Report: India’s Blockchain Regulations to be drafted by 2020.

In recent news, CTO of Curl Analytics, Jayavaradhan Sambedu claimed that many countries including India had come together to work out on a draft that will be brought out in 2020 to look at the issue of blockchain technology regulations.

At the 27th Hyderabad Software Enterprises Association(HYSEA) Innovation summit and awards, Jayavaradhan spoke on the topic “Blockchain: Finance and More-chaining the islands of business networks.” She said that even though the network is very secure, but since it deals with crucial data, a regulatory system is essential to look into the issues dealing with the technology.

Latha Varghese, VP, and head of blockchain consulting of Cognizant Technology Solutions stated that the regulatory systems are needed to make sure that the data is safe. She further added that even though the network removes the vulnerability of one company to control the transactions, some issues are still there that have to be addressed.

Shivaji Basu, head of Robotic Process Automation at TCS, stated that blockchain is a technology that is slowly finding its way in the management supply chain as well and it’s not just used for cryptocurrency.