 Yeah, very good. Good morning. I think wonderful session, Priya. For sure, tomorrow's identity are so-called Aadhar, the one which we carry as a card or our data, which is in a centralized database. And the way I keep hearing Aadhar is also going to come on blockchain. For sure, future of KYC or know your KYC is going to be decentralized. A lot of tries are happening worldwide. And for sure, India also looking forward how blockchain can be really utilized. Digilocker is coming on blockchain. Digiatra, we have seen how adoption is happening. There are a lot of industries has adopted blockchain. If I go back in 2014-15, personally when I started writing a blog around blockchain, I think that moment hardly three, four blogs used to get published on LinkedIn and so on. Today, I think every hour or every minute you will see something or other thing comes and see the adoption is huge adoption globally, which we have seen. Countries like Estonia are those templates for blockchain implementation, Dubai or Australia. Almost 10 plus countries are announced their national strategies. Not only announcement, they had a lot of work, South Korea, complete transportation on a blockchain side. India is also not there. India has announced first national strategy document back in 2018. There are a lot of other entities, NPCA, IdeaRBT, started working on those blockchain. Recently, we have seen how central bank digital currency, India's E-rupee, which is a digital currency of India, is going to be on a blockchain kind of ecosystem. A lot of things are happening and what we have seen, enterprise blockchain, typically which is private to all those enterprises so-called banks, insurance, healthcare, governments, primarily. A lot of huge adoption and if you see the adoption curve on multiple areas starting with support of a government, yes, it is there. Support of a corporate. We have seen the journeys of Vipro's or TCS's Infosys, how they have started adopting blockchain back in six, seven, eight years. Companies like Oracle are not in blockchain now. They are almost sparing, sparing the blockchain exercises. Various protocols. Look at seven years before how Ethereum was there and today we are talking around various tokenization platforms or protocols on Ethereum, Hyperledger. At least we can name 40 plus platforms where in five plus platforms are always on mainstream doing with a lot of use cases. Apart from governments, corporates, companies, academia is also now coming up with a lot of courses, right? We have seen many courses, colleges have announced MBAs or engineering into blockchains and so far. I think we'll understand from our panel speakers what is this enterprise blockchain all about and while we talk about what are those challenges and what are their personal experiences while picking up those threads, what's really needed to really say that Internet is a backbone for every other use case but there are a lot of challenges with the Internet. What we have seen largely last 20, 25 years, trust, which is a gap which we see always say blockchain will come and really resolve that problem of a trust and most of the ecosystem what we see today which is Web 2 or so-called client server model tomorrow it is going to be market place and we see there are at least seven to eight market places backed by Olas or backed by some of those food ecosystems. A study says that over a period of last next five, six years at least 300 plus entities will come on the marketplace and when those entities will come automatically we need that trust. So inherently we will not talk about blockchain then what we will talk about every use case backed by trust layer and many other technologies. So we'll open up this floor with all of our expert panel. I'll start with Rama. Rama if you can introduce yourself and come up with that experience. We have seen that large scale experience how government has picked up, how GMR has picked up some of the use case. It's not only talking about blockchain but you guys have really implemented that. Maybe what was that journey in a brief and what challenges you have seen and how really embarked that journey and it is becoming a backbone or example for other industries. So how do we really adapt to blockchain? Sure. Good to be back here. Met a lot of friends from the whole blockchain crypto space. Good to be here in Bangalore. So I think from a corporate standpoint we at GMR obviously we are a large infrastructure company priming some of the largest airports in the country and outside. I think we are a classical case of a multi stakeholder environment where we are an orchestrator. There is obviously the airport, the airline, the CISF, the multiple concessionaires, all of the people who provide a bunch of services for all the passengers that move through. And there is myriad people and actors. So anywhere where there is different people and actors and you want to and there is no inherent trust. And I think Priya had a nice diagram kind of illustrating how identity and SSI is just unfortunate. SSI hasn't seen the day of light like everybody else using. We have been talking about it from 2016 on. But we believe that there is a lot of natural use cases where blockchain is an easy doubt. I think the problem with the industry also has been we try to force fit blockchain where probably it's not needed. But there are definite areas for enterprises. We won for sure. And we have a blockchain center of excellence. That's the first emerging tech that we kick started. Prasanna