Thu, Aug 17, 2017 | updated 11:10 PM IST

India hosts its first ever Blockchain Summit on 6 Dec 2016 with Vitalik Buterin by Fintech storm

Updated: Nov 25, 2016 11:46 IST      
India hosts its first ever Blockchain Summit on 6 Dec 2016 with Vitalik Buterin by Fintech storm

New Delhi [India], Nov 25 (ANI-BusinessWireIndia): Arifa Khan, CEO of Zero Field Labs and Founder Fintech Storm is hosting the first ever Blockchain India Summit on 6 Dec 2016 in New Delhi bringing together visionary leaders in Blockchain such as VitalikButerin, Founder Ethereum, Cryptographers, academia from IIT Madras, Tech industry titans such as Microsoft, Tech Mahindra, IBM to explore the Blockchain potential and to pave way for adoption in India.

VitalikButerin , Peter Thiel Scholar said "I am excited to see the growing interest in Ethereum and blockchain technologies coming from India; the world is finally waking up to the great potential that the technology has particularly in emerging markets, and I look forward to seeing developments with the technology grow in the months and years to come."

Blockchain or Distributed Ledger Technology (DLT) is the technology behind bitcoin. DLT has seen more than $1.4 billion invested in three years and 2,500 patent filings. It is predicted 80% of banks will have initiated DLT projects by 2017. Most DLT investments have been made by marquee names as Goldman Sachs, Barclays, J.P. Morgan, UBS, Credit Suisse, Visa, Mastercard, NASDAQ etc.

Many bitcoin pioneers like VitalikButerin, Adam Back (Founder of Blockstream), and Wences Casares (Founder of XAPO), Roger Ver, Chandler Guo - believe in India's massive potential.

ICICI, Kotak Mahindra Bank and Axis Bank have announced their early Blockchain experiments in India.

A World Economic Forum report noted that DLT would replace the existing global financial infrastructure, but that it would be a big undertaking that requires collaboration between multiple players. Ms. Arifa Khan who combines domain expertise in Blockchain technology as well as Banking, having started her investment banking career with UBS in 2004, and trained extensively in New York and London post her MBA from Wharton, is now leading efforts for Indian banks to form an independent regional blockchain consortium.

Ms. Khan engaged with RBI's Working Group on Fintech and contributed to RBI's understanding of scope and challenges of bitcoin &blockchain. Cryptocurrencies impact the economy and many functions of central banks - currency stability, economic stimulus through monetary supply, inflation control, monitoring taxation etc.

The long-held view that central banks have no competitors for issuing currency has been challenged by bitcoin. VitalikButerin's "ether" is the second most prominent cryptocurrency valued close to $1bn, after bitcoin which is valued at $10bn. Dr. RaghuramRajan, former RBI Governor stated that bitcoin is "fascinating", and that RBI could release its own digital currency, but that such an issuance could take years to undertake if attempted, perhaps 10-20 years. "Virtual currencies will certainly get much better, much safer and over time will be the form of transaction. That's for sure." - Dr. Rajan

Most RBI revenues are generated from senorage - holding currencies free of interest. So what would RBI do for revenues when holding currency is no longer their function? "Effect of virtual currencies on fiat money, and effectiveness of Monetary Policy - these are some questions that the Finance Ministry and Central Bank have to ponder, in the face of possibility of worldwide adoption of cryptocurrencies &blockchain," said Ms. Arifa Khan on a panel discussion with Ripple at a Payments International in London last week.

Bitcoin's promise for India

Gates Foundation is exploring blockchain's potential to reach 200 mn unbanked in India. Reaching the last mile financial inclusion is a game many corporate houses are keen to play in India. The Payment Bank licenses are a great step to pave way for unbundling banking.

Though the ruling party introduced Jan DhanYojana and opened bank accounts for remote populations, more have been cash-stripped and rendered destitute in the current currency-ban chaos, which is now being dubbed by the disenchanted as Jan NidhanYojana. Bitcoin is immune from vagaries of arbitrary Govt. control, as it is a peer to peer network which does not depend on any central authority for its functioning.

UPI and Blockchain

Unified Payments Interface (UPI) from NPCI revolutionises all kinds of payments through real time direct debits of bank accounts. If enough players integrate UPI and build applications on top, it will disrupt PAYTM Visa MasterCard and Swift. Blockchain can cause even bigger disruption in micro finance, crowd funding, cooperative loans, peer to peer insurance, loyalty reward schemes, education, healthcare and governance.

