At the very core of it, blockchain technology is inherently transparent, says CoinDCX CEO
At TechSparks 2024, advocating adoption of blockchain technology to digital public services and infrastructure, Sumit Gupta said it has all the attributes needed to build a citizen facing infrastructure.
CoinDCX Co-founder and CEO Sumit Gupta believes blockchain technology has all the attributes needed to build any infrastructure which directly deals with the citizen.
“At the core of it, blockchain is basically a governance framework,” Gupta told Sharat Chandra, Founder of EmpowerEdge Ventures, in a fireside chat at TechSparks 2024 Bengaluru.
Gupta believes that India is in a very unique position to take advantage of building digital public infrastructure (DPI) with blockchain technology. There is a large pool of talent and developers who are already building on the public blockchain infrastructure.
“So like an internet where we will be largely doing services to a lot of international companies, here we can actually be the producers of a lot of these tools and infrastructure which can not only be used only by India but largely local companies and I think that’s the next large opportunity.”
However, adoption of blockchain technology is not without challenges. A single transaction on a blockchain essentially takes 5-6 steps where multiple signing is required. “That, I believe, is a complex user experience right now that we are sitting in.”
Gupta added that while building a consumer facing app that is built on blockchain technology, the user need not know what is happening in the background. “All of that should be extracted out.”
It is this problem that is preventing the development of blockchain-based applications even though financial incentives to build these applications exist.
“It has to be as simple as how you interact with any application like Amazon or Uber or Facebook or that matter.”
Gupta also highlighted the important role played by compliance in building these infrastructure.
“When the category is new, when the industry is new, people are not really focused on that but we are of the opinion that it's compliance that will give comfort to the regulators, that will give comfort to the larger industry and that limits bad actors from using any of this.”
