Pune: Anandsagar Shiralkar, Founder and Chief Executive Officer (CEO) of Vizitech Solutions, a technology company providing IT solutions, stressed on the need to build a strong blockchain ecosystem for use of blockchain technologies in the industry. Shiralkar was interacting with media persons while signing the first memorandum of understanding (MoU) with Japan-based Chaintope Company to set up a research and development centre of blockchain in Pune.
Shiralkar said that currently Vizitech solutions is focused on providing the technology to public systems. “Blockchain technology is based on peer-to-peer network collectively adhering to a protocol and so it will be beneficial currently to focus on developing blockchain for public system and this is why there is need of blockchain ecosystem,” added Shiralkar.
Speaking about the development of the technology in Japan and other parts of the world, Shiralkar said that until 2015 blockchain technology was used only for cryptocurrencies. “It was after 2015 that people thought of using the technology for other purpose and hence, currently this technology is in its nascent stage in India,” Shiralkar added.
Speaking on use of the technology in Japan, Hideki Shoda, CEO of Chaintope, said that e-governance programme in Japan is using the technology. Speaking about the risks in the use of technology, Shiralkar said, “It may happen that some other competitor is developing some other technology similar to blockchain.”
Shoda said that KYC norms remain a major challenge for implementation of the technology and companies are working to find out ways of regulating the technology. Speaking on the use of technology. Shiralkar said that the technology can be used in finance, logistics, real estate and other domains.
“Blockchain can bring transparency, improve speed and develop protocols for business transactions. Currently, states like Andhra Pradesh and Karnataka are using blockchain technology. We must understand that blockchain technology is great and the only issue is that the returns on investment (ROI) in the technology takes some time,” added Shiralkar.