Blockchain Is The Backbone For The Bitcoin Transactions – Sathvik Vishwanath

In Interviews, Technology

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. With 120 full-time employees, the company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin.

Mr. Sathvik Vishwanath is Co-founder and CEO of Unocoin Technologies Private Limited. He is an MBA graduate from Melbourne Business School and is now a successful software industry entrepreneur and professional with 15 years of experience in the overall management of a successfully running information technology startups in virtual reality and virtual currency/commodity. He has always put his heart into innovative and disruptive technology!

In an interaction with Techxty, Sathvik Vishwanath talks about the shifts new technologies are bringing in the bitcoin industry. Read On!  

Tell us something about yourself and what does your company do?

I am Sathvik Vishwanath, an MBA graduate from Melbourne Business School. I am a successful entrepreneur and have always put my heart into innovative and disruptive technology. My business journey started with VentureNext in 2008, which was involved with custom scripting for the businesses in the virtual world called SecondLife. After being acquainted with bitcoin in 2013, my next venture CoinMonk Ventures aimed at bringing Bitcoin awareness to the public and organized the Global Bitcoin Conference in Dec 2013 – the first-ever Bitcoin conference in India. At the conference, I launched a bitcoin buy/sell service called Unocoin.com which specializes in providing Bitcoin services that include bitcoin storage, buying, selling, merchant gateway and PoS app that is offering the benefits of no volatility risk, 0% transaction fee and no chargebacks. With the mission of Bringing Bitcoin to Billions, Unocoin is evolving rapidly with more than 1,200,000 users and is bringing the advantages of blockchain technology to the critical masses following the self-regulated standards which have now become the model for the bitcoin industry in India.

How blockchain is transforming the bitcoin industry?

The advantage that blockchain brought to the table is the immutable decentralized ledger. The very first application you can expect from this is for keeping track of money transfers with a token. The first known token is bitcoin. Blockchain is the backbone for the bitcoin transactions and this technology has a proven track record of maintaining hundreds of billions of dollars worth of assets on its immutable and decentralized ledger.

Is cryptocurrency the next step in digitization? How?

If we see the history of money, we can see the phases in which different types of money were used. It used to be barter at one point of time, followed by valuable metals and gