Miscellaneous

${image_1} Noble causes need noble patronage! No cause can further itself simply on great vision or dream. Undoubtedly, one such noble cause is researching and spreading knowledge of India’s hidden or lost knowledge -traditions and spreading the light of Indian culture, philosophy, even business & economic principles, taken up ably by Chinmaya Vishwavidyapeeth (CVV). We are all aware that, Indian philosophy, art & culture, science, business management and even economic principles hold a great importance and generate interest worldwide. Chinmaya Vishwavidyapeeth was established in 2017 in order to study, research and disseminate knowledge in these areas. The vision “Blend the best of Past and Present, Science and Shastra, Technology and Tradition”. With this vision and clear goal in mind, various research activities, workshops and seminars, home study courses, publication of research works and preservation of manuscripts, are taken up at CVV. All these are aimed at unravelling India's hidden and lost knowledge, traditions and blending them with today’s needs, thus promoting their everyday application. Nestled in lush greenery and solitude, perfect for any research work, CVV is currently situated in Adi Sankara Nilayam, in Veliyanad, in Ernakulam District, Kerala. This is the hallowed maternal birth home of the great Advaitin, Philosopher, Poet, Traveller and Debater, Sri Adi Sankara. Swami Advayananda, Trustee of Chinmaya Vishwavidyapeeth (CVV) is endowed with a vast knowledge both academic & spiritual. He has overseen a significant expansion in the research publications and home Study Courses of the sponsoring institution, Chinmaya Mission. Swami Advayananda is well versed in Vedanta. Gita, Upanishad lectures, discourse series and several books on Vedanta are to his credit. Business and Social leaders of Thane & Mumbai will get an opportunity to interact with Swami Advayananda on Saturday, 31st August and also be privileged to associate with the mammoth work that Chinmay Mission has undertaken. Swami Advayanand will be accompanied by Prof. B. Mahadevan, the Founder Vice Chancellor of CVV and Professor at IIM, Bengaluru. He is an internationally renowned expert in Operations Management as well as Gita and Management. Chinmaya Mission and ET INDIA RISING team have arranged a breakfast interaction with Swami Advayananda and Prof. Mahadevan on the morning of Saturday, August 31, (8.30 am to 10.30 am) at Tip top plaza, LBS Marg, Thane-W. It is aptly named as ‘Sudama Breakfast’ adhering to Indian traditions. Come and be a Vidyāmitra of Chinmaya Vishwavidyapeeth (CVV) as Sudama was to Shri Krishna. We appeal to the ‘who’s who’ to join this noble cause and make Thane and India proud of our contribution to transforming Higher Education in India. Confirm for invite on bhaleroasg@labindia.com & mvsathe@gmail.com

${image_1} Over a decade after Bitcoin’s debut in January 2009, the cryptocurrency industry now boasts a cumulative market capitalization of over $300 billion. While technology enthusiasts and retail investors were largely responsible for the asset class’ initial growth spurt, institutional investors are now entering the crypto market in droves. Hedge funds, banks, and other financial institutions have legitimized the industry, especially with the recent push for institutional products such as Bitcoin futures and Exchange-Traded Products (ETPs). Hedge Funds on the Rise Oliver von Landsberg-Sadie, CEO of financial services group, BCB, told Nasdaq that future growth in the crypto market would largely be driven by institutions and professional investors. He said, “The 2013 bubble was driven by technocrats and dark web trawlers and the 2017 rally was led by the whims of speculative retail traders; 2019's growth belongs to financial institutions who are diversifying stale portfolios and finally have the professional machinery to do so.” Grayscale Investments, a cryptocurrency asset management firm, recently disclosed that its total assets under management (AUM) has ballooned to a whopping $2.7 billion in the wake of rebounding digital currency prices and improving market sentiment. In terms of individual funds, Grayscale’s quarterly returns ranged between 147% and 179%. Since the start of 2019, the firm recorded investments worth $127 million, with approximately 80% of that coming from institutional investors alone. Even Ivy League university endowments have expressed keen interest in the cryptocurrency market. In October 2018, online media outlet, The Information, reported that Harvard University, Massachusetts Institute of Technology, and the University of North Carolina have invested in at least one cryptocurrency hedge fund. Earlier this year, Harvard University revealed