Blockchain and it’s Future – A perspective by Dr. Tausif Malik

Blockchain and it’s Future – A perspective by Dr. Tausif Malik

Ramdas Shenoyy from understanding Blockchain from Dr. Malik

How are technologies like BlockChain going to impact the future Industry and economy?

Blockchain is the future technology that offers a secured platform to host and manage data. It is a digital ledger system used to securely record transactions and is going to affect the following industries. 

A. The Banking Industry

The Banking Industry faces several changes as the digital economy footprint increasing in every facet of the industry. The main business of Banks is to manage deposits, give credit and transfer of funds.  

Blockchain is developed to offers a secure digital ledger system to record permanent records of the millions of transactions occurring every day in the banking domain.  It can help in significantly lowering the risk and money could be transferred cheaper and faster through the decentralization digital ledger system.

B. The Real Estate Industry

It can help in securing all documents and transactions on its decentralization digital ledger system. It can reduce the number of paperwork required by the agents, buyer, seller, and lender through by its smart contracts.  

C. The Healthcare Industry

It can help in securing all documents and medical records on its decentralization digital ledger system. It can reduce the number of paperwork required by insurance, healthcare providers, pharmacy, and hospitals through its smart contracts and reduce errors, fraud, and lost records. 

D. The Legal Industry

It can help in securing all documents and transactions on its decentralization digital ledger system.  It can store and verify documents and data.  Any changes to the documents will be authenticated and stored. 

This technology eliminates lengthy court battles arguing over the digital inheritance.

E. The Cryptocurrency Exchange Industry

Digital money or Cryptocurrency is the way of the future and it can be securely transferred and recorded. To authorize transactions “mining” is required to verify and authenticate every transaction of digital money. This can create new jobs in exchanges and crypto mining industry. 

F. Politics

Many voters across the globe feel that the EVM (Electronic Voting Machine) have been rigged and feel cheated. Blockchain technology reduces the rigging and ensures only legitimate votes.

G. The Startup Industry 

Entrepreneurs can create their pitch deck and use Ethereum’s Smart Contract platform to present to the investors through a secure medium for the pitches for privacy and confidentiality.

H. Online  Entertainment Industry

Online  Entertainment is predicted to form 82% of all Internet traffic by 2021, and blockchain may play a significant role by decentralizing the Online  Entertainment infrastructure. 

I.  Education Industry

The education industry would leverage the Internet that combines blockchain, cryptocurrency, and virtual reality; where faculty, students, campuses, and curriculum. Degrees would be offered blockchain to reduce errors and fraud. 

Is Cryptocurrency going to stay or it will be a bygone phenomenon?

Yes, it is going to stay. If the Government of India put a policy on Cryptocurrency similar to the stock market and asset holdings then the Government of India can earn huge tax. This will also help in the crypto mining business and increase employment opportunities. In fact, I had created Worlds largest crypto mining training program in association with DICCI Dalit Indian Chamber of Commerce & Industry for creating rural employment opportunities, it had become the viral hit of 2018, but we had to stall our program because of no policy decision on Cryptos by Government of India. I would be very happy to support and advise the Government of India on policymaking regarding this. If implemented India can become $ 5 trillion economy faster then estimated time of the Government.  

Is the start-up scene real and do we have the eco-system (in India) to support it? 

The start-up scene is growing phenomenally but the majority of the startups are copy cat versions. It lacks ingenuity, innovation, and vision.  

It is primarily dominated by technology professionals, who are either founders, investors, business coaches, etc.

Hence majority of them lack business acumen and hence the success rate of Startups is limited. 

Also, Startups are only focussed on chasing investments rather than soliciting business with customers and earning profit. Investors are investing through their network creating hype and valuations and running this like Ponzi schemes.

There are few startup ecosystems in India but its poor in quality. The best Startup Ecosystem is of Israel and we should work with them to develop our ecosystem.    

What will be your advice to young aspirants to be ready for the future?

The advice is to read a lot, hang out with friends who read a lot, the more you read and discuss you with your friends and, family. This will help you putting ideas on paper whether it’s a business idea, story writing, poetry etc. It will also help in speaking better, in-fact if you speaking in English …try to have the entire conversation in English …if your speaking in Hindi or any other language ….do the same, this shows your command over the language and will be the differentiator from other. Be honest, honesty is the best policy, this helps in building credibility. Credibility is goodwill or your brand value. The higher the brand value their higher success rate. Be well-groomed, dressing, haircut, attitude, and manners….it will help you connect with the audience and will impact. Finally, love your parents, respect them and never abandoned them…my success is due to the blessing of my parents. Respect your teachers, mentors, and guides…meet them regularly share your ideas, issues, and successes with them…they will advise you and guide you…adapt their advice to your personality and situation for better results. Don’t share your success or failures with people or on social media…Let your success speak for you. Hang out with good people who are smart, honest and dedicated. Always learn to be one step ahead of the crowd.  Adapt to change…

How do you see the future of emerging economies in the world?

China is going to dominate the world economy…The future would be in African countries …as they have natural resources, cheap labor, land, and market .. . therefore China is moving into the African continent. India needs to move up the value chain in the technology domain…In fact, we had launched an ecosystem called MAHAbfic where we were promoting Maharashtra as the future technology such as destination to develop Blockchain, Fin-tech, Cryptos & ICO (Initial Coin Offering – similar to Initial Public Offering). But due to no definite policy announcement on Cryptos, we have rebranded the ecosystem to Maharashtra Future Technologies.

What will be the challenges for the human race and how ready are we to address it?

Environment Sustainability will be the biggest challenge…Hence I propose “Reverse Migration through Future Technologies for sustainable Rural Development”. 

#Blockchainexplained #Blockchainwallet #Blockchaintransaction  

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