Blockchain has potential to reduce 30% infrastructure cost to 8 of the world’s top 10 banks, amounting to annual cost savings of $ 8-12 billion
Crypto-economics is the future said say Ethereum co-founder Joseph Lubin while addressing a gathering “Blockchain 
Bytes” here in the city on Saturday. Prior to Hyderabad the event also held at Delhi and Mumbai. Joseph Lubin was Keynote speaker at the event Blockchain Bytes, organised by E-Cell, IIIT-Hyderabad in association with Blockchained India, a not for profit community of blockchain enthusiasts, organized Blockchain Bytes at its campus IIIT Hyderabad.
Blockchained India orginiated out of shared curiosity of a group of individuals who wanted to learn about Blockchain and the problems it can solve for India. The community “Blockchained India’ is the single most-pan-India contributor towards knowledge about blockchain. It claims to have about 1770 members across India. The talk was attended by over 400 people including Prof. P.j. Narayanan, Director, IIIT Hyderabad and entrepreneur Srini Raju, Member, Governing Council, IIIT Hyderabad.
Joseph Lubin is a Canadian entrepreneur. He has founded and co-founded several companies including the Swiss-based Ethereum, a decentralized crypto currency platform, and is founder of ConsenSys, a Brooklyn-based software-production studio. Regarded as the most innovative entrepreneur of this decade, Joseph Lubin said Crypto-economics will be a whole new realm of banking in the near future.
Cryptocurrency was just the first application on blockchain; there will be more come, he added.
Through these advancements, we are moving pretty quickly towards an integrated society, sans border, ho told the packed gathering at the IIIT-H. Ethereum is an open-source, public, blockchain-based distributed computing platform 
featuring smart contract (scripting) functionality. Lubin, the mind behind Ethereum, explained the technology powering Ethereum, along with the applications of various crypto-currencies and their contribution to the blockchain community.
Lubin felt that there was much to learn about blckchain climate here. Awareness about it is the key. Need to do lot of educational sessions/workshops he said. Because the scope in this vast country is enormous and lies in the billions, he added.
Blockchain has the potential to reduce infrastructure cost for banks. And it could be in the range of 30 per cent for 8 of the world’s top ten biggest banks thus saving them $ 8 to 12 billion, he explained. The event was a huge success and a great opportunity for the Hyderabad Blockchain Community to meet and greet the leaders of the field.
Contact: D.Ramchandram, Solus Media
