Revamp of crypto in its entirety is need of the hour

Acknowledging the existence of many grey areas in thedigital currency zone and then dealing with each individually is the first step towards resolving the situation, says Dr Sujata Seshadrinathan, Director, Basiz Fund Services Though crypto is one of most impactful IT innovations of our times it has no physical form or asset backing and is not issued by a central authority. “The fact that lack of transparency has brought cryptos under heavy criticism needs to be acknowledged in its entirety,” says Dr Sujata Seshadrinathan, Director, Basiz Fund Services in an exclusive interview with Bizz Buzz

Cryptocurrency or crypto offers the benefit of completely digital, real-time transactions. Money transfers are secure and recorded on a distributed transaction ledger. Blockchain technology on which cryptos are run is the first successful implementation of the triple entry book-keeping system. This means enhanced transparency, in-built audit trail and elimination of the need for reconciliation. All these bring significant advantages to businesses including streamlining of transactions, growth in volume, controlled costs, enhanced security and elimination of intermediaries. With transaction processing getting simplified, usage of crypto will also release capacity for focus on core business capabilities and building a competitive edge.