IAMAI forms a Blockchain Committee to identify challenges and opportunities

By October 16, 2018 No Comments

The Internet and Mobile Association Of India or IAMAI forms forms a Blockchain Committee. The main aim of the Committee is to identify opportunities and challenges, and to work with the government, industry and startups to raise awareness about the overall ecosystem.

Blockchain technology is one of the most disruptive technologies today. Recently, the Internet and Mobile Association of India formed a blockchain committee to promote blockchain technology. The aim is to enable the technology in fulfilling its potential of facilitating job creations. The committee aims to improve the economy of the country.

What is IAMAI?

Established in 2004,the IAMAI basically looks out to expand the online and mobile value added services sectors. IAMAI is the only platform in India representing the interests of online and mobile value added service industry. The Association’s headquarters is in Mumbai, India.

The committee is led by Tina Singh, Chief Digital Officer, Mahindra Finance and co-chaired by Prasanna Lohar, Head –Innovation and Architecture, DCB Bank Limited. Some other salient members of the committee are Manish Gupta, Director- Digital Transformation, Mastercard, Samiran Ghosh, Chief Digital Advisor, Microsoft, Jitan S Chandnani, Blockchain Offerings and Engagement Leader – ISA, IBM, Ravi Chamria, Founder, Sofocle Technologies, Sandeep Goenka, Founder, Zebpay, S Venkat Kumar, Vice President, Kotak,  Nitin Chugh, Country Head- Digital Banking, HDFC Bank amongst others.

Tina Singh, the chairperson stated :

“Blockchain is undeniably the technology of the future, slated to bring decentralization, trust, and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

Blockchain technology in the Human Resources sector

Blockchain technology continues to draw attention in managing finances and supply chains. In the HR sector, the technology can be widely used to validate employee information. A blockchain-based model can solve issues concerning the authenticity of human resource information, hence providing effective decision making information to the human resource personnel. The model can also eradicate human efforts and costs owing to the need of significant data collection.

Earlier this year, Blockchain-based professional network, SpringRole, raised $1.3 Mn in funding from AlphaBlock Investments, DNA (Brock Pierce and Scott Walker’s blockchain investment and consulting firm), Isaac Lee’s BlockWater and Wavemaker Genesis.

A recent analysis shows that only 0.25% of the software developers in India are willing to work with blockchain technology. This shows the need for skill development in this emerging technology.

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What do you think about the potential of Blockchain Technology? Let us know in the comments section.

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