The blockchain is often misunderstood and limited to the definition of cryptocurrency, but crypto-currency is just one of the hundreds other applications which can be built using blockchain as underlying technology. Blockchain has the potential to become the greatest technological advancement since the advent of the Internet and, countries such as China, Russia, and Japan are approaching it proactively. The governments across the world, including India, are beginning to explore it and are laying an emphasis on Blockchain as technology; giving impetuous to institutions that have started exploring how this technology can benefit them. In the 2018 budget, the Finance Minister Arun Jaitley said that the government will keep exploring and working on the Blockchain technology.
FICCI believes Blockchain is an important milestone and since the technology is nascent, it will be beneficial to find applications in wide range of areas, for both enabling and disrupting the legacy systems. Businesses canít Ignore Blockchain anymore as this new technology enables greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, reduced costs and removing of intermediaries from businesses. And being sector agnostic, itís benefits can be harnessed across the board.
Towards this thought revolution, FICCI is inviting eminent government, regulatory and CXO dignitaries to be part of the FICCI Blockchain Innovation Summit to unleash the power of the Blockchain. It's an opportunity to demystify what Blockchain is, what potential it holds and how the consortium of business partners can unleash the power of Blockchain for profitable growth.