has been helping us on that as well. Where we are setting up a full, a base layer of blockchain as a service platform. And we have at least half a dozen dApps that we have identified that we're working with partners to co build. Obviously, being an enterprise, we are kind of picking up either like, you know, an R3 or an hyper ledger, just kind of being on the private permission side. But I think we're looking for bridges to see how a private to public can also happen for things to harness, whether it is data collaboration and stuff like that. Beyond airports, cargo is another large thing where there is freight movement. There is a lot of baggage movements and stuff where there is so many different parties. So I think those are easier ones for industry to really latch on and showcase the power of what blockchain has to bring in from a decentralized standpoint. And we are full throttle on it. And I think we will get to see more and more of that. We have kick started. So it's a work in progress. I think it's a positive thing. Excellent. So I think enterprise blockchain or blockchain is now more like at nascent stage, the way research is happening. At largely what we have seen too much of adoption we have seen at least POS pilots we have seen so many positions like this one. Te-, telangana Government was aiming for a blockchain district. For sure. We will pick up that thread and we'll see how that becomes a very good example for other states to follow. Under government tried, Maharashtra government is there, they implemented many more users like cert pick-and-gones and so on with the of agile. I mean, that happened after my Korea visit, when I was representing India. I mean, we are doing the first hybrid change then I came back and I was telling KTRG we should have a blockchain district, people having the beach, blockchain alley but not. And we started the sweet but I think unfortunately that's the time when the regulation was kind of going up and down and there was a whole bunch of things happening with like you know all the altcoins so to say right leaving the BTC and ETH alone so I think with so much vagarity that is happening and lot of the use cases which are gray I think we got kind of I think all the good use cases also got kind of painted in that but I think we should pick it back again. So I think it's picking up many more use cases it's not only government and corporate use cases Tamil Nadu government tried for e-voting so sometimes I feel blockchain is not a challenge it's all about mindset how do you really make them understand this is something need of a future you understand it out there is a millenials are going to make us understand the way they are building new ecosystem right and primarily if you see globally the adoption of a blockchain typically on finance sector is huge followed by insurance or media and entertainment we have our friend from Netflix so Hitesh we have seen journey together right and how ICCI, SBI and many other banks came together 2017 FAB I still remember that meeting in SBI and after that it went for one year together to clear up those mindset 36 members on bank chain it was a wonderful experience and we picked up the thread from there and you made it happen for at least 15 plus banks to invest on a blockchain side that's a one of the story and we look forward how your guidance will really help and the banking industry how it can become an example for many other sectors so Hitesh how was your experience so far and how you really look forward of which are those prominent use cases bank should really adopt. Yeah I think you've seen this journey from early days right along with us one of the major constraint when we embarked on this journey was to explain you know about the blockchain and there were a lot of myths associated right I mean many times we used to kind of get you know arguments or comments like blockchain is a technology it's a solution which is finding its own problem to solve right I mean and many times it was associated with you know crypto so it took a lot of time to convince you know banks that DLT you know has a lot of inherent advantages and this is not a bilateral game you know it needs many more stakeholders to come together and that's where we started you know convincing the banks to come and you know form a joint consortium where all of us can experiment together right I mean rather than spending money individually and going nowhere it makes sense to come together and you know experimented jointly and that's where we started this journey and while we embarked on this journey the obvious you know question was what are the problems it can solve for right and we discussed many use cases like whether it is KYC whether loans indication or it can be treasury operations or trade finance remittance you know and then ultimately we figured out that everybody felt trade finance is the most apt use case and as we know all know right trade finance is very cumbersome it's paper intensive it's prone to frauds and that's where everybody jumped on it and kind of it is a lot of inefficiencies right so if you can solve for this and it can bring in many more advantages to banks to the end customers and we started envisaging that what do we build around to solve the you know problems in trade finance so then came an idea of building a you know ecosystem right trade finance ecosystem self-fulfilling ecosystem for trade finance where you have all the parties which are buyer seller exporter importer insurance