Blockchain applications increasing, says CIO of Belfrics Santhosh Palavesh

With the rise in the use of Blockchain technologies across the globe, Santhosh Palavesh, Chief Innovation Officer (CIO) at Belfrics, a Blockchain Fintech firm, shares with Sunil Pradhan different applications of the technology, its security and legalities. A blockchain is a growing list of records, called blocks, which are linked using cryptography and is also the technology associated with cryptocurrency called Bitcoin.

What are different applications of Blockchain and where it can be used?
Blockchain applications are certainly increasing. For instance, we are working on blockchain application to make the bidding process for the ration system a transparent one which can reduce corruption in the supply chain of the ration system. Similarly, we have products for universities, where university degrees can be awarded through blockchain. Another application would be about land title management. Blockchain solution related to land title management will help farmers on a larger scale. We have built a Know Your Customer (KYC) compliant blockchain, which keeps details of the user. Another product would be cross-border money remittance which blockchain application can handle. We also have applications ready for initial coin offerings. While Blockchain is the answer to many questions, it cannot answer all questions and we must think practically whether a Blockchain model will help solve our problem before taking an application over Blockchain technology.

How safe is Blockchain? With the rise of quantum computing do you think blockchain will continue to be safe?
Given the current computing power, Blockchain is certainly safe. We have heard of stealing of cryptocurrencies but we have never heard of a breach at Blockchain level. The Blockchain has a good level of encryption. Similarly, blockchains are made of several blocks which are linked. If a hacker decides to breach into the system at block 10, he will have to go through all nine other blocks which will take time.

Currently, the trading of cryptocurrency is not regulated so what the government can do?
We need to have KYC compliant Blockchains to answer to this. As Blockchain comes with anonymous we need to have the facility to identify the traders. We have our product Belrium, which is KYC compliant product and we can track the trading of customers like we have a demat account. It is a challenge but not an impossible one.

What services Belfrics is currently offering to its customers?
We have a trading platform for cryptocurrency trading, a software development wing with 60 Blockchain coders. We also have a Belfrics academy, where we train people on Blockchain technology. Then we have encrypts platform which is a news aggregator about the crypto news. We also have our KYC compliant Blockchain called Belrium.