Bengal Chamber organises Business IT conclave on theme Fintech-Riding on Block-chain

Arnab Basu, Chairperson, IT Committee, The Bengal Chamber, said: “Blockchain is the key focus of most fintech companies. Blockchain has the potential to make the financial services more efficient, quicker and transparent. This technology provides a decentralised network for its companies and users where information is secured and data transfer can be facilitated with no alterations."

"As Smart Contracts come into vogue, this technology can guarantee that individual obligations of both sides are met with prior to a transaction and once agreement is complete."

Blockchain technology utilises a shared ledger to record transactions across a decentralized network of computers.

Blockchain has no central authority figures and is governed by the network operators.

Prior to a transaction recording in a ledger the entire network arrives at an agreement, making the system secure against the threat of hacking.

For any transactions modifications, the entire network must arrive at the same consensus, making this a near hack proof system.

Fin-Tech is a combination of financial technology, that is essentially a digital technology that provides financial and banking services.

At the opening session of the conclave will have Debashis Sen, IAS, Additional Chief Secretary, Department of Information Technology & Electronics, Government of West Bengal & Chairman and Managing Director, Housing Infrastructure Development Corporation Limited and Chairman, Nabadiganta Industrial Township Authority stated, “The government is very focussed on laying emphasis on emerging technologies like cryptocurrencies, bitcoin and blockchain. Blockchain gained eminence out of cryptocurrency and bitcoin."

Bhaskar Pramanik, Former Chairman, Microsoft India and Member of the Board, SBI,  stated, “A lot that has happened recently in the banking sector could have been avoided by the use of blockchain technology. Technology is something every person in an organisation should be aware from lower rung to CEO. Banking now a day have become lot more complex with regulators, governments and intermediaries being involved. Fundamentally banking has to change through technology.

"To me the State Bank of India is not about just making profits or returns on asset , its vision should be financial empowerment for every institute and individual. With Block Chain technology security is ensured. The State Bank of India has been at the forefront of adopting Blockchain."

Other speakers present there were Souvik Das, SAP, Xavier Kurian, Director-Solutions and Alliances, India, Dell, Prashant Mali, Cyber Law Expert, Bombay High Court, among others.