What is the significance of Blockchain in today’s digital world?
Whether an asset is tangible, such as a car or a house, or intangible, such as a service of some kind or a patent, Blockchain makes it possible to record transactions and track assets with reliable transparency in a business network. Today’s businesses are all information- and data-driven. It is always considered an upside when data reception is fast and highly accurate. Blockchain thus becomes an ideal ledger for the delivery of such information since it provides instant transfer of data with complete transparency. This data can be accessed by members who are part of the network in question with permission. A blockchain network once established can track your orders, payments and accounts in real-time, and members involved in the particular permitted network are enabled with the display of all this information in real-time, thus ensuring that everyone is exposed to accurate and one and only one true information. There are well-known companies that are already using this technology at large to improve product delivery. IBM, for example, has created the Food Trust Blockchain which enables them to track the route and journey their food products take to reach their destination. Other big names include Walmart, Pfizer, AIG, Unilever and many more. Therefore, it becomes important for young graduates interested to work in these industries as leading engineers to know the function and application of blockchain to be a part of the ever-growing competition of the 21st century.St century
How will Blockchain help make the CBDC concept robust?
India has moved towards tokenization which itself has been a big deal for all the companies in the BFSI sector, making these companies’ deliveries more secure and efficient. Central Bank Digital Currency (CBDC) uses digital representation of values (called tokens) and performs the same function as hard currencies, the only difference is that it works in the digital realm. This CBDC at its core uses Blockchain technology and enables more secure and decentralized peer-to-peer transactions. The introduction will ensure the development of a robust payment infrastructure and also reduce the costs of transactions considerably, improve information delivery and reception capacity and secure maintenance of data. This concept is being rapidly tested across NA, EU and Asia. Whether it is wholesale, retail or even cross-border payments, Blockchain-enabled CBDC should make it more efficient, convenient and faster in its processing time, while keeping a check on secure databases and improved transparency.
How will CBDC impact the Indian market from a technical perspective?
As more governments across the globe, especially India consider introducing a digital currency, the government needs concrete solutions to questions like why a digital rupee, the best technology to use for the same, competition creation and its impact, consumer behavior, etc. It is where PPPS (Public-Private Partnerships) become critical. It is certain that there is a huge spread of Tech Giants doing considerably well in the digital realm who can and to go so far as to say “will” figure out solutions to enable the launch of a coherent and complete system. These MNCs have the technological capabilities and expertise to design, build and manage a digital currency. This in itself means job opportunities for young graduates in the Indian market to jump on to create an even better digital Bharat. From data scientists and analysts to engineering experts in Blockchain, from DBMS engineers to digital marketers, there are many opportunities for young graduates to be a part of such projects. However, it becomes important for these graduates to be skilled in the right way to be a part of this industry. Building a reliable system for mass adoption and acceptance by Indian consumers will require careful planning and delivery, as building trust factor over the digital currency will not happen overnight and will require repeated positive results from a consumer side for it to progress. and be widely adopted. Seeing that the UPI system has been successfully adopted by most of the Indians not only from tier 1 and 2 cities but also from the remotest part of the country. So the hope is that when the pilot testing maybe for this particular CBDC, will open up opportunities for more and more young talented candidates to participate in the industry
What should young graduates know to be an active part of this industry?
Young graduates should upgrade themselves in blockchain technology to become an active part of this growing industry. Blockchain technology will play a big role behind the digital currency, CBDC and many others.
Graduates will get more opportunities to explore along with lucrative packages. Many tech giants and financial services companies will be ready to hire these talents. Learning blockchain technology can improve their skills to work in different sectors, IT, banking and finance, etc.
Many technological startups, educational institutions and the authorities work together to spread awareness about digital technology. To increase the level of economic growth in the country, all these participants, together with young graduates, must work hard. Moreover, digital media will help them become skilled in various ways to build good careers and support the nation’s development.
Therefore, EdTech institutions offer many digital Blockchain courses for youth to learn and grow. This initiative will help build the nation with the support of technology and youth capabilities
(The author is Mr. Harsh Suresh Bharwani, Managing Director and CEO of Jetking Infotrain and the views expressed in this article are his own)
