Blockchain And AI Innovation In India's Business Landscape: Dinis Guarda Interviews Raj Kapoor, Founder And CEO Of Blockchain India Alliance

In the latest episode of the Dinis Guarda YouTube podcast, powered by Businessabc.net and citiesabc.com, Raj Kapoor, Founder and CEO of India Blockchain Alliance, discusses with host Dinis Guarda the thriving business ecosystem in India and the need for collaborative efforts for leveraging technology enabled solutions for global issues. 

Raj Kapoor is a serial entrepreneur, tech innovator, educator, investor, and mentor with focus areas like blockchain, AI, Robotics, Cybersecurity, IoT, and cloud computing. He has designed and worked on 4 Blockchains, 5 Centralised Exchanges, 3 Swaps and 3 DEX's. He is the Founder and Chairman of the India Blockchain Alliance, the largest Indian emerging technology tech think tank. 

According to Inc42, the combined valuation of startups in India is $500 billion. The country has more than 110 unicorns and it is predicted that it will have more than 180,000 startups by 2030

“India is the most complex country in the world", says Raj. "But it's also the friendliest country, once you learn how to navigate those waters.

India is a big market. A lot of people don't know how to come here. We (India Blockchain Alliance) help them. Many of our partners don't understand the technology very well. We help them where to apply the technology, when to apply the technology, why to apply the technology, if it's really necessary, so on and so forth. And also, how to blend the technology with other technologies including legacy systems.” 

Highlighting the role of India Blockchain Alliance (IBA) in India’s startup and unicorn ecosystem, Raj explains: 

“IBA that has actually promoted a concept of an ecosystem, called The Web3 Village. Web3 on the Sea in Goa is actually a full-fledged Web3 district, out of the seven districts which have been identified by the government. In Web3 on the Sea, we are able to have accelerators, co-working spaces, co-living spaces, and a complete ecosystem of mentors VCs, seed capital, compliance, tech - you name it. It's just like a mall!”

Raj also highlighted the other similar projects like Web3 Valley in Uttarakhand and Web3 Dunes in Rajasthan. Speaking about the other similar projects, Raj says:

“We've got this Web3 village where there is an entire ecosystem for startups where they can come and get everything they want - grants, funds, etc. We are encouraging young young people from India to this ecosystem. Not only from India, we have got a lot of companies from outside India coming here and setting up bases here.”

India Blockchain Alliance: Enabling businesses and governments with technology solutions

“I always believe that technology should make life easier and better. Most of my projects are towards my ‘tech for good’ initiative and that's where I am going to keep going. This is what keeps me going”, says Raj. 

He founded the India Blockchain Alliance in 2018 with the purpose of providing mutual assistance in the field of business development, networking, cooperation and a joint approach to defending the interests of the members of the alliance. The alliance also cooperates with the government authorities in the field of the relevant legislation. 

“India Blockchain Alliance is a not-for-profit. We are basically an industry body which speaks with the government, lobbies with the government, enterprises, and institutions, and makes them understand the value. What really works well for us is that we put it in a systematic manner education, enterprise, and government - all three, because all work in tandem, none of them works in isolation. 

We have more than 800 members across the globe, each contributing unique solutions and technologies within the Web3 space. We have now 18 chapters across India and we have about a dozen partnerships across the world including Zambia, Nigeria, and Switzerland.”

Speaking about how India Blockchain Alliance works, Raj tells Dinis that the organisation draws expertise from diverse backgrounds including blockchain, academia, information technology, computer science, regulators, and policymakers. He says that IBA serves as a hub for networking and knowledge exchange. Its membership comprises a close-knit network of experts and organisations, encompassing policymakers, academics, blockchain engineers, venture capitalists, and visionaries.

“We have about 21 or 22 different verticals to focus on. We find out what are the problem areas of the industry and then we work to sort them out using technology. That's how we approach the enterprises. Besides working as a non-profit, we also have for-profit companies working in collaboration to execute such projects.

We also work with all the small names. We believe that nobody should be left. We especially work with the MSME sector, which forms more than 50% of the businesses in India and that's a lot of people. It's the backbone of the nation - that's where a lot of businesses generated. It is very disorganised, very ad hoc, always cash crunch. So we actually are working on multiple initiatives to help them whether it is fractionalising their machinery, whether it is helping them raise finance staking outside the country etc.

The second thing we help them is to get access to knowledge and technology. How to actually use and leverage technology. We are using blockchain-as-a-service for them to actually plug and play, so they can play like a subscription model. That's a model which is really working in India because everybody can't afford to start creating their own products and it doesn't make any sense anyways. 

We have another subdivision of India Blockchain Alliance, called the Blockchain Governance Council. In this, we have a lot of experts who work very closely with the government, getting feedback. We have given suggestions on the G20, white papers and recommendations on standards frameworks, taxation, policy - everything. Without that, there is never going to be a mainstream adoption of blockchain in any country”, Raj tells Dinis.

Sustainable AI for improved business experience

Raj is also the Chairman of the Global Alliance for Artificial Intelligence and Innovation. He is an Advisory Board Member at over 60 Web3.0 companies including, Tata Elxsi, Spherium, Soulverse and more. He is also the CEO of Growth Alley Inc, USA

“There's been a rapid degeneration of AI, I would say. I don't believe that we can't solve that problem. I think we need the guard rails in place. We work with all the social media companies and everyone in the content space and with the government in trying to create a fair framework. We are working very closely on creating India's own local chatGPT in the local languages, called Bhashini, and creating the learning models for them.

Raj has also been actively involved in initiatives promoting sustainable development, environmental conservation, and social welfare. He is the India Strategy Lead at 5ire, a sustainable blockchain ecosystem. Some of the projects he has been involved in are: "Carbon Chain", "The Tree Chain", and "Nature Conservation Chain". 

The sustainability alarm has gone on. It's given us more than enough warnings, we've seen many things happening - flooding in Europe, unseasonal rains - we've seen everything. What is it that we need to do? We need to do a lot and it doesn't have to be just we; it has to be all stakeholders. 

Blockchain can enhance transparency and trust in stakeholders and that's something we're driving that message across especially in environmental initiatives from local communities to international organisations”, he says.