by admin | May 25, 2021 | Business Summit, Events, Finance, Interviews, Markets, News, Technology
By Gokul Bhagabati,
Panaji : With digitisation transforming the financial services sector in terms of speeding up transactions and fraud detection, the Blockchain technology holds enormous promise of further strengthening the sector, a top official with The National Stock Exchange of India Limited (NSE) has emphasised.
“The NSE is experimenting with Blockchain technology, a NSE CTO Sankarson Banerjee told IANS on the sidelines of the fifth Cisco India Summit here.
The Blockchain technology is based on distributed storage of data. A Blockchain is a continuously growing list of records — called blocks — which are linked and secured using cryptography.
“Blockchain, we know, is the best way to create immutable record of things. That opens up a lot of use cases for asset verification – who owns the asset, where it comes from, things like that – or tracing the transaction of an asset,” Banerjee noted.
“The second advantage of Blockchain is that it helps avoid double spend. It allows for unique non-repeatable transaction,” he added.
Blockchain can make things highly distributed and resilient in ways that traditional data storage technologies cannot, Banerjee said, adding that in Blockchain, one can distribute a record to thousands of people and yet everybody can be sure that nobody can fake that record.
“Blockchain is genuinely a different way of doing things. Today, the asset is held in physical form and digital records of it are transacted,” he stressed, making the point that Blockchain technology should be credited for creating genuine digital asset for the first time.
“While cryptocurrency is a used case of Blockchain, it should not be confused with the technology itself, just as pornographic content, which can be accessed on the Internet, must not be confused with Internet itself,” Banerjee told IANS.
The NSE CTO, however, cautioned that it would be foolish to expect that technology could altogether wipe out the chances of fraudulent transaction because hackers do not always target the hard technology part.
“They instead often exploit the vulnerability of the common people and trick them into revealing crucial information,” he said.
“Blockhain can be truly transformative for exchanges, paving the way for them to get into very different businesses. We could start selling cars. We are not selling cars but we might,” Banerjee added, in a lighter vein.
While Blockchain still remains at an experimental stage at the NSE, what it has done to increase efficiency includes integration of latest solutions from the global networking giant Cisco for enhanced customer service, process automation, analytics and cybersecurity.
In line with its commitment to digitise the financial services sector in India, Cisco has developed a “Digital Transformation Blueprint” for the banking and financial services sector.
The blueprint leverages the power of Cisco’s intent-based networking portfolio to integrate connectivity, security, automation, collaboration, and analytics across the business value chain.
As part of its collaboration with NSE, Cisco has automated NSE’s data centre, helping it reduce app deployment time from weeks to hours.
The exchange is also leveraging Cisco’s “AppDynamics” platform to monitor the performance of core applications and get real-time analytics for business performance to deliver superior end-user experience.
“With ‘AppDynamics’, NSE will have complete visibility spanning from the infrastructure to application to end user, thereby offering a superior end-user experience,” said Sameer Garde, President, Cisco India and Saarc.
“Institutions that are quick to embrace innovation and adopt new technologies will have immense opportunities to improve the way they deliver services,” added Banerjee.
The NSE, which was the first exchange in India to implement electronic or screen-based trading, emerged as the fourth largest stock exchanges in the world by numbers of trades in equity shares in 2017, according to the World Federation of Exchanges (WFE) report.
(Gokul Bhagabati attended the summit at the invitation of Cisco. He can be contacted at gokul.b@ians.in)
—IANS
by admin | May 25, 2021 | Employment, Government Jobs, Interviews
DR.VISHNUVAJJHALA ADITYA SRINIVAS (Photo: Maeeshat)
DR.VISHNUVAJJHALA ADITYA SRINIVAS, is working as a Chief Operating Officer and Chief Economist at Bombay Stock Exchange Brokers Forum in Mumbai.He is An MBA (Gold Medalist), MDP from IIM Ahmadabad. He has 12 years of corporate experience in the field of financial services and having complete knowledge of all the segments of the capital markets and financial products. Dr. ADITYA SRINIVAS is Regular with CNBC Bazaar and DD News channel. He also represented India at Harvard Law School, USA, and gave presentation on Indian Economy. In an exclusive interview with Maeeshat, he speaks on Indian and global economy:
Tell us the status of Indian economy on global platform?
Indian economy is growing at 7 % GDP as compared to world average GDP of 3 %. The world economy is facing lots of geo-political turmoil like Syria, America’s relations with North Korea, Russia’s involvement in Syria and so on. In this situation , the Indian economy turns out to be in a better shape as compared to others like China which has slowed down from 10 % GDP to 6.5 % GDP. Indian economy has stable government and pro reforms oriented which means that the new economic reforms would be consistently coming into the economy. This is very important for the sustainable GDP growth rate.
What are the key features of Indian economy ?
The Indian economy has 3 unique selling propositions which are as follows:
- 70% of the working population is less than 35 years of age which means that there is huge demographic dividend advantage to the economy. There is a huge disposable income that leads to consumption driven economy. The average age of the Indian is 25 years while the Chinese is 37 years. The American has 38 years while the European Union has 47 years and the Japanese has 50 years.
- Out of the total production, India consumes 80 % of it. And only 20 % is exported. we are not an export oriented economy. And thus India does not depend upon other countries. Though, we need to have strong export policy to fund imports of gold and oil. Last year, we achieved worth $ 312 billion by exporting as against the target of $ 325 billion.
- India’s saving rate is 31 % while the global average is 24 %. Saving results into capital formation which has provided shield during the weak economic days. Savings return into capital formation that results into investment and then capital formation.
Thus Indian economy is poised with unique growth features and has huge potential to grow. The resilient feature in the economy was evident from the fact that the world economy grew at 1 to 2 % GDP during Global Financial crisis while Indian economy was able to grow by 6.3 % GDP.
What are the key challenges for Indian Economy ?
The biggest challenge for Indian economy is to create jobs and thus provide employment to the youth. We are harping on the fact that India has huge growth based on demand and consumption, but this will prove right when the youth be able to generate income before they spend. India needs to create 1.5 crore jobs each year to get the benefit of this demographic dividend.
What are the effects of schemes like Make In India, Skill India and Start up India ?
The schemes like Make In India is aimed to create manufacturing jobs in India as to make India a global manufacturing hub. Right now the contribution of manufacturing sector in the GDP is 14 % that needs to be increased by 25 %. This will create lots of jobs for the less qualified as manufacturing jobs are repetitive in nature. Skill India is aimed at giving skill to every one so that they could earn and support his family. Skill could be driving, electrical, mechanical skill etc. Several skill development programmes have been started by the Government but its implementation is the key to success. Start Up India is aimed to create more entrepreneurs so that they can create jobs. The spirit of being entrepreneur would help the economy to grow well.
What about the Indian Stock market as tool for wealth creation?
BSES has given 16.5% CAGR return from 1980 to 2016. The market is tool for wealth generation in the long term. Investors who have done disciplined investment have always gained from the market. For instance one who had invested Rs. 9000 in Infosys IPO has made Rs. 4.58 crore which shows the huge wealth creation.
