Blockchain

Indian government has already committed a substantial amount of funds & support to Blockchain Technology – Akash Aggarwal

The world’s first institutional cryptocurrency exchange dedicated to emerging markets in Asia, Alluma was launched in 2017 and is headquartered in Singapore. Alluma is the simplest and most secure platform to buy and sell 40+ top cryptocurrencies including Bitcoin, Ripple, Ethereum, and Litecoin.

Backed by some of the world’s top cryptocurrency investors, Alluma is on a mission to connect the world through digital currency and contribute constantly to blockchain technology innovation.

Alluma wallets utilize multi-signature technology, advanced privacy protection, two-factor authentication, and anti-phishing technology to ensure the highest level of security for traders’ money. The easy-to-use dashboard tools on Alluma let users manage all their digital currency investments in one place and easily visualize their portfolio, control risk, and diversify based on personal investment goals and return targets.

Alluma also allows traders on its exchange to easily send digital currency to anyone, anywhere in the world. Alluma’s high-performance technology supports over 1,000,000 transactions per second, connecting traders with a global order book to buy and sell multiple currencies quickly and competitively.

Akash Aggarwal is the Founder and CEO of Alluma, the world’s first institutional cryptocurrency exchange dedicated to emerging markets in Asia. Akash is one of the most renowned thought leaders in the Blockchain and Cryptocurrency space.

At Alluma, Akash is committed to introducing people in emerging Asian markets to the incredible possibilities of blockchain technology. Under his aegis, Alluma has created robust compliance processes, a strong and easy-to-use platform and UI, and a foolproof security infrastructure.

Our conversation with Akash wandered around the future of blockchain technology, the future of Alluma and much more. Read On.

Tell us something about yourself and what does Alluma do?

I’m the Founder and CEO of Alluma, a cryptocurrency exchange that has been developed for the emerging markets in India and South East Asia, where the growth prospects for virtual currencies are promising. I have been an entrepreneur and investor for over 10 years now, and have been actively involved in cryptocurrency trading since the last couple of years. Before establishing Alluma, I had founded Khalon Worldwide Surveyors Pte. Ltd, a company in the maritime services space, which I made a successful exit from in 2016.

Alluma is the India’s first institutional-grade cryptocurrency exchange which also offers advanced trading options such as stop and limit orders. We offer a fiat-to-crypto as well as crypto-to-crypto option although we are 100% focused on the latter in India because of the current RBI ruling. Alluma connect traders with a global order book for buying and selling currencies and currency pairs, quickly and competitively.

 What is the future of cryptocurrency in India?

As per the media news, the government and the Reserve Bank of India (RBI) are currently developing a framework to regulate the trading of cryptocurrencies that will enable them to identify the source of the funds being used for these transactions with the aim of averting possible instances of money laundering. I believe that following due consultations with legal and financial experts, the government and the RBI will acknowledge the true potential of cryptocurrencies and take a more favourable stance towards them. The Indian government has been quite vocal about its support for blockchain and has already committed a substantial amount of funds to leverage this emerging technology across various domains.

How can cryptocurrency and blockchain technology play a role in building social and solidarity finance?

 Blockchain can help create a digital identity for individuals with a built-in privacy component so that its access is limited only those individuals or devices with access. Such a digital identity can play a crucial role in the financial inclusion of people, especially in a country like India that has a considerably higher individuals without a formal bank account. Since a majority of these individuals usually belong to economically backward sections of the population, they are unable to avail basic banking or benefit from government welfare initiatives.

Further, a lot of these unbanked individuals also include businesses from the MSME sector that deal exclusively in cash and maintain business records on paper. What blockchain technology can do is help them standardise their business processes, payments, and remittance

How blockchain and artificial intelligence together can help businesses gain a competitive edge?

Blockchain and Artificial Intelligence (AI) are each located at opposite ends of the digital technology spectrum. While the former serves as the foundation of decentralised applications in an open-data environment, the latter provides centralised intelligence on closed-data platforms. Leveraging the synergy of both, therefore, depends on finding a middle ground between the two ends of this spectrum.

The combination of AI and blockchain can help in creating highly secure and decentralised databases to store sensitive information collected by AI systems, bringing together the best of automation with decentralisation to enable faster, smoother, and vastly more efficient transactions across various sectors.

Are there specific industries that you think Blockchain will disrupt in future. 

 Industries like banking & finance, legal, healthcare, retail/supply chain management, among others, where the data generated from transactions is not only much higher in volume but also of a sensitive nature, can benefit immensely by adopting blockchain technology. With blockchain, data can be stored on a decentralised ledger, and shared with others on the network without having to get authorisations from a central authority. Blockchain comes with built-in data security, making it an ideal solution for the exchange of sensitive data like financial information, healthcare data. The immutability of data stored on a distributed ledger makes sure that no information can be hacked or tampered with in the absence of appropriate authorisations.

Technologies like smart contracts can be particularly useful in sectors like retail and supply chain management, by facilitating seamless payments and movement of goods from the point of manufacturing to warehouses and retailers, and ultimately, to the customers. Smart contracts are legally binding documents or contracts created on the blockchain which can be programmed to perform specific functions when a set of pre-determined criteria is duly fulfilled by the parties involved in the transactions.

Why do you think the governments across the globe are nervous about cryptocurrencies?

Governments across the globe have had mixed reactions to cryptocurrencies. The major concern among the authorities in many of these countries is money-laundering, but, as with traditional banking, we believe this issue can be managed through robust Know Your Customer (KYC) rules and robust compliance frameworks. We strongly support the creation of country level regulation in all the markets we intend to operate in and feel that this would actually have a positive effect on the industry.  Alluma has strict KYC processes and a bank-grade Compliance framework.  

At the same time, most governments have acknowledged the potential of blockchain and understand that the majority of cryptocurrencies are trying to solve real world problems. For instance, the blockchain networks of the Ripple and Stellar cryptocurrencies are helping to solve the issue of slow and expensive cross-border remittances, while Ethereum provides a foundation to the concept of decentralised smart contracts.

 

 

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