The concept of 'blockchain' largely entered common parlance following the popularity of Bitcoin and other cryptocurrencies.

According to experts, blockchain can also be used in other areas, especially to overcome risks associated with digital transactions or data sharing.

It is like a digital ledger that allows users to access data that is decentralized and that which can be verifiable. The data is incorruptible and the data may be simultaneously maintained by multiple users without the data being confined to any specific location but one that is public and verifiable.

Business houses are now increasingly interested in blockchain technology and how it will impact the entire gamut of business starting from accounting to operations. 

Blockchains use cryptography to process and verify transactions that improve transparency, efficiency and mutual trust in data sharing.

The programme organised by Bengal Chamber was largely to find answers to queries such as how safe is blockchain technology, how fast can it be deployed, will consumers really benefit and what is the legality of it.

"It is our commitment from the IT Committee of The Bengal Chamber to work on the newer technologies," said Arnab Basu, Chairperson.

"Towards that end, the Chamber has embarked on the initiative of discussing the safety of market place through Blockchain in the financial capital of the country," he said.

Blockchain has taken prime focus in the dynamic world of digital marketing, the organisers said. Already this technology is proving to be a reliable and efficient one in global network of value exchange.

Deb A Mukherjee, Vice President, The Bengal Chamber, said, “Our mandate, as a responsible Chamber, is to address the interest of wider stakeholders going beyond business, especially in the areas of consumer connect. As an outreach program, partnering with VCAN, it is our step towards connecting with that spectrum also expanding our geographical footprint “, stated .

Protiviti a global consulting firm has joined this partnership as the Knowledge Partner.

The panel included S. V. R. Srinivas, IAS, Principal Secretary, Information & Technology, Govt. of Maharashtra; Vikash Mittersain, Founder India Business Group (IBG); Brijesh Singh, IPS, Spl. IGP Maharashtra Cyber & DG IPR, Govt of Maharashtr; Ratan Kesh, Sr President & Country Head, Branch, Service Delivery, Contact Centre & Service Excellence, YES Bank; Subrata Bagchi, Sr Managing Director, Protiviti India Member Pvt. Ltd; and Prashant Mali , Advocate, India's International Cyber, Lawyer.

Indrani Malkani, Managing Trustee, VCAN,  and V. Ranganathan, Trustee VCAN were also present.

Bengal Chamber also announced that the ninth edition of its Business IT Conclave on 'Fintech- Riding on Blockchain' will be organised in Kolkata on May 10, 2018.