Rohas nagpal was the first person whom I met after I started blogging about blockchain, I met him 0ct Last year in CCD near Baner, Pune. He is one of the early stage adopter of blockchain in India, He has an amazing subject knowledge. We had a good time, He shared his views on blockchain future in india. Last week I approached rohas for an interview, which he politely accepted. Here we are with a great piece of conversation with Mr. Rohas Nagpal.
(1) Hi, Thanks for taking the time out for our readers. To get right into it – how did you get into the blockchain?
I’ve been working in the area of cyber crime investigation since the mid-1990s. In the past, I have investigated cyber crimes and data breaches for hundreds of organizations across dozens of sectors including aerospace, banking, defense, enforcement, IT, manufacturing, media, medical, pharmaceuticals, shipping and trading.
I first came across bitcoin in 2011 while investigating a case involving organized criminals using the dark web and crypto-currency. I also handled several negotiations involving ransomware and bitcoin. My curiosity led me to research bitcoin’s underlying technology – blockchain.
I strongly believe that blockchain technology will enable massive social upliftment and economic prosperity, the likes of which the world has never seen before.
(2) What is blockchain in your own words?
Simply put, a blockchain is a peer-to-peer network which timestamps records by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.
On the other hand, a distributed ledger is a peer-to-peer network, which uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records.
All blockchains are distributed ledgers but all distributed ledgers are not blockchains. Blockchain technology has earned the trust and respect of banks and Governments around the world.
Blockchain technology derives its strength from strong cryptography. Blockchains are provably immutable and enable the rapid transfer and exchange of crypto-tokens (which can represent assets) without the need for separate clearing, settlement and reconciliation.
(3) Why Blockchain for banking industry?
Blockchain technology enables banks to improve client satisfaction through faster, more convenient and secure services. It also helps banks to:
•Increase profits and reduce costs.
•Maximize efficiency, security & transparency.
•Accelerate information and money flows.
•Greatly improve auditability.
(4) Tell us more about primechain and bankchain?
Primechain Technologies Pvt. Ltd. is a young Indian startup founded with the mission of building blockchains for a better world.
Primechain runs Bankchain, the Blockchain Academy and also conducts the Future Money Conference and the BlockZero blockchain conferences.
BankChain is a platform for banks for exploring, building and implementing blockchain solutions. Membership to BankChain is open to banks, NBFCs, payment banks and other financial institutions.
1. Instant access to the BankChain platform – a private inter-bank blockchain.
2. Unlimited access to source code of all active projects & proof-of concepts.
3. Access to exclusive discussion forums.
4. Access to Primechain Official training materials.
5. Two VIP invites to Future Money Conference.
6. Nominate members to various BankChain committees.
(5) What is the current stage of bankchain, what use cases they are planning to build?
1. Shared KYC / AML
2. Syndication of loans / consortium lending
3. Trade finance
4. Asset registry & asset re-hypothecation
5. Secure documents
6. Cross border payments
7. Peer-to-peer payments
8. Blockchain Security Controls
BankChain members (in chronological order) are State Bank of India, ICICI Bank, DCB Bank, Kotak Bank, Federal Bank and Deutsche Bank.
(6) How is the market for blockchain education? How is the response so far for Primechain’s blockchain education initiative?
We run the Blockchain Academy, which conducts
1. B3 – BLOCKCHAIN BASICS BOOTCAMP
2. BLOCKCHAIN ENGINEERING 101
3. BLOCKCHAIN BASICS FOR SENIOR MANAGEMENT
We have received tremendous response from professionals from around the world.
We have conducted knowledge sessions & lectures for Securities Exchange Board of India (SEBI), IIT Bombay, Central Depository Services Limited (CDSL), State Bank Group CISOs, Bombay Stock Exchange, ICICI Bank Limited, NSDL e-Governance Infrastructure Limited, Mumbai Police, HDFC Bank, UAE Exchange and others.
(7) Tell us more about your open source project?
Primechain has so far released 2 open-source projects:
YobiChain is your very own private blockchain ecosystem preloaded with development tools, database, web & FTP servers and a simple blockchain application.
2. Blockchain security controls
There is an urgent need for a globally accepted security standard / framework for secure blockchain implementations. The PT-BSC (Primechain Technologies – Blockchain Security Controls) prescribes security controls for blockchain implementations.
Open source projects planned for the next few months include blockchain powered solutions for:
1. digital signing and verification of contracts and other documents
2. authentication of land records
4. Corporate finance bookrunning
5. Depository receipts
7. Fund portfolio management
9. Identity managament
10. Internet of Things
11. Micro Insurance
12. Peer to peer trading
13. Regulatory reporting
14. Securities servicing
15. Securities settlement
16. Supply Chain Management
(8) Where do you see Primechain technologies in next 3 years?
We believe that by 2020, blockchain technology will enable massive social upliftment and economic prosperity, the likes of which the world has never seen before.
Blockchains will minimise fraud and maximise efficiency, security & transparency in supply chains, healthcare, global money systems, financial technologies, democratic elections, auction of public assets, energy trading, electronic record authentication, delivery of Government services, IoT and much much more….and Primechain Technologies will lead this global economic and social revolution.
(9) As you come from cyber security background, throw us some light on blockchain and bitcoin related frauds?
A lot of people don’t like it when I say this but I think bitcoin and most other crypto-currencies do not have any legitimate use. They are hugely beneficial for money-laundering, tax evasion and organized crime.
(10) What is your advice for folks who are working on blockchain tech in India?
I think serious blockchain startups should learn to separate hype from fact. Currently, there is too much hype around blockchain technology and its applications. I expect this hype cycle to crash in 2017.
It is essential that blockchain startups consider building applications that have genuine benefits and offer strong and provable return on investment for enterprise clients.