While Indian regulators are still trying to find answers related to cryptocurrencies, Joseph Lubin, co-founder of Ethereum — which is the second largest blockchain network after Bitcoin has come in support of the country and believes India will accept the ecosystem around virtual currency in future.
Ethereum cofounder Joseph Lubin has big plans for India
Joseph Lubin, who created ConsenSys in early 2015 as a software company to develop decentralized software services and applications that operate on the Ethereum blockchain, recently launched an office in India as it looks to grow the Ethereum blockchain ecosystem in the country. According to him, India has fabulous human resources and great institutes which can contribute to the blockchain community and they have partnered with an Indian Institute of Technology are discussing multidisciplinary research opportunities with the institute.
According to him, It is going to take time for cryptocurrencies to flourish in India as regulators, political leaders and officials need to be persuaded about the advantage of the cryptocurrency.
“Once people explain things to you and you see the power of technology, you also understand that it can protect systems better. I am fully confident that this country will embrace profound technology,”
Lubin told ET in an interview.
Lubin also mentioned that they have been meeting regulators in India and also in many countries around the world and has been progressing with respect to the security law and as the progress is Lubin believes it going to take some time to be accepted.
Cryptocurrencies are a narrow slice of the crypto-assets space. There are many crypto commodities, crypto derivatives, and cryptocollectabiles and as Lubin puts that these other crypto assets that can be implemented in India.
As part of its future plan with respect to development, ConsenSys plans train software engineers to be developers on blockchain software. They plant to take people from varied industries hand-hold them to help speed up blockchain. The company also plans to do venture investing in India so that they can fund companies that use the infrastructure tools that allow developers to build blockchain systems.
Where Ethereum plans to help India
ConsenSys wants to build a “very strong” Ethereum blockchain-developer community numbering 20,000-50,000 according to Kavita Gupta who was appointed as Head of Consensys India. Siting with a team of 6 people in Delhi office, she plans to hire another 40-50 in the coming months
“It is for this that we are launching our first education programme in India in coming months. We have not done this anywhere else. We are going to offer a number of courses and train people,”
Kavita said that ConsenSys is now looking to do projects for Andhra Pradesh government in the areas of supply chain and land titling. Talks are also on with Niti Aayog for a project on land titling, she said.
Stating that ConsenSys has some of the best solutions for the financial sector with respect to settlements or custodial solutions, she said that talks are on with three private sector banks to offer Ethereum blockchain technology-based solutions to them. The Company has have 48 solutions which cover almost every industry.
All these solutions will be slowly available in India over time. Currently, the company is at the early stages of a land-title registry system, on top of which you can tokenize ownership of real estate. In one of the states, the company is also working on microlending project.
It’s interesting to see, Ehtereum and ConsenSys upping the stake in India, as they take on Bitcoin and Ripple to be a top blockchain and cryptocurrency in India.
Will Ethereum be able to displace Bitcoin and Ripple’s plans to achieve the top position in the country that is still working on its regulation? DO let us know your views on the same.