Gaurav elaborates that the distinctive consideration of Cryptocurrencies and blockchain in most quarters should be seen neutral, not based on ideology but simply on legal and practicality reasons according to where a cryptocurrency is possible and needed and where not.
In government for example, blockchain technology has many use cases in which it can help achieve better efficiency and transparency, which do not have anything to do with cryptocurrencies. Recently, the Indian Finance Minister Arun Jaitley acknowledged blockchain’s potential, stating that the Government will “explore the use of blockchain technology for ushering in digital economy”.
Kumar explains that Auxledger, the largest private ledger with 54+ million users onboard already, resulting of Auxesis Group’s work with the State Government of India has custom plugins for different sectors which allow companies to adopt faster based on their needs. These solutions include a Distributed Ledger Protocol for financial institutions, Benefit Distribution Program for government bodies, Darwinsurance for Insurance settlement; Genuinity, an anti-counterfeiting program for supply chain and Reservoir, which addresses issues of products availability.
Despite these solutions, Gaurav explains that had it not been for cryptocurrencies, we may have never seen the ongoing blockchain involvement throughout the institutions, as it was what sparked everyone’s interest, and also as it created the wealth enabling the ongoing innovations in the industry since its beginning, even before traditional investors came in.
First there needed to be cryptocurrency as the first use of blockchain technology to enable further use cases. However interests over the past years have shifted away from mere cryptocurrencies to tokens representing anything, while being more transparent.