its first direct token sale investment in Blockstack, purchasing 95.8 million tokens valued at approximately $11.5 million. According to a CNBC report, Yale University also invested in two digital currency funds last year, one of which is run by Silicon Valley-based venture capital firm, Andreessen Horowitz. Exchanges and Decentralized Applications: The Next Frontier for Institutions Cryptocurrency exchanges and other private-sector firms are also ramping up their technical infrastructure to meet this growing institutional demand. Last year, Coinbase launched a suite of products aimed specifically at institutional investors, including a custodial solution and improved execution services for high volume over-the-counter trading and algorithmic orders. Gemini, another American cryptocurrency exchange founded by the Winklevoss twins, applied for a broker-dealer license with the intention of selling registered securities on the platform. Decentralized applications (DApps) such as Alluva, meanwhile, are providing retail and institutional investors with an unprecedented level of insight into cryptocurrency market trends. Alluva is a free web-based application that allows anyone to earn rewards for predicting the future prices of various cryptocurrencies. The Alluva platform combines this crowdsourced prediction data along with other objective factors to gauge the growth potential of a cryptocurrency. In this way, exchanges and DApps are making cryptocurrencies more appealing and accessible to institutional investors. At $300 billion, the cryptocurrency market still has a long way to go before it surpasses its previous all-time high valuation of $810 billion. With last year’s downward trend now showing signs of reversal, it may not be long before the asset class clears the $1 trillion benchmark.

${image_1} Singapore, 19 June 2019: Brand Capital, the strategic investment arm of India’s largest media house, The Times Group, will invest up to USD $6.5m in Singapore-based skills verification platform, Indorse. The investment will be used for Indorse’s expansion into India and to build the demand for its services through The Times Group’s 360-degree media assets in India, which rank among the most popular titles in the country. Indorse uses a global network of experts to assess and confirm the abilities, expertise, and achievements of candidates searching for new job roles – with an initial focus on the coding sector. With the Indorse platform, businesses can evolve from sorting through hundreds of applicants to making informed hires within days, using a shortlist of candidates proven to have the right skills for the role. Indorse’s solution comes at a time when, according to statistics from candidate matching website ThisWayGlobal, hiring volume is increasing around the globe, thanks to the development of new technologies like artificial intelligence and improvements in telecommunications, with India experiencing a predicted rise of 76%. Rituparna Chakraborty, President of the Indian Staffing Federation (ISF), said in May that the Indian tech industry will create another three million tech jobs in the next five years. Indorse’s solution aims to facilitate the rapid change in the sector by cutting lead times and additional administration for businesses to acquire qualified talent at the pace that they need. Indorse has already worked with both small and large tech companies in finding suitable talent. Most recently, it conducted a tech recruitment event to assess coding and data science candidates for South-East Asia’s biggest ride-hailing firm, Grab. This is the most recent in a series of investments in Indorse since the company’s inception. In 2017, it completed a fundraising round which reached USD $9m, allowing the team to focus on building a working product. UK listed investment and advisory firm, Coinsilium Group Limited (NEX:COIN), previously made SGD $450,000 seed investment for a 10% equity stake in the business. Sam Subramaniam, CEO, Brand Capital commented “We are constantly presented with investment opportunities in early stage companies, so we take great care in choosing the right ones. We believe Indorse creates real benefits for employers and job seekers alike and the way these groups connect. Our massive media reach to Indian companies and the country’s large talent pool will energise Indorse in a huge way.” Neville Taraporewalla, President, BCCL Worldwide Inc who leads the Brand Capital International Investments based out of USA said “Being in the Silicon Valley, our mandate is to identify the next technology driven idea which would help our business consumers and readers in India. In Indorse we found a start-up company which has been able to identify a need of building a