Apr 6th 2023 | 08:50 | 3 min read
ChainCode Consulting LLP, the leading blockchain consulting firm, participated in the India-Russia Business Forum meeting held on March 30th, 2023 at The Oberoi, New Delhi.
The meeting was organized by Commander V.K. Jailty – Chairman of RISING, and Valentin Marakov – President of RUSSOFT.
The other esteemed members included: Mr. Satya N Gupta – President of Blockchain for Productivity Forum, Mr. Narendra N Shukla – CTO & Business Head of ChainCode Consulting, Mr. Nikhil & Mr. Ajay Singh from the Indian Delegation.
The meeting’s primary agenda was to discuss the role of Blockchain & Emerging technology towards enterprise automations, Financial Systems, and Governance Automations between India & Russia. The participants discussed India’s national strategy on blockchain, as introduced by MeitY, the Ministry of Electronics and Information Technology. The discussions delved into various specific points, which are as follows:
The National Blockchain Framework:
The layered architecture of the “National Blockchain Framework” was discussed, and physical copies were handed over to Mr. Valentin Makarov. The framework aims to provide a single source of truth for all transactions and ensure transparency and accountability.
UPI-driven payment between India & Russia:
The participants discussed the use of UPI-driven payment between India & Russia for quick settlements and agility. The UPI platform has been a game-changer in the Indian payment ecosystem, and its adoption in other countries can facilitate seamless cross-border payments.
Building a new financial system between India & Russia:
The participants also talked about the use of Blockchain to build up a new financial system between India & Russia to facilitate scalability, real-time settlements, common consensus, and security. The current payment systems face several challenges, including payment data localization, which is a hindrance to cross-border payments. Blockchain can provide solutions to these challenges by ensuring data security and seamless cross-border payments.
The participants proposed the use of “Programmable Currency” between friendly nations to address and automate specific payment needs and motives. Automation of specific discounts, duty waivers for payments with specific needs, and social causes was also discussed. This will enable the countries to facilitate transactions based on their specific needs and requirements.
Industry 4.0, Digital Cloning, and Progressive Business Intelligence:
The discussions also revolved around Industry 4.0, Digital Cloning, and the use of IoT, Blockchain, and Artificial Intelligence to prepare for a futuristic Data-Driven economy driven by Progressive Business Intelligence. These technologies can revolutionize the way businesses operate, and their adoption can lead to a more efficient and effective business ecosystem.
As a result of the meeting, a proposal was made for the formation of a working committee between Indian & Russian counterparts to take this discussion into a working model. The proposed working committee aims to bridge the gap between India & Russia, facilitating the implementation of Blockchain & Emerging technologies towards enterprise automations, Financial Systems, and Governance Automations.
Mr. Narendra N Shukla, the CTO & Business Head of ChainCode Consulting, expressed his excitement at the outcome of the meeting. He said, “The discussions were insightful, and we are confident that the proposed working committee will be able to take the discussion to the next level.”
ChainCode Consulting LLP is committed to promoting the adoption of Blockchain & Emerging technologies and is excited to be part of this collaborative effort between India & Russia. ChainCode Consulting’s expertise in the field of Blockchain will enable the proposed working committee with the leverage of experience, know-how and technology to its fullest potential.
The India-Russia Business Forum was a milestone in strengthening the bilateral ties between the two countries in the field of Blockchain and emerging technology. It showcased the mutual interest and commitment of both sides to explore new avenues of cooperation and innovation for mutual benefit and global development.
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