Dr. Bhavish Juggurnauth chats with Benito about Blockchain and cryptocurrency
His research and consultancy work is vast, and he has brought his knowledge to Mauritius, Australia, and Africa as well.
Dr. Juggarnauth has been involved in Blockchain since 2010, when people first started noticing its benefits and possibilities. His journey in Bitcoin and Cryptocurrencies have seen him working on projects in Blockchain and Fintech in both African institutions and the European Union.
He posits that due to the world financial crisis in 2008, many people lost faith in investing due to mismanagement of funds and bad financial decisions made by numerous companies and their CEOs.
People wanted a solution and began to seek one out.
In his opinion, this is how the digitization of the financial world was conceptualized as people desired a different means of payment and a currency that was ultimately tamper-proof, readily available, and accessible to anyone.
After the initial fanfare of bitcoin, which at first performed well then seemed to fail, he noticed that other digital currency concepts and technology were becoming popular in terms of Blockchain, Artificial Intelligence, and Robotics.
What he thinks appealed to the masses was the decentralized nature of Blockchain and Bitcoin, plus not requiring intermediaries to use them.
When asked by Benito about the volatility of Bitcoin over the past few years and if he thought it was a good investment, he responded that as with any investment, the period over which it matured was relevant.
The novelty of it in 2007 appealed to many, but then its trust came into question, followed by a slash in prices.
While interest waned for a time, he thinks its security is one of its strong points.
Also, since the amount of Bitcoin in existence is limited, the basic rule of economics is that the demand will increase as time progresses.
If we consider how the effects of COVID-19 have disrupted almost all existing systems and economies, now more than ever, people are seeking stability.
Dr. Juggurnauth explains that digital currencies have the potential to solve the problem that many countries currently have regarding the instability of their currencies.
He agrees that the Bitcoin will be in more demand as the supply wanes and that the price will increase.
The technology behind cryptocurrency is Blockchain, and Dr. Juggurnauth mentions that this may be able to help governments, especially in their financial and public sectors, such as electrical supply.
He states that the model currently used in some countries may be adapted for use in Mauritius but with customizations.
He also compares the technology to an ecosystem and reiterates that we must first understand it to optimize its effects for a country’s unique and individual needs before implementation.
As for how Blockchain will affect the Accounting field, Dr. Juggurnauth gave an example of his experience when he worked on a project in the UK.
He had made an online hotel booking, and all his paperwork, room assignment, etc. was done electronically.
When he arrived, however, he was greeted by someone who gave him an iPad and smartphone, there was no receptionist present.
The iPad guided him to his room, gained him entry, and took electronic requests for any food or drink that he wished to have.
Dr. Juggurnauth explained that had this been just a few years ago, and if he had been the Accountant assigned to this hotel, he would’ve had to go in and review various documents physically.
Thanks to current technology, an Accountant these days would be sent all the necessary information electronically. If they decided to show up physically, they would be given an iPad or other electronic device and expected to review the information there.
If this Accountant were not well versed in technology, this very realistic scenario would prove challenging.
Therefore, Dr. Juggurnauth sees the current technology as a disruptor of sorts that we all need to adjust to avoid having our skillset become obsolete.
Watch now to gain even more insight into how Blockchain and digital currencies reshape our lives every day.
By Nadine A. Jack (XTM; 2020)