skills certification platform that would significantly help employers and job seekers alike in a market like India. The media reach of The Times of India Group across media platforms and the large pool of talented job seekers in India will help Indorse scale in the Indian eco-system. Gaurang Torvekar, CEO and Co-Founder of Indorse, said: “This is a privileged opportunity for Indorse. The Times Group is a major media group and has a detailed understanding of key recruitment trends, so its support is a massive vote of confidence in our model. It will help us build the Indorse brand and become a major dependable source for employers seeking candidates with the right skills. “By leveraging the experience of human experts across the world, Indorse provides companies with reliable and actionable insights about candidates. We are raising the bar in terms of quality appraisal of tech talent, while substantially reducing the direct and indirect costs of the hiring process. “Candidates can benefit from ‘indorsement’ by proving they can do the job they’re applying for – regardless of their CV’s content. Adding this extra competition will also improve the overall skill level – building upon India’s and South-East Asia’s position in the global coding skills market.” Media enquiries Yellow Jersey PR Christopher Flame: E: Christopher@yellowjerseypr.com, M: +44 (0) 7889 297 217 About Indorse: Indorse is a Singapore-based tech company that uses a team of experts to verify the skills of its users. Initially focused on the coding market, Indorse works with companies to assess and verify the coding skills of candidates who apply for roles within the sector. Indorse has a number of partnerships in place already: within six months it has assessed over 2,000 tech candidates and 7,000 code reviews. https://indorse.io/

${image_1} As India stands on the cusp of determining the legality of cryptocurrencies, it is important to highlight that blockchain technology continues to gain momentum as a solution to innumerable issues, thereby increasing efficiency across various industries, including different government operations. A decentralized network, blockchain is in most cases supported by cryptocurrencies that incentivize activity across this network. Recent reports from different Indian media outlets indicate that the government is going to take a stricter than average approach to the cryptocurrency market, which has some investors concerned. However, as the bill has only been drafted, the changes that many portals are claiming as “in effect”, are yet to be passed, if at all. Industry insiders are actively lobbying against the government with the intention of convincing them to show some laxity in their approach. Additionally, with a strong public support, the combination of expert analysis and public opinion can effectively influence the draft. Let's examine the eventful timeline of the cryptocurrency in India. Indian Crypto-Scene with Timeline India’s interest in cryptocurrency coincided with 2017’s massive spike in prices, when 1 Bitcoin surged to nearly $20,000 in valuation. Until then the concept of cryptocurrencies in the country had been a relatively obscure concept. The sudden popularity and massive movement, drew the attention of the Reserve Bank of India (RBI) and the government, which issued a warning in December 2017, with the then Finance Minister Arun Jaitley confirming that the government did not see Bitcoin, or any other cryptocurrency, as legal tender. A panel, led by Subhash Chandra Garg, was soon formed to review cryptocurrencies and blockchain. In April 2018, the RBI ordered banks to stop serving cryptocurrency exchanges, until a formal regulation has been set in place. Although a slight setback, multiple individuals and organizations appealed against the decision and demanded clarification on the government’s perception of crypto. While this move halted the conversion from cryptocurrencies to fiat currencies and vice versa, individuals who had already purchased cryptocurrencies, were able to continue to hold on to their assets. Furthermore, exploration into the sector, and inception of new startups dealing with cryptocurrency and blockchain was not put to a stop. Since July 2018, representatives from the crypto industry have filed multiple documents, debating reasons as to why the ban should be lifted. The active development and the massive potential of blockchain technology, and its application in the country, is a strong factor of the argument that a strict approach to these digital currencies would be holistically detrimental – to the blockchain industry as well as the development of the country. Nonetheless, the main takeaway is that the comprehensive scrutiny of the cryptocurrencies