Q&A Transcript of Confab Ep2 | Jags Porandla answered questions on ‘Blockchain Adoption & Government Regulations’

The webcast can be accessed at https://youtu.be/r1AZpwq4HoI

The presentation by Jags Porandla was followed by a Q&A session. The transcript is reproduced here:

Q. Bitcoin ETF. What are your thoughts?

A. Should not be rushing towards Bitcoin ETF. If it happens, it is a good development. Adoption is more important than specific events.

Q. Are Stable coins a good interim solution?

A. Stable coins being approved are a positive sign. But at the same time, Investors need to stay rational. Education is important. Focus should be more about use cases and understanding the concept

Q. What is your opinion of India Chain?

A. Use cases should come primarily from the private sector. As start-up owners and evangelists, it is our duty to expose more people to blockchain. This will drive the adoption rate higher and build a stronger community

Q. Is there a case for the Gov of India to seriously consider approving a Regulated Sandbox for promoting FIntech & Blockchain companies?

A. Gov is studying the sandbox framework. At the same time, they are considering a measured response while weighing pros and cons. It may be a consequence of having a conservative Gov at the helm. Adoption can accelerate by skipping certain unnecessary intermediate steps. And it may happen here.

Q. What’s the rationale behind why the Gov of India is taking its time in taking a regulatory decision about Cryptocurrency?

A. Each country has its own ecosystem needs to consider and adopt their customised stance. India is a widely diverse country and the Gov may take its time to study the situation prior taking any decision. Adoption by countries such as Japan will certainly help in influencing Gov of other countries which are delaying their decisions.

Q. What in your opinion is the best way to drive adoption of Dapps by the general public?

A. The promoters of the blockchain companies need to take responsibility to drive the network effect. Early 2019: Corporate companies will start using blockchain widely in their operations. This will create a mass adoption, laying the ground work for network effect to take root

The financial sector and health care sectors will be the first ones to witness mass adoption of Blockchain projects. For instance, in the US, the public expenditure on health care is US$ 3.7 Trillion of which 33% is needless. Similarly, migrant workers remitting funds back to their home countries are a big opportunity to build mass adoption

Q. What is the biggest adoption hurdle in land records?

A. It is not a completely decentralised area. It is in the domain of sovereign and hence will depend on the governments perceptions and speed.

Q. Will Facebook implement their own crypto currency?

A. Yes, this could be on the cards as Facebook had publicly acknowledged that they are examining Blockchain as a technology & it’s use cases. But so is Google & this is highly exciting.

Q. You met Tim Draper recently at a Blockchain conference. What is your personal view of Bitcoin Price in 2019?

A. It would be pointless to speak about price alone. Use cases, adoption and education matter a lot. The price will be up and down but there will be a better environment for investors in 2019 than in 2018. This is still a severely volatile asset class where 90% drops are common. Investors should not invest more than they can afford to lose. Investors should stay Rational at all times and seek a registered practitioner’s advice.

If anyone has ideas about Blockchain use cases and wishes to contribute / discuss, please reach out to Jags at the social media handles shown in the final presentation slide.