The Internet and Mobile Association of India (IAMAI) on Monday announced that it has formed a Blockchain committee as a part of its efforts to facilitate job creation for the new economy in the country.
The mandate of this group is to identify opportunities and challenges for Blockchain, while working with government, industry, and startups to help the overall ecosystem.
In a statement, IAMAI stated that the committee is chaired by Tina Singh, Chief Digital Officer, Mahindra Finance and co-chaired by Prasanna Lohar, Head – Innovation and Architecture, DCB Bank Limited.
Some other prominent members of the committee include Manish Gupta, Director - Digital Transformation, Mastercard, Samiran Ghosh, Chief Digital Advisor, Microsoft, Jitan S Chandanani, Blockchain Offerings and Engagement Leader - ISA, IBM, Ravi Chamria, Founder, Sofocle Technologies, Sandeep Goenka, Founder, Zebpay, S Venkat Kumar, Vice President, Kotak, Nitin Chug, Country Head - Digital Banking, HDFC Bank, among others.
The prime agenda of this committee will include nurturing the ecosystem and skill development; to engage with businesses, industry and government to evangelise acceptance of blockchain technology as well as to help drive training workshops, and familiarise potential users with technology.
Speaking on the occasion, Tina Singh, Chairperson, Blockchain Committee, IAMAI & Chief Digital officer, Mahindra Finance said,
“Blockchain is undeniably the technology of the future, slated to bring decentralisation, trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities and corporates. The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of Blockchain.”
Prasanna Lohar, Co-chairperson - Blockchain Committee, IAMAI & Head – Innovation and Architecture - DCB Bank Limited added,
“Post-demonetisation, UPI, GST and many other Movements in Innovations, Blockchain would be “Radical Change Agent” in India. Blockchain adoption will be achieved through building trust in the economic, social and environmental potential of the token and Blockchain economy. To reap Blockchain benefits, however, the technology will need to be developed responsibly within the right regulatory frameworks.”
According to YourStory data, there were 127 Blockchain and cryptocurrency startups in India as of April 2018. Of these, 31 are Blockchain smart contract companies, 43 are cryptocurrency companies, and 15 are exchanges.
Ninety percent of these companies are less than 18 months old and have raised no money yet. The industry has raised close to $5.3 million this year, and the companies that have raised funding include Nuo Bank and ZenPrivex.