I attended a blockchain conference in Delhi and this is what I found
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Well, that was one frenetic year. Blockchain and cryptocurrencies have shot up the ranks to become one of the most discussed and widely debated themes of Its price is reported by CNBC today alongside commodities like gold and crude oil, and CNN has found itself continuously broadcasting the price hit one landmark after another.
There is no doubt that digital assets are experiencing a growing interest — and not just on the part of finance professionals economist bitcoin bitten season 4 those working in technology. Rather, the small retail investor — who, until yesterday simply deposited savings in the bank — is dipping their toes in the water. High-spirited uncles at the holiday dinner table remark that economist bitcoin bitten season 4 wish to invest in bitcoin.
Ebullient panellists on news channels all put wagers on how high the asset price will go. It economist bitcoin bitten season 4 certainly been a banner year for cryptocurrencies. In its own way, has been economist bitcoin bitten season 4 watershed moment for me and my career too. I joined the blockchain team at IBM, as we continued to deliver enterprise blockchain applications to our clients across Europe. Two of my projects have been well covered by the foremost financial media. Back in India this past December for the holidays, I was curious to learn what the Indian populace made of the technology; eager to feel the pulse of the people.
Economist bitcoin bitten season 4 followed up on a recommendation and decided to attend BlockchainCon, a 2-day event held in New Delhi. Yet, there is much to take away and understand about the logic of consumer India and the ethos of young technologists. You must dismiss this as complete baloney. A start-up demonstrating tenacity can go a long way before requiring finances.
We got talking about the ability to store some information on the chain, while storing confidential documents off of it and simply adding a cryptographic hash instead. I lost him at 'hash', apparently. So much so for being a bitcoin geek. No one is focused on building real businesses that solve genuine problems. I went in with an expectation of seeing local ventures present their solutions to use cases that plague the Indian ecosystem. Alas, that was not to be! No one spoke of any specific challenges or problem statements close to being resolved.
The challenges that the Indian markets face are immense. Public administration is two decades behind the Western world and all processes are still entirely paper-based. The boat to transition to digital was missed, and therein lies the opportunity to entirely skip the digitization of documents and instead move directly on to storing all public records on the blockchain.
Our proclivity to fall victim to such scams is well known, so do your due diligence. A young crop of engineers is thirsty economist bitcoin bitten season 4 education in the crypto space.
This was no Homebrew Computer Club, but it gave me an inkling of what early computer hobbyist groups might have been like. I met a bunch of young guys — all software engineering graduates and working for one of the numerous IT-firms in the city. Demand for engineers in the crypto space today far exceeds supply.
It is imperative that we first invest in education and guidance to create a proficient and competent generation of programmers who can think for themselves. Indian retail investors are being denied a level playing field. The Indian government has been sitting on the fence regarding the recognition and regulation of cryptocurrencies, while the Reserve Bank of India recently released a statement that bitcoin was not a legal currency and not backed by the government obviously.
Self-proclaimed 'Bitcoin Experts' and 'Blockchain Evangelists' spew so much rubbish on television that one must simply laugh at the absurdity of it all. There is an unbelievable amount of misinformation being passed around and, quite naturally, it results in an atmosphere of trepidation.
Also, the lack of liquidity in the Indian market causes the exchanges to charge a premium to their customers, besides a very wide spread blamed on the volatility.
Meanwhile, Indian retail economist bitcoin bitten season 4 are missing out on being the early adopters of a revolutionary technology, along with the upside potential of a lucrative alternative investment.
It goes without saying that this is a very exciting time for us all and there are fascinating tales coming in from around the world. I read the story of a man who handed over a briefcase full of cash to some men at a shopping mall in exchange for what he hoped was his bitcoin. Both hype and criticism will grow in - get used to it.
I remain positive that when the dust settles, the real entrepreneurs who are making a change for good will still be standing.