is still an ongoing process. While investors continue to look for new startups in the domain (which is gaining strong momentum and acceptance globally), industry incumbents are regularly showcasing, to the relevant authorities, the validity of digital assets as means to boost economic development. The Confusion Around Cryptocurrencies Response from Indian startups and entrepreneurs on the newest draft of the bill has been overwhelming, with many saying that the proposed regulations would stifle innovation, draw talent away, and handicap economic growth by limiting the adoption of blockchain technology. Others are of the opinion that various critical statements in the bill are unclear or contradictory. Only recently, have the Indian Government formally defined the term “cryptocurrency” and “blockchain”, but this is engulfed in confusion as well. The government’s bill still demonstrates misguidance on what cryptocurrencies are, specifically indicating that not all cryptocurrencies are intended as legal tender. Security and utility tokens, which are comparable to investments in a company with the right of drawing dividends, do not qualify under the government’s perspective of illegality. While this discussion is ongoing, blockchain and cryptocurrency are being implementing across India. The Aggressive Adoption of Blockchain Technology India is actively deploying blockchain based solutions in various sectors. Many reports have highlighted the advantages of blockchain technology, finding use cases in updating legacy systems in a diverse set of industries, including insurance, healthcare, supply chain logistics, and retail. The Andhra Pradesh Government has been working on a blockchain-based land registration contract, already aiding farmers in the state. Uttar Pradesh, India’s most populous state, has also implemented the blockchain technology for land registration, along with Maharashtra. The three most popular use cases for blockchain in the county are land registration, farm insurance, and digital certificates, with more use cases to be discovered as the technology organically matures. ${image_2} How Blockchain Technology Will Shape India’s Tech Space India’s more lenient view of the underlying blockchain technology itself is encouraging. What remains to be entirely accepted, however, is that that truly decentralized systems - a property which leads to the many benefits that blockchain provides – cannot necessarily be executed without the use of an incentive mechanism for good network behaviour. This is exactly the role that cryptocurrencies play. From an administrative point of view, at the very least, blockchain will have an enormous effect on any system, greatly improving efficiency, reducing human involvement, and streamlining cross-sector interaction. As an example, blockchain-based digital identity management services could be linked to insurance, real estate, and loan application processes, which would drastically reduce paperwork and streamline the verification processes. Blockchain Based DApps on the Growth Several startups and established businesses are aware that operating within a nation’s regulatory stance is critical for effective growth and mainstream adoption, And across the globe, in crypto-friendly nations like Malta and in less friendly ones like China and India, startups have a strict focus on being legally viable. In fact, many startups are emphasizing their adherence to KYC/AML regulations, and their support for regulated processing of crypto services and products. Alluva, for instance, is a crypto price prediction web app that allows users to win rewards for predicting the price of cryptocurrencies over a time frame, ranging from a day to a year. The reward, which is dispensed in the form of Alluva (ALV) tokens, requires no prior token purchase, and zero investment. Especially for its Indian user-base, Alluva is working on providing an effective mechanism through which users can redeem their rewards via partner products and services. The debate around the cryptocurrency ban is unlikely to subside soon. Startups and entrepreneurs will argue that cryptocurrencies and blockchain technology do far more good and have far more use than as described in the panel’s report. Authorities will counter that the cryptocurrency market is rife for exploitation. An increasing number of countries have found mutual ground, implementing regulations that have allowed cryptocurrencies and blockchain to be applied towards the improvement of numerous functions and industries, while protecting the population against the potential of risks and scams. India too is highly likely to reach this middle-ground as both sides continue to work with each other to find the most ideal solution.

