Digital transformation through Blockchain and Smart Contracts will help create a thriving economy: Chief Technology Officer, EMURGO Academy

Mar 05, 2021

NEW DELHI, 05 March 2021: Mr Bharat Mallapur, Chief Technology Officer, EMURGO Academy yesterday said that digital transformation and smart contract will help create a thriving economy and realize the vision of minimum government, maximum governance.

Addressing the FICCI Tech-Thought Leadership Session on Enterprise 2.0 - Digital transformation through the adoption of Blockchain Technology, Mr Mallapur said that Blockchain transformation is upon us and It started with Bitcoins back in 2009. The growth of blockchain technology and its application has been exponential since then. "Its impact is undeniable, and industries are following the trend to gain a competitive advantage," said Mr Mallapur.

He further said that the most crucial and effective application of this technology is in governance as it can deliver a secure, transparent, and robust ecosystem that can contribute to the process of the nation's digital transformation. He further mentioned that this technology across industry verticals has put it at the core of Enterprise 2.0. 

"Gone are the days where we use to associate this technology with the finance sector and cryptocurrencies. Blockchain solutions can now leverage efficiencies beyond contracts and financial calculations to enable more efficient relationships in automation and industrial applications as well" said the Chief Technology Officer.

Ms Meenakshi R, Chief Delivery Officer, EMURGO Academy moderated the session and discussed the power of Blockchain Technology and its potential role in helping digitally transform Indian enterprises into a new age of global competitiveness. "It gave a bird's-eye view on Blockchain, the power of decentralization and automation of most enterprise processes and workflows through smart contracts and showcased how the Indian government and enterprises across the country are adopting blockchain to streamline processes, tangibly cut costs and enable new forms of services and products, she said.

The session was followed up by a Q&A discussion on how an enterprise can go about evaluating and implementing Blockchain solutions in their organization. The session was attended by 150+ live active participants, and the key takeaways from today's thought leadership sessions were understanding Blockchain as disruptive technology; how is the Indian Industry adoption progressing and showcase some of the use cases and how can organisations look at integrating blockchain solutions.