Blockchain India Summit will feature VitalikButerin, Founder Ethereum, Andrew Keys - ConsenSys, Cale Teeter - Microsoft and thought leaders from Banking & tech industry such as Synechron, IBM, IDFC Bank etc. Fintech Storm hosted 2 large conferences in Mumbai and Delhi last year, and will be hosting Global Blockchain Summits in Zurich, Dubai in early 2017.

Microsoft is excited to be partnering with Fintech Storm/Blockchain Storm to host the first ever Blockchain India Summit 2016 as a Global Blockchain Partner.

Richard Knight of Microsoft Asia said "The Microsoft Azure platform with its Blockchain as a Service capabilities provides customers and partners the ability to create private, public and consortium based Blockchain environments very quickly in a single click manner, using industry leading frameworks, distributing their Blockchain products with Microsoft Azure's worldwide distributed platform.

The global availability of Microsoft Azure, with it's hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security, help to enable blockchain adoption, especially in highly regulated industries like financial services, healthcare and government."

Bitcoin and blockchain would present numerous interesting propositions and use-cases, which Blockchain India Summit will explore. Zero Field Labs, the Summit Sponsor is focused on building Blockchain applications for Indian Banks, FIs & other industries. IIT Madras will be hosting VitalikButerin's special lecture on crypto economies on 9 Dec in Chennai.

"We are proud and excited to be the Sponsor of "The FIRST EVER - BLOCKCHAIN INDIA SUMMIT" to lay a strong foundation & further accelerate the growth of this next-gen "Blockchain Technology" in India and worldwide." says Mr. Subash George Manuel of CryptoCarbon, a new generation Crypto Currency which has been backed up by a cashback platform. (ANI-BusinessWireIndia)

Vadodara (Gujarat) [India], Aug.17 (ANI-Businesswire India): Phonon.in, a Vadodara-based interaction automation company has taken on this challenge and applied this to simple customer centric applications taking the paradigm of providing information at your fingertips to the next level. Phonon is proud to announce the launch of India's first multi-modal flight bot for the aviation sector.

Full Story >>

Swift action by NDA Govt: A breather for Home-buyers

Updated: Aug 17, 2017 16:18 IST      By: Gaurav Gaur

New Delhi [India], Aug.17 (ANI): Within a week of the admission of the Insolvency petition by the NCLT (National Company Law Tribunal), against Jaypee Infratech limited, the Government of India, Along with IBBI (Insolvency and Bankruptcy Board of India) have proved their resolve in making IBC 2016 (The Insolvency and Bankruptcy Code) an effective, efficacious and equitable remedy, taking care of interests of all the creditors involved.

Full Story >>

New Delhi [India], Aug 17 (ANI): Taxi aggregator Ola has announced the launch of Ola Play, its connected car platform for ridesharing in two new cities, Chennai and Pune.

Full Story >>

New Delhi [India], Aug 17 (ANI): Indus Towers, the country's largest telecom tower company, announced the appointment of Shankar Iyer as the Chief Sales and Marketing Officer (CSMO). With over 24 years of experience in diverse industries, Shankar holds in-depth business understanding of international and domestic telecom and tower industry.

Full Story >>

Foreign tourist arrivals records 7.4 percent growth

Updated: Aug 17, 2017 13:43 IST     

New Delhi [India], August 17 (ANI): A compiled report on monthly estimates of Foreign Tourist Arrivals (FTAs) and FTAs on e-Tourist Visa published by the Ministry of Tourism has highlighted a 7.4 percent surge in the number of FTAs in July 2017, as compared to July last year.

Full Story >>

New Delhi [India], August 17 (ANI): The overwhelming presence of the public sector in India is holding back the economy, noted Ruchir Sharma, Head of Emerging Markets Equity and Chief Global Strategist, Morgan Stanley Investment Management, while delivering a lecture on leadership, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) to commemorate its 90th anniversary this year.

Full Story >>

New Delhi [India], August 17 (ANI-NewsVoir): The movie 'Yeh Hai India' starring Gavie Chahal and Deana Uppal has been making waves all across the globe. The movie had been selected as the official entry at the FOG Film Festival in the United States of America. Yeh Hai India has managed to get tremendous response from the screening. What's more is that the movie also bagged the award for Best Film at the FOG Film Festival.

