Blockchain Should Be Used For Real-World Problems Not Because Of Hype

👉 Interviews Are Now Only Available Via Our Newsletter.

Name: Adarsh Nambiar

Role: Blockchain Developer @ MuGenesys

Location: Mumbai, Maharashtra, India

Adarsh is from Mumbai and works as a Blockchain Developer for one of the leading cryptocurrency exchanges. With over three years of experience in the industry, he’s working towards becoming a technical architect.

1. What’s The Importance Of Applying Blockchain Technology In The Industry You Are Working In At The Moment?

The prime features of blockchain technology are; traceability, security, and transparency. It’s is of great use in our industry of finance.

Blockchain is also of great use in other industries such as; legal and healthcare where we need to verify the authenticity of data and store information in an encrypted manner to prevent fraud.

Blockchain technology also helps us to remove the middlemen and third parties in the contract, thus reducing costs.

2. What Kind Of Projects Have You Developed In Blockchain?

I’ve been developing the following decentralised applications:

• Betting & Lottery dApps
• SOS (Emergency) dApps

And, more.

Other than these, I’ve worked on public blockchain platforms and setup various nodes, crawlers, and implemented Proof Of Reserves as well as Proof Of Liability for a leading cryptocurrency exchange.

3. What Problems Do You Think Can Be Solved With Blockchain?

As mentioned, blockchain technology can be of great use in the finance, legal, healthcare, and supply chain industries.

For instance, in the healthcare industry patient records can only be accessed by only those who are given permission — removing the middlemen and third parties in this chain of data transactions.

4. What Challenges Need To Be Overcome For Global Adoption?

To name a few:

• Regulation Issues
• Interoperability
• Slow Performances

As the number of blockchain platforms increases daily, there is no standard way for them to interact with each other. For some industrial use cases, using public blockchain networks like ethereum may not be of great help because each transaction in the networks requires time to get confirmed.

In such cases, performance can be a bottleneck, and for these use cases, we could prefer blockchain networks created by IBM, or Microsoft, which perfectly suit industrial use cases.

5. What’s A Big Challenge You’ve Faced With Blockchain?

The use-case for which we use this technology should be relevant and solve a real-world problem which would have otherwise been more difficult. We shouldn’t use blockchain technology because of the hype.

Scalability is also an area of concern.