Blockchain to enable India to have its own Digital Currency – CBDC and create lucrative Job opportunities
What is the significance of Blockchain in today’s digital world?
Whether an asset is tangible, say for example a car or a house, or intangible, say a service of some kind or a patent, Blockchain enables recording transactions and tracking assets with trustable transparency in a business network. Today’s businesses are all Information and data driven. It is always considered to be an upside when data reception is quick and highly accurate. Blockchain thus becomes an ideal ledger for delivery of such information since it provides immediate transfer of data with complete transparency. This data can be accessed by members that are a part of that particular permissioned network. A Blockchain network when established can track your orders, payments and accounts in real time and members involved in the particular permissioned network are enabled with the view of all this information in real time, thus ensuring that everyone is subjected to accurate and one and only one true information. There are renowned companies that are already using this technology by and large for their product delivery enhancement. IBM, for example, has created its Food Trust Blockchain enabling them to trace the route and journey their food products take to reach their destination. Other big names include Walmart, Pfizer, AIG, Unilever and many more. Thus, it becomes essential for young graduated interested to work in these industries as leading engineers to know the functioning and application of blockchain to be a part of the ever-growing competition of the 21st century
How will Blockchain help in making the CBDC concept robust?
India has moved towards tokenization which in itself has been a huge deal for all the companies in the BFSI sector, making these companies’ deliverables more secure and efficient. Central Bank Digital Currency (CBDC) make use of digital representation of values (which are called tokens) and perform the same function as that of hard currencies, the only difference being that it functions in the digital realm. This CBDC at its core makes use of Blockchain technology and enables more secure and decentralized peer to peer transactions. Its introduction will make sure the development of resilient payment infrastructure and also reduce costs of transactions considerably, improve information delivery and reception capabilities and secure maintenance of data. This concept is being tested on a rapid basis across NA, EU and Asia. Whether it be wholesale, retail or even Cross Border Payments, Blockchain enabled CBDC shall make it more efficient, convenient and quicker in its processing time, while simultaneously keeping a check of secured data bases and improved transparency.
How is CBDC supposed to affect the Indian Market from tech perspective?
With passing time as more governments across the globe, particularly India considers to introduce a Digital Currency, the government needs concrete solutions to questions like why a Digital Rupee, the best technology to be used for the same, competition creation and its affect, consumer behavior, etc. It is here where PPPS (Public-Private Partnerships) becomes critical. It is certain of how there is a huge prevalence of Tech Giants doing considerably good in the digital realm that may and, to go as far to say ‘will’ figure out solutions to enable the launch of a cohesive and complete system. These MNCs do have the tech capabilities and expertise to design, build and manage a Digital Currency. This in itself signifies employment opportunities for young graduates in the Indian Market to hop on in the making of a further more better Digital Bharat. From Data Scientists and Analysts to Engineering experts in the field of Blockchain, from DBMS engineers to Digital Marketeers, there are a whole lot of possibilities for young graduates to be a part of such projects. However, it becomes essential for these graduates to be skilled appropriately to be a part of this industry. To build a reliable system for mass adoption and acceptance by the Indian Consumers will require meticulous planning and delivery, since building of trust factor over the digital currency won’t happen overnight and will require repeated positive outcomes from a consumer side for it to advance further and be adopted widely. Seeing that the UPI system has been adopted successfully by most of the Indians, not only from Tier 1 and 2 cities but also from the remotest part of the country. So, hopes are that whenever the pilot testing maybe for this very CBDC, shall open up opportunities for more and more young skilled graduates to participate in the industry
What should young graduates be skilling in to be an active part of this industry?
Young graduates should upskill themselves in blockchain technology to become an active part of this growing industry. Blockchain technology will play a great role behind the digital currency, CBDC and many others.
Graduates will get more opportunities to explore along with lucrative packages. Many tech giants and financial services companies will be ready to hire these talents. Learning blockchain technology can enhance their skills to work in different sectors, IT, banking and finance, etc.
Many tech startups, educational institutions, and the government are collaboratively spreading digital technology awareness. To increase the level of economic growth of the country, all these participants, along with young graduates, have to work hard. Moreover, digital mediums will help them get skilled in different ways to build great careers and support the nation’s development.
Therefore, EdTech institutions offer many digital Blockchain courses for youngsters to learn and grow. This initiative will help to build the nation with the support of technology and young people’s capability
(The author is Mr. Harsh Suresh Bharwani, CEO and MD of Jetking Infotrain and the views expressed in this article are his own)