companies freight forwarding you know agents sipping lines you know banks all of them if they come on the single platform and can we address you know some of the inherent challenges like today if you want to you know discount a bill it takes let's say anywhere between four to six days you know can we do it in let's say you know in a same day or even if you know opening LCS might take sometimes two days three days you know can we do it in four hours so those were the you know outcomes which you know we kind of expected that by you know creating this ecosystem and why you know DLT why you know it it became imperative to use DLT for you know creating this ecosystem it's it's it's only you know that all the parties which are involved are very different you know sets of parties with different sets of functions they do right so one important aspect was to make information available to each one of the stakeholders but only those set of information which is relevant to all the stakeholders right which needs to kind of given to those stakeholders to fulfill their role and that's where you know we thought that DLT and then also to bring in trust right authentication trust and that's where is what DLT would be the right technology to you know to make it an underlying technology for this platform and that's where we went about you know using DLT framework so today as we speak we have now 18 banks in this consortium and it's a separate entity or profit private limited company owned by you know 18 banks and the the platform is kind of now up for commercial production you know we're kind of opening up it for the other banks also to join as members on this you know platform the first use case obviously is the trade finance but as we move forward I think you know we want to do many more use cases right I mean a CVDC is one which probably you know which will again change the you know paradigm the way we handle money right I think you'll be able to program money for specific use purposes and stuff right so that's another use case which we filled and there are a lot many other you know common use cases or the banks which can be taken up on this platform but it's an exciting journey it went through very roller coaster ride I mean you know getting different banks on the same platform convincing them to work on the single you know kind of protocols single agenda agree to the rules of the consortium so it took a while but after you know people understood it I think you know we got humongous cooperation from all the stakeholders and it would be kind of one of the unique kind of you know platform you know coming out of India and probably for the world yeah I think that the way we have seen the rise of NPCI right back in and how NPCI really created multiple payments products starting with IMPS NFS system like interoperable ATMs UPI is a landscape BBPS and so many I think we'll look at how IBQ will really transform the banking the way we see I was sitting in a bank for 10 plus years I have seen at least there are 60 plus prominent use cases where we can save a lot of INRs like opening account and the same customer has to go to another bank and redo the KYC we can always create a decentralized KYC so that we can save INRs it takes at least 5,000 to 7,000 rupees to open a bank account and we never know whether that customer is going to be a primary customer or not but I think that could be the one use case I think IDRPT along with MITI and some 11 banks are trying I think RBA Innovation Hub is spearheading some of those exercises pilot they have done with the three plus startups last year I think we should see a lot of use cases coming from banking I think what you spoke about ecosystem is not a problem of one bank but the blockchain will prevail if you have a ecosystem-led use cases out there right we have our friend wedding from Netflix so we have seen blockbuster story right how blockbuster was one of those prominent model back in 2000 and so on and those some of those two guys went to blockbuster and asked for some funding and they said no we want to buy it out and Netflix took very good decision and they said key let's be in the race and today I think OTT and Netflix has become one of those platforms and COVID has really helped to boost at least in Indian ecosystem I had did one project video on demand back in 2000 during engineering and my professor said it will not work but I think these guys are really made it wrong but now how blockchain may prove Netflix wrong if they really do not adopt it so what's your view my dear friend they just how Netflix looks at decentralization of media and entertainment industry I could see at least 10 plus startups in India who are giving that opportunity for content creators media creators and take those royalties on the spot rather than wait for many more days or there are a lot of disputes around that yeah thank you so much for you know inviting me here with a group of esteemed people here I'm very appreciative of this opportunity to speak here and with regards to Netflix right today as it stands Netflix is not exploring the blockchain at this point but that does not mean that it will not in the future and there are many ways in which there could be opportunities for Netflix first and foremost when it comes to expenditure content creation takes up 80% of our expenses we spend so much money on creating content I think therein lies an opportunity to democratize that part which is think of every movie release as an IPO people participate