Blockchain gives you the power to decide who gets to see your data, says Dr Akhil Damodaran, Dean at IILM University and CEO of Elteridium Technologies

Blockchain can play an especially vital position in ensuring knowledge is safe and clear.

That is an unique interview carried out by the Editor Group of CIO Information with Akhil Damodaran, Dean at IILM College and CEO of Elteridium Applied sciences.

About Akhil Damodaran:

Akhil Damodaran is a extremely skilled skilled with a background spanning the telecom, IT, aviation, and training industries. Presently, he holds the place of Dean on the Undergraduate Enterprise College of IILM College. Previous to becoming a member of IILM College, Akhil served because the Cluster Head of the Emergent Vertical inside the College of Enterprise at UPES. Up to now, he has labored with the France Telecommunication Group and Tata Communications Ltd.

Past his position at IILM, Akhil additionally assumes the mantle of founder and CEO at Elteridium, a blockchain good contract agency makes a speciality of advisory companies tailor-made for public-private partnerships, with a specific concentrate on using good contracts to boost and optimize these partnerships.” His involvement extends to varied different organizations, together with Fitsyndicate, a token-based blockchain startup. Moreover, he serves as a mentor for IIT Bombay’s Entrepreneurial Cell and capabilities as a regional mentor for the Atal Tinkering Lab beneath NITI Aayog.

In 2021, he achieved recognition as a recipient of the esteemed Celerity 40 beneath 40 Provide Chain Achievers Award.

Akhil has a various academic background, encompassing a bachelor’s diploma in electronics and instrumentation engineering from RGPV, a postgraduate diploma in administration from IIT Delhi, a level in competitors legislation from the Nationwide Regulation College Delhi, and a PhD in administration from UPES.

How can blockchain revolutionise the way in which governments and personal entities collaborate?

Authorities and personal entities collaborate on initiatives, typically the place personal experience is required for government-owned initiatives. This implies there’s sometimes a contract between the federal government and personal events, which will be short-term or long-term, relying on the mission in hand. For instance, airports typically have a contract interval of 20 to 30 years, whereas highways or main roads might have an 8- to 10-year settlement. These long-term initiatives have contracts, negotiations, regulator supervision on account of their monopoly nature, pricing challenges, and extra importantly, documentation, verification, and transparency. I feel blockchain actually adjustments this sport fully. At first, it gives a greater contract settlement by way of good contracts, however on the identical time, it gives transparency to regulatory our bodies, all ledgers in a single single place, and is totally immutable.

How can blockchain defend delicate knowledge? 

I feel we have to relook on the knowledge fully. Blockchain can play an especially vital position in ensuring knowledge is safe and clear, like:

Information Safety: Think about blockchain as a fortress in your knowledge. It makes use of fancy math (cryptographic strategies) to wrap your info in layers of safety. This makes it tremendous powerful for anybody to sneak a peek or decode your knowledge with out permission.

No Central Boss: In contrast to conventional methods with a single boss (centralised), blockchain is sort of a workforce of equals (decentralized). Every workforce member (node) has an entire copy of the data. This implies there’s nobody weak hyperlink. Even when one member stumbles, the remainder hold every thing safe.

Everlasting Data: As soon as one thing goes into the blockchain, it’s like carving it in stone. Nobody can mess with it. This creates an unchangeable historical past of occasions, which is fairly useful for checking issues later.

Secret Keys: Entry to your blockchain info depends on particular keys. These keys are like secret codes. Solely these with the appropriate code can unlock and see your stuff, including one other layer of safety.

Good Agreements: Consider good contracts as super-reliable robots. They comply with directions exactly. When sure situations are met, they spring into motion with none human errors messing issues up.

Agreeing Collectively: Blockchain has a approach for all its members to agree on what’s actual (consensus). It’s like everybody has to provide a thumbs-up earlier than one thing is added. This stops sneaky stuff from taking place.

Permission Guidelines: Typically, we want additional privateness. Permissioned blockchains are like VIP golf equipment. Solely sure folks with invites get in. That is tremendous helpful whenever you want top-notch privateness and management.

Your Information, Your Approach: Blockchain offers you the facility to resolve who will get to see your knowledge. You possibly can open the door for some and lock it for others, lowering the chance of knowledge leaks.

Protected ID Verify: Blockchain can show who you might be with out telling your secrets and techniques. It’s like displaying your ID with out giving freely your own home handle.

Taking part in by the Guidelines: Blockchain’s transparency and super-organised data make it straightforward to comply with the foundations. It’s like having a rulebook that everybody can see. This helps corporations keep on the appropriate aspect of the legislation.

How can blockchain make the public-private partnership (PPP) mannequin extra inclusive and community-driven?

Image this: Clients have the authority to share their ideas and price the progress of a mission. In the event that they aren’t happy and their score is as little as 2 out of 5, the personal developer received’t obtain cost for the part they had been engaged on. This can be a game-changer because it empowers customers by way of good contracts.

Blockchain takes it a step additional by granting the neighborhood extra management. It ensures that each digital asset is one-of-a-kind, with every transaction uniquely recorded for straightforward auditing. Plus, since blockchain maintains its personal ledger, the necessity for fixed intervention from banks might change into a factor of the previous.

How can blockchain in a public-private partnership present a single platform for all transactions to be carried out?

I consider there’s no must refocus on “how” to reply this query, as blockchain inherently establishes a single, absolutely decentralised ledger that serves because the singular repository for all transaction data. Furthermore, to make sure the engagement of all public-private partnership (PPP) stakeholders and the presence of a unified ledger platform, it’s important for all stakeholders to attach by way of their respective wallets in the course of the contract binding part. This facilitates the seamless integration of good contracts to bind all stakeholders inside the contract framework.

What are the advantages of blockchain for the public-private partnership market?

The general public-private partnership (PPP) sector is at the moment valued at over $400 billion, and its development potential is poised to broaden exponentially with the emergence of recent public infrastructure initiatives. It’s protected to say that PPP represents one of the promising markets for blockchain expertise sooner or later.

Elaborating additional, the applying of blockchain in PPP can revolutionise the way in which public infrastructure initiatives are executed and managed. Blockchain’s inherent options, similar to transparency, safety, and good contract automation, align seamlessly with the advanced nature of PPP collaborations.

By leveraging blockchain, PPP initiatives can profit from enhanced transparency, the place all stakeholders have entry to a shared ledger that data each transaction and choice. This transparency reduces the potential for disputes and ensures accountability all through the mission lifecycle.

Safety is one other paramount facet, as blockchain’s encryption and immutability make it exceptionally resilient to fraud and tampering. This not solely safeguards monetary transactions but additionally protects delicate mission knowledge.

Furthermore, good contracts, a cornerstone of blockchain expertise, can automate varied elements of PPP agreements, from fund disbursement to compliance monitoring. This automation streamlines processes, reduces administrative overhead, and minimizes the chance of errors or delays.

Elteridium’s engagement on this transformative area underscores its dedication to leveraging blockchain’s potential for the advantage of PPP stakeholders. We now have PPP consultants who possess a deep understanding of contracts and are adept at integrating present contracts into good contracts. By way of the combination of blockchain options, Elteridium is actively contributing to the development of PPP, rendering it extra environment friendly, clear, and safe.

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CIO Information, a proprietary of Mercadeo, produces award-winning content material and sources for IT leaders throughout any trade by way of print articles and recorded video interviews on matters within the expertise sector similar to Digital Transformation, Synthetic Intelligence (AI), Machine Studying (ML), Cloud, Robotics, Cyber-security, Information, Analytics, SOC, SASE, amongst different expertise matters.

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