${image_1} Sustainable farming and innovative ‘green’ solutions are not a thing of the future. They are already here, but it is their adoption that needs a bigger push Cynthia Burzell is a scuba diver, and during her dives she noticed some surfaces were covered with barnacles, mussels and algae, while few others only had a thin layer of slime. She started studying these slimes in grad school and found out that several new species of marine bacteria can produce unique chemicals, which in turn can prevent the formation of biofilm and fouling, and kill bacteria and fungi. That’s when she co-founded Aequor with Marilyn Bruno, and the company obtained the first patent on this discovery. Burzell is the company’s Chief Scientific Officer. “We developed a large library of synthetic analogs that are inexpensive to make, are non-toxic and “green,” and validated as effective against industrial, consumer, and medical contamination, fouling, and infection,” she says. Few know that the current biocides and antibiotics that accumulate and persist in our ecosystem are accelerating the emergence of the superbugs, polluting our soils and water, and harming our health. Aequor wants industries to ‘‘replace toxic products with ‘green’ water treatments, surface cleaners, and production enhancers that improve operational efficiencies, save water and energy and reduce CO2 emissions”, says Burzell. Plus, in hospitals, advanced cleaners can immediately reduce hospital-acquired infections, reduce needless patient pain and save lives. ${image_2} Unlike biocides used today, Aequor claims its chemicals are inexpensive, non-toxic, long-lasting, reducing labour, down-time and energy consumption in their industrial applications. They can extend the life of capital equipment, and do not require costly hazardous material protocols for storage or use. Their use increases operational efficiencies and reduces CO2 emissions. It is not just Aequor; many companies in India and around the globe are looking at reducing CO2 emissions with the help of technology and new processes. Like industries, agriculture is one area where harmful chemicals have a huge negative impact – affecting crops, soil and farmers’ health. Sustainability is perhaps one way to make the world greener. PepsiCo India, for example, plans to invest $5 million by 2020, in Sustainable Farming Program in India. “We are leading the initiative to replace transplanting of paddy with direct seeding technology, which has helped reduce water consumption in paddy cultivation by 30 per cent and has also cut down greenhouse gas emissions by 75 per cent,” says Rinkesh Satija, Director-Agri, PepsiCo India. In 2017, PepsiCo India helped save 16.73 billion litres of water through direct seeding of rice. ${image_3} India has 140 million hectares of agriculture land – 55 per cent of which is rain irrigated – doing just one crop a year. “This means eight months of the year the land is fallow,” says Anil Jain, Vice Chairman and MD of Jain Irrigation, makers of irrigation systems. To reduce water usage, Jain Irrigation has brought innovative solutions where rice crops would not need knee deep water – just water in the root zones is enough, explains Jain. Sixty-four-year-old Ramdar Pryambak Patil, of Raver Tehsil in Jalgaon district in Maharashtra, was the first farmer in his village to implement a drip irrigation system. “The condition of the soil in my land was deteriorating because of too much usage of chemical fertilisers. Crops were getting wasted,” he says. After implementation, the soil was rejuvenated. “My banana cultivation used to take two years. Now the harvest happens every year,” he says. Apart from bananas, Patil grows kapas, corn, and turmeric, among other crops. ${image_4} Instead of depending on chemical fertilisers, innovative solutions can make agriculture sustainable. DCM Shriram’s Chairman and Senior Managing Director, Ajay Shriram says that in dry areas like Rajasthan, 1,500 farming families across 23 villages have benefitted from the company’s construction of water conservation structures in Jhalawar and Kota districts. “From subsistence agriculture of soya and bajra, farmers moved up the value chain and started vegetable cultivation and rose farming, eventually leading to higher incomes,” says Shriram, whose company has undertaken many more such initiatives for farmers to take up sustainable agriculture. ${image_5} “Water conservation is a cornerstone of climate-smart agriculture…,” says Shalabh Tandon, Regional Head of Operations, South Asia, International Finance Corporation (IFC). “The most impactful water-saving example can be seen in our work with Jain Irrigation over the last 10 years, which has saved trillions of litres of water accompanied by a sharp rise in productivity and decline in energy consumption.” Drip irrigation and relying on bio-chemicals are just two small efforts to make the world greener. There is one example inside Aequor’s stable. The water system on board the International Space Station (ISS) recycles the astronauts’ waste water and condensation from the air into potable water for the astronauts to drink – over and over again. This life support system is essential for long duration manned space travel but is contaminated by bacteria that form difficult to remove biofilm and slime. “Hazardous chemicals are not permitted on board the ISS and all other known non-toxic remedies failed (including silver). NASA then turned to us for the remedy,” says Burzell. ${image_6} What started as a small project has become pretty big. “Now we are conducting a large-scale project at NASA-MSFC with one application of our chemicals that has successfully removed the contamination in a simulator tank for over 10 months,” Burzell says. This article has been written by Sunny Sen from Times Group.