Full Story >>

New Delhi [India], August 17 (ANI): HDFC Bank on Thursday announced a revision in its savings bank interest rate, effective August 19.

Full Story >>

New Delhi [India], August 17 (ANI): India's national air carrier Air India launched its first non-stop flight, the Dreamliner B-787, to Stockholm, Sweden, from Delhi on Wednesday. With an all-female crew on board,the cockpit was under the control of Capt.Nivedita Bhasin.

Full Story >>

New Delhi [India], August 17 (ANI-BusinessWire India): Travel technology start-up TRAVELSPICE on Thursday announced an increased use of data analytics, machine learning, BOT services and the scalable infrastructure offered by Microsoft Azure to support India's only and rapidly growing e-commerce hotel booking platform.

Full Story >>

New Delhi [India], Aug 16 (ANI-Newsvoir): Kwality Ltd., amongst largest and fastest growing private dairy companies in India, today announced that the Board has considered and approved appointment of MSKA and Associates ('MSKA') as its new statutory auditors for the period FY 2017-18 to FY 2021-22, subject to approval from shareholders in Annual General Meeting proposed to be held in Sep' 2017.

Full Story >>

New Delhi [India], Aug 16 (ANI-NewsVoir): Alliances Galore - The largest offers based Merchant Acquirer in the country and globally has recently completed a milestone of 1,000,000 alliances for its clients.

Full Story >>

New Delhi [India], Aug 16 (ANI-NewsVoir): Shardul Amarchand Mangaldas & Co ('SAM & Co') advised PVR Limited ('PVR') on sale of 100 percent shareholding in the arcade games joint venture company PVR BluO Entertainment ('PVR BluO') to Smaaash Entertainment ('Smaaash') for approximately Rs. 86 crore. PVR owns 51 percent in PVR BluO, while Thailand's Major Cineplex Group owns the rest.

Full Story >>

Home buyers left in lurch: Insolvency and Bankruptcy Code favours financial creditors

Updated: Aug 16, 2017 17:51 IST      By: Gaurav Gaur

New Delhi [India], Aug.16 (ANI): Insolvency and Bankruptcy Code 2016(IBC 2016), has been enacted to reorganise and provide insolvency resolution for corporate entities and partnerships in a time bound manner. The nub of the code is to bring back defaulting companies on road to recovery, to promote entrepreneurship, availability of credit and balance of interests of all stakeholders.

Full Story >>

New Delhi [India], Aug 16 (ANI-BusinessWireIndia): PerkinElmer, Inc., a global leader committed to innovating for a healthier world, today announced PerkinElmer India's opening of a Centre of Excellence at Indian Institute of Science Education and Research (IISER), Pune.

Full Story >>

New Delhi [India], Aug 16 (ANI-BusinessWireIndia): The International Career and College Counseling (IC3) platform invites participation of schools, colleges and universities from India and across the globe. The two-day conference is scheduled for August 30 and 31 at the JW Marriott, Aerocity, New Delhi.

Full Story >>

New Delhi [India], Aug 16 (ANI-NewsVoir): Successful meditation depends completely on the mental state of the meditator. Incense facilitates meditation as it creates a positive visual impact; certain fragrances in the incense impart positive impulses to the brain.

Full Story >>

IRCTC launches international tours for Lanka, Russia

Updated: Aug 16, 2017 16:15 IST     

New Delhi [India], Aug.16 (ANI): The Indian Railway Catering and Tourism Corporation Ltd. (A Govt. of India Enterprise) under Ministry of Railways is one of the biggest e-commerce website across Asia.

Full Story >>

TAB Capital surpasses Rs.101 cr worth loan disbursement

Updated: Aug 16, 2017 13:24 IST     

New Delhi [India], August 16 (ANI): Pune-based Non Banking Financial Company (NBFC) TAB Capital on Wednesday announced crossing an assets under management (AUM) to the extent of Rs. 101 crores, as of July 31, with an aim to reach at a worth of Rs. 500 crores in the next two years.

Full Story >>

New Delhi [India], August 16 (ANI-NewsVoir): The seventh edition of the Harvard Model United Nations India hosted by the Harvard IRC and Worldview Education kicked off with its opening ceremony on the August 12, 2017. With over 1500 delegates attending this year, the biggest conference yet, the delegates have debated on prominent issues such as funding "Sustainable growth in Africa", "Mental health awareness and treatment" and many other issues as well with solutions in the form of a resolution at the closing committee sessions on August 15.

Full Story >>