and buy tokens for a movie while it is being shot and then when the movie releases it's people can exchange tokens people can exchange tokens for some props of the movie they can also get digital memory Libya from the movies themselves now extend this concept forward to the metaverse you can have digital equivalents of physical assets that exist in the metaverse and these NFTs could be owned by Netflix and can later be shared but with people in fact when we released our show stranger things we actually had NFTs that were given out to some folks that were interested in buying them we gave it for free but we just wanted to create a buzz for it so that's one aspect in which we are focusing the other one which is creator content I think we realize that for now our focus is on content that we create and gaming that can rely on the IP of the content TikTok and YouTube shots are a very close competitor of ours and they rely on lot on the creator content so that is another aspect of the blockchain ecosystem that we may explore in the future but at this point I think the first step would be to democratize the movie making process itself yeah thank you so much I think what we have seen Netflix and there are other ecosystems also looking forward how tomorrow's interfaces are going to change it's not only mobility mobility will prevail for longer period but I think immersive experiences backed by AR VR is going to be the future I think in that ecosystem also blockchain will prevail because it will bring on a right set of a security backed by identity we keep hearing self sovereign identity and so on Ravi I think your journey is phenomenal so far last decade or so you have seen how companies are going down and you have experience to make them upright and now having that right company spearheading for communication spearheading for telecom industry now you have moved on and started a such a great initiative out there so how was your experience of adopting blockchains you have seen large scale use case adoption in banking side but there is another sector telecoms right they are also done some kind of use case can you just throw some light on that yeah yeah so before I started this venture studio I spent 12 years at cup shop which is very well known in India and we you know my co-founder and the consumer side and I ran the enterprise side and grew that from zero to two thousand crores sending about nine billion messages but as we evolve through the journey we've done multiple things like using AI and you know for chat and stuff like that and bots and stuff like the chatbots but the most important thing that I thought that really opened my eyes is this use case is kept secret nobody even knows about it right I think tech mind are one an award for helping geo implement that part of the DLT but what was good about this is the keys the messaging service providers like up ship and down low on about 70% of the market share and people like tech mind are working with geo and us working with some other operators and try created kind of a DAO right it's like a telco DAO they're the government the regulator the messaging service key messaging service providers bit to fight spam because the thing is every time would come and say okay you know we didn't do it we didn't do it the major guys would say didn't do it I tell you would face and then who did it then it'll be some person who's kind of pre-forwarding it some reseller then they'll say no we didn't how do we track this right so today the and this the government started this initiative in 2018 it was mandated as a law in 2020 everybody had implemented at base your A2P message so A2P message is something when your flight gets delayed your banking transaction all that comes right so the 40 billion messages that are sent every month and every message the DLT fee is 2.5 per se so think about the revenue right it is it is like 10,000 you know and that is non-negotiable you can always negotiate the best messaging price can change but DLTP is non-negotiable so you're thinking about use cases and this is a 12 billion dollar use case right well sorry 18 billion dollar use case one and a half billion dollars per month 10,000 crores right so that's kind of the scale so it's a 18 billion dollar use case that's been going on since 2020 and nobody even knows about it but we were you know the it's like so that brings me to the thing that blockchain can be done there were a lot of initial issues we started out slowly in 2020 then now it's like a default thing where everybody every message has to go through that especially if it goes through the major telcos and the operators and major telcos are the ones that enable all the messages so if ATL and Voda and Geo want to do it and nobody else can bypass that so that the use case here is DAO think about it you start an LLC you start a website those days when 1995 and Netscape came saying starting a website is such a problem how do I do that but today you can create message based templates there'll be a telco DAO there'll be a customer service DAO because now if I have to start it you have to go do consulting with the blockchain person what do I do it you do multiple people's but if enterprise if companies were able to create a customer service DAO you create a community and say okay I want to get a more decentralized more authentic approach to what's happening when customers have a voice on which product works which product doesn't work what's really there you'll get an authentic information