Blockchain-trusted security firms should gain widespread adoption in India: Crypsos Suraj Kalwani
With an increase in cyber attacks or fraud, people are now worried about sharing personal information, more than ever. As a result, blockchain’s popularity has increased and people have started to discover the technology’s uses beyond cryptocurrency, for example for security-oriented applications. In a conversation with FE Digital Currency, Suraj Kalwani, co-founder and CEO of Crypso, a cryptocurrency investment application, talks about how blockchain can ensure financial security, and remove dependence on centralized governments. (Edited excerpts)
Can blockchain play a role in security projects?
I believe that blockchain-oriented security is at a nascent stage. Through the use of digital protocols such as Layer-1, which refers to the main blockchain architecture, and Layer-2, which refers to a secondary framework built over an active network, blockchain has the potential to ensure security, but it is still early to implement in the long term . Due to blockchain’s decentralized nature, industry experts have suggested that it takes a period of five years to know whether the network is secured or not. As decentralized applications (dApps) are still prone to vulnerabilities, blockchain has yet to prove itself as a security bet.
Which sectors can benefit from blockchain-oriented security?
I believe that the decentralized finance (DeFi) ecosystem can benefit from blockchain and its security measures. It can remove users’ dependence on centralized authorities to borrow and lend funds, through insurance of financial security. In the cybersecurity sector, blockchain-oriented security is expected to play a key role in the coming years. Businesses can ensure better user experience through blockchain-oriented security through facilities for cryptocurrency wallets and digital addresses.
What could be the advantages and disadvantages of blockchain-based security?
Through the implementation of blockchain-based security, it can remove a system’s dependence on a single stakeholder, making it independent of traditional usage and input. However, blockchain-based security is at a developing stage, it cannot support high-volume transactions.
What is the future of blockchain trusted security ventures in India?
Blockchain-trusted security firms should see widespread adoption in India over the next couple of years. Due to progress in Indian information technology (IT) sectors, the availability of high bandwidth developers will help drive this process. Financial technology (fintech) companies are expected to play a role in this. To ensure institutional use of blockchain-oriented security, authorities should provide clarity with regard to regulations.
Also read: What will be the outlook for the cryptocurrency market in the second half of 2022
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