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Blockchain ecosystem could help fast-track governance: CoinSwitch CEOThe rise of cryptocurrency and its underlying Blockchain technology has led to immense interest in the new industry.Still, several questions are not readily available. For instance, some investors are worried about regulations – when and in what form they will come – and the underlying asset that is powering this sector. CoinSwitch co-founder and CEO Ashish Singhal answered several of these doubts in a recent interview. He stressed that crypto and the whole blockchain ecosystem are trying to create a new internet, which many call Web3, just like Google and Microsoft helped create Web 1.Speaking to the Economic Times, Mr Singhal said that India “definitely needs” crypto as the companies running this ecosystem will dominate the world for the next 10-20 years. He added that the crypto industry could also help solve some real problems or mitigate them.Mr Singhal added that blockchain could help fast-track governance and delivery of services. With blockchain, a government official can easily verify vehicle or property ownership by simply scanning the QR code on related documents.But what about the concerns related to the underlying value of crypto?RBI Governor Shaktikanta Das has already said that these digital tokens threaten financial stability. Referring to the Dutch tulip bulb market bubble in the 17th century, he cautioned investors, saying cryptocurrency has “no underlying, not even a tulip.”Mr Singhal said that the underlying value of crypto lies in the use cases. For example, if we were to launch a business online 15 years ago, we would have required infrastructure, including buying servers and office spaces.Then players like Amazon offered to host servers for a price, and the need for setting up individual servers was reduced.Similarly, the crypto industry is trying to create a network of computers that could help host the new age businesses online. However, in this industry, everyone who is part of the blockchain ecosystem benefits, not just the Amazons, Mr Singhal said.The CoinSwitch CEO also said there could be no blockchain ecosystem without crypto because cryptocurrency is an incentive to the vast network of volunteers who have pulled resources and invested time to verify each transaction on the network. If these volunteers pull out, the verification process will go into the hands of a few players “who benefit from that ecosystem, and then we move back to the system that exists today,” he concluded.(Disclaimer: Coinswitch is an advertiser on the NDTV Network)

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