Digital Transformation Through Blockchain, Disrupting Banks, Financial Institutions And Various Intermediaries
On 23 August 2020, students at SIDTM welcomed Mr. Manoj Mittal, Digital Transformation Officer, Blue Rose Technologies for a webinar on the topic – “Digital Transformation through Blockchain, disrupting banks, financial institutions, and various intermediaries”. Mr. Mittal is an entrepreneur, digital innovator, keynote speaker, evangelist, strategist, organization builder, and startup coach. He is a member of IEEE, TiE, IFCCI, ITU-APT, and Venture Catalyst.
Owing to his broad and rich experience in digital transformation, Mr Mittal started his discussion with a brief introduction of blockchain explaining the history of blockchain, how it came into picture sometime around 2008-09, it started as a system to support cryptocurrency an open way to transport money and to handle payments across boundaries.
Characteristics of Blockchain
Mr. Mittal explained in detail the basic characteristics of blockchain and these characteristics are that it is decentralized, distributed and it works similar to a peer to peer network, he explained how it works with special focus on the finance industry. Sir explained the 4 main benefits of blockchain in detail to the students and the benefits are transparency, security, quick transactions, and cost-effective. Keeping in mind the main benefits this technology was developed to ensure that money is received immediately by the receiver with minimal intermediaries.
Industry Use Cases
The main focus of the webinar was to discuss the use cases of this technology wherein sir mentioned the use cases in the supply chain, retail, legal, energy, travel & hospitality, education, etc. He also discussed the implementation of this technology by the government. Apart from the rich discussion on use cases in different domains he discussed how blockchain is transforming the BFSI industry and how the trade financing is impacted positively and then he shifted towards discussing the whole BFSI sector including trade finance, KYC & AML, regulatory compliance, syndicated lending, payment settlement, and Nostro reconciliation and how the traditional processes could emerge after implementation of blockchain.
Challenges and opportunities
Mr. Mittal also led a high-level discussion about the challenges being faced while implementing blockchain technology and these challenges include security, scalability, privacy, intrinsic value, control/regulation status, lack of developers/developer stage, awareness, and market manipulation. Then, from challenges the discussion made its way towards the opportunities in the market and how can organizations embrace this technology.
Towards the end of the webinar, Mr. Mittal opened the forum for discussion with the students where we posted our queries and discussed the exposure we are currently getting in terms of the technology and he gave us valuable insights on how we can shape our career by leveraging futuristic technologies like blockchain and how we can be a part of the digital transformation journey of futuristic organizations.