Block-the-Talk; Koneru Lakshman Havish from KL is considered to be the university on blockchain’s importance in digital wealth management
Koneru Lakshman Havish, Vice President, KL Deemed to be University, an educational institute, talks about blockchain’s influence on digital assets for peer-to-peer communication with FE Blockchain
What are the three best practices that today’s youth should follow when it comes to digital assets?
Digital assets are a new trend, and this comes with a lot of risk. Whatever the risk, this is a non-traditional asset that has significant potential for outstanding gains. The three best practices are:
Be knowledgeable, don’t trust the myths: Before investing in any digital asset, you need to do ample research regarding the same. A few things that need to be explored are – the support agency associated with the digital resource, past market trends, word of mouth from other users, and so on.
Security and privacy measures: As the concept of digital assets is still in its infancy, one needs to be well aware of the usage platform, tools, apps you are using. Think twice before you click. Do a comprehensive check with the digital platform you use, so you don’t fall victim to phishing attacks.
Be authentic: For all transactions, pay all taxes and bills. Don’t get caught in any lucrative offers. Where there is a huge and sudden gain, the chance of counterfeiting is higher.
How can blockchain be used to keep digital assets safe? What apps can consumers use?
Recently, organizations have turned their data, workflows and modules into digital assets. These are highly confidential to the organization, so the entire lifecycle of such assets must be securely monitored, which cannot be achieved using traditional methods involving third parties. In blockchain there is no third party. All transactions are peer to peer. This property of blockchain makes it suitable for digital asset management, allowing peer-to-peer communication to be carried out securely.
A few apps that consumers can use are IBM® Hyper Protect Digital Assets Platform, Key Coin Assets, Brandfolder, PhotoShelterforBrands and many more.
What are the three tips you would give to people doing crypto trading?
It is crucial to use a secure communication connection for all your crypto transactions. For cryptocurrency trading beginners and investors, here are some things to consider before entering this high-risk, high-reward arena.
Study the market before registering on an exchange, and do not bet on risky transactions.
Protect your internet connection and don’t buy the coins just because the price is low.
Use a reputable exchange because it is not uncommon for cryptocurrency exchanges to be hacked or used to defraud investors.
Which according to you is the country that is leading in the space and the Indian startup ecosystem can pick up the best use cases?
It is clear that China is the ruler of the entire crypto market. The maximum number of Bitcoin owners are from the country, China. India, being the country with a huge population and the world’s best masterminds, has a very positive future in the crypto market. In fact, now we have our own crypto-coins, as well as many other small-scale startups that work under the code blockchain. Few people have made unprecedented gains from digital assets, which is why the government has imposed a 30% tax on all virtual digital assets.
What are the disadvantages of blockchain?
The main disadvantage of blockchain is the energy and computational power required for mining. This is a major threat to our environment. Although the concept of green coins, which require a smaller amount of energy like cardano, chia is being developed, but none of them have yet taken the market like Bitcoins and Ethereum. The two giant rulers of the crypto market Bitcoin and Ethereum have the highest carbon footprint. Another dark point is the scalability of the blockchain network. To this day, only a few percent of the human population uses blockchain, and still the system faces the problem of scalability. With a full population, using a single blockchain will surely bring the entire system to a standstill. In addition, there are many cryptographic attacks to which the blockchain is highly vulnerable.
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