about product quality customer service and everything so that's one example right then you can use a lot of those things so I think those are some of the new technologies have been interesting and how do you also integrate AI with blockchain that's a big thing because AI is a centralized thing if you do need to do real good AI you need to run you know these super GPU type things whereas blockchain is decentralized and you can't have centralized computing so how do you marry these two things but the applications are very immense if you can able to marry them together because the biggest thing the flaw in blockchain or any of the web 3 is within the on-chain everything is fine but everything cannot be done on-chain and so you have to get information or some validation from off-chain when you do that if the information is spurious or people collude supernotes collude then they contaminate information then the whole smart contract is not valid because what contract is just not as smart because it's just a set of rules that you take and put it in digitally so if you can use AI for anomaly detection right and you do the GPU like again off-chain and have that feed the node and then you come and then smart contract governs itself by going to these off-chain things and then you make the off-chain input also kind of generative and you know automated and adaptive now it's not adaptive smart contracts not adaptive that's what the great uses so I think the evolution is just starting just like when web 2 started with websites people didn't know but I think using these DAO type templates for different use cases could be huge and I think we're just getting started that's one of the reasons why I kind of you know generative AI and web 3 is the area of focus for us and we think it's going to be huge and it's going to be done lot in countries like India because India and US will be the forefront of this thing wonderful insights Ravi I think that makes understand that blockchain is not the solution it has to work cohesively with the other technologies so-called AI or recently we are talking about generative AI I think media plays a major role to make people understand something new is coming right you spoke about cloud or edge computing there are many technologies has to work cohesively so that we take these use cases in front of customers so Varun I think blockchain is hardest to sell it's not something like if you come to me and it is we'll say yeah let's go ahead with that use case because this is going to be very future because we keep hearing blockchain is a future internet 2.0 results or trust but when you talk when you come down to the actual use cases how to really make it understand the existing ecosystem existing infrastructure so-called core banking and many more APIs and so on so how is your journey so far I have seen Vipro's from initial days of adoption of creation of those practices in a blockchain I think five phenomenal journey yeah thank you Prasanna hi everybody my name is Varun I had the blockchain for lab 45 at Vipro to answer your point Prasanna I think today our conversations with customers are not around POCS and pilots right I think customers have understood to a very large extent and I'm talking globally have understood the value of blockchain right and most of our conversations today are happening with business chief business officers and so on right I'll take couple of examples to show the level of maturity large organizations have achieved in blockchain for example we are working with a large oil and gas company in Europe it's a global oil and gas company which is setting up ecosystem of suppliers and service technicians and oil and gas companies to give end to end asset lifecycle visibility of high value devices so for example you have these pipelines through which crude flows from one place to other place and the valves that control the flow of the crude are extremely critical if the valve goes down it's a it's losses goes into millions right and these wells are extremely expensive so it's it's hard to maintain inventory of these devices how you can give the entire ecosystem the visibility of what is the state of your valve so that the suppliers the manufacturers the technicians all of them get real-time visibility and they all pitch in to maintain the inventory real-time right that is a big thing it's not very natural for the top two players or competitors in an industry to come together to collaborate so you have to really solve industry level problems right where for example another one which I would quote is farmer ledger where 16 top pharmaceutical companies have come together to solve some basic industry level problems like electronic product catalog and then coming back to the challenges that you were talking about I think this strength of the blockchain itself is sort of the bottleneck because blockchain thrives on ecosystem right and it's not very natural for large organizations to sort of come together with their competitors without losing control right so the governance of the of the consortium building that trust that yes I'm not here to build my IP right it's not my IP it's for the industry and and solving the problem right that is the approach that takes quite amount of time for people to understand on the top right and and and that is one of the biggest ones the one that is going to emerge very soon is that increasingly these large organizations are committing to sustainability and the technologies that are sustainable we