HYDERABAD: Stating that regulators around the world were working to balance the flexibility to transact in new ways through cryptocurrencies with appropriate safeguards, co-founder and CTO of Curl Analytics, Jayavaradhan Sambedu claimed that a multi-country effort, of which India is also a part, was being made to bring out a draft regulatory in 2020 to look into the issue of blockchain technology’s regulation.
Speaking at the 27th annual HYSEA Innovation summit and awards on the topic “Blockchain: Finance and More-Chaining the islands of business networks” organised by HYSEA on Thursday, Jayavaradhan said though blockchain networks themselves were considered very secure, but due to its usage in dealing with crucial data, it has become necessary to have a regulatory system to look into issues dealing with the technology.
Cognizant Technology Solutions VP and head of blockchain consulting, Latha Varghese stated that there was a need for a strong regulatory system to ensure that data is safe. Though blockchain network eliminates the vulnerability of a single company controlling transactions, however, there are issues which need to be addressed, she said.
Stating that this technology has emerged as a key financial facility, Shivaji Basu, Head, Robotic Process Automation, Tech BU at TCS stated that blockchain is not just for cryptocurrency and other financial services, it is also finding its way into the management of supply chains.