Tehran(Bazaar)- Farahnaz Sepehri: Siddharth Dalmia in an interview with Bazaar News Agency said: the countries that become the first adopters and provide regulatory support will always benefit from the growth of the technology.
Siddharth Dalmia is digital economy lawyer and an entrepreneur. He help people with regulatory and strategic issues in blockchain (or web 3.0) and digital startups. He worked as a lawyer and strategic consultant for startups before joining the Indian School of Business to pursue an MBA. He is a CFA level 3 candidate, and hold bachelor of Law, and Bachelor of Technology degree. He has worked with his clients on blockchain technology, mergers, IPR protection, crossborder transactions and in many more fields over the years. Also, he believes that web 3.0 will be the new internet standard and metaverse will consume everything!
Bazaar: In your opinion, what will be the perspective of using blockchain in industries in the coming year?
Dalmia: I believe that technology is going to see widespread adoption in the coming years. It is a revolution analogous to internet itself. The most prominent case would be that of Central Bank Digital Currency (CBDC). This would help the central banks across the world to maintain the sovereignty of issuing countries and make the transactions faster, cheaper, and more secure. In essence, because the tech allows the elimination of middlemen due to decentralized ledger/database, the transactions would become cheaper which would benefit the end user. It will have the application in asset transfer, payment system, real estate transfer, IPR transfer/use, identity management and many more. The blockchain would also become the backcone of web 3.0 which would change our intercation and rights over the internet as we know it.
Bazaar: What steps should governments take to make the best use of the blockchain?
Dalmia:They shall introduce definitive regulations so that businesses have legal certainties and take the necessary steps to face the regulatory backlash. Making decentralized real estate records and adopting the technology, wherever feasible, would create demand for blockchain and web 3.0 developers which in turn would lead to widespread adoption. Lastly, schemes, tax benefits, grants, etc. could be introduced to incentivise startups to come up with the solutions that use blockchain technology. The governments could also incentivise the incorporation of companies/foundations in their countries and become the incentivise shifting the IPR related to blockchain technology in their country. The law always lags behind the technology but the countries that become the first adopters and provide regulatory support will always benefit from the growth of the technology.
Bazaar: What are the challenges of using a blockchain?
Dalmia:Regulations and scalability are by-far the biggest challenges faced by the blockchain technology. The transactions, because of the inefficient technology design, become expensive and number of transactions per second is also less. Secondly, in many countries there are regulatory uncertainties which hinders the incentive to shift the use to blockchain. One other concern is because the technology is new, there are lesser number of developers and it becomes expensive to create solutions on web 3.0 infrastructure.
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