need to figure out how blockchain will do that because for storing each byte of data on blockchain you actually multiply that with a number of nodes right so it's not very sustainable from that perspective so that is something a lot of research is going on in the industry we are collaborating with academia to see how we can solve these problems but yes that those are white spaces that need to be looked into there another example I would give is of our own platform which is dice ID which is a decentralized identity I think Priya spoke about it but we are more focused on very fiable credentials so what we are trying to do here in India is to work with the government and the tech companies the startups the recruiters and the employers like Vipro to create an ecosystem for skill credentials again the problem that we are trying to solve is very aligned to the skill India mission from our government right there is a problem of skill standardization there's a problem of skill recognition and then there is this whole concept of skill credit bank which is missing today in India it's available in US and other countries where you could pick and choose courses from one course and then add up your credits to say that you are bachelor's degree right those kind of things are problems that are waiting to be solved the good news is blockchain can really solve huge industry level problems and our customers and all of us are working towards that I think good I think what I understood so far was our discussions I think mindset problem having right governance is one example who can solve that governance problem or ownership of data among all the all the bank that could be the one model for other industries or other concerns to to follow right while doing any of these developments of a blockchain as you rightly said ROI how do I calculate ROI right and when I go back in 17 18th and let's say Sankarp let's do something on hyper ledger or something on Ethereum and apart from selling blockchain you have to sell blockchain infrastructures right and it takes a lot of time to build those use cases and I have seen my early days of her career right when used to write hello world in every language Java or everywhere and then we moved on to rapid application development platforms which has really helped drag drop and create those whole ecosystems I think blockchain also evolved blockchain as a service model there are a lot of platforms available in the industry where you just have to say which are all the stakeholders what is the workflow all about which platform to choose whether Ethereum hyper ledger so on and that is what I have seen the journey of Zeev right back by Dr. Chamri. So Sankarp how you have seen and what is the power of this web 3 infrastructure while governance corporates and a lot of use cases or a lot of startups are coming up how infrastructure plays a major role for enterprise blockchain adoption. Yeah so let me start with something positive to add to this conversation so we've been working in this enterprise space for quite some time about six seven years getting to the needs of different domains and what I would say that is that being on the infrastructure side we get to see all the insights from our customers of what they're doing what kind of work are they into so I can tell you this much to you folks that a lot of productions have gone in production a lot of projects have gone in production around the globe and there is some amazing work that is has taken on the ground and even the customers don't realize that they're actually functioning on blockchain but actual business is operating in such ways. There are a lot of use cases that have hit on ground in Europe there's energy web so green initiatives have come forward because of blockchain there is consortium that have formed for IoT purposes so really fascinating because some of the use case that we thought would be the most difficult ones to start off with they're the ones who have actually gone in production now we have a big ecosystem of EV vehicles and IoT platforms integrating together to provide seamless transactions for whatever you do for home automation or your vehicle charging and whatever you know purpose you would drive your automation before and similarly we've seen trade finance picking up quite well how to change that around time for your letter of credit since so we see all these use cases are turning around India is a little bit slow I'd say in that segment we still have to change our mindset I guess but I think we are getting there it's the startups that is our power and what we are trying to do is just provide the ecosystem on infrastructure side so the tools the technologies that were missing out there you know six seven years back we came up with it and we thought you know whether it's enterprise or whether it's a small-time medium-sized company they can benefit from this so now we're coming about to because it took us decades to master web too that's how we had these all these clouds from infrastructure side perspective at least right so of course it will take time for web to also become that cheap that efficient but that's what we're trying to do I think we're getting there real quick so yeah that's what I just carry some outputs around this the challenges around development is resolved we keep talking about the scalability or security but for sure it's the ecosystem play so when we always come into the ecosystem we'll always look at how multiple factors we can validate taste and mood