Technology, Mr. Mallapur said that Blockchain transformation is upon us and It started with Bitcoins back in 2009. The growth of blockchain technology and its application has been exponential since then. “Its impact is undeniable, and industries are following the trend to gain a competitive advantage.”

He further said that the most crucial and effective application of this technology is in governance as it can deliver a secure, transparent, and robust ecosystem that can contribute to the process of the nation’s digital transformation. He further mentioned that this technology across industry verticals has put it at the core of Enterprise 2.0.

“Gone are the days where we use to associate this technology with the finance sector and cryptocurrencies. Blockchain solutions can now leverage efficiencies beyond contracts and financial calculations to enable more efficient relationships in automation and industrial applications as well” said the Chief Technology Officer.

Ms. Meenakshi R, Chief Delivery Officer, EMURGO Academy moderated the session and discussed the power of Blockchain Technology and its potential role in helping digitally transform Indian enterprises into a new age of global competitiveness. “It gave a bird’s-eye view on Blockchain, the power of decentralization and automation of most enterprise processes and workflows through smart contracts and showcased how the Indian government and enterprises across the country are adopting blockchain to streamline processes, tangibly cut costs and enable new forms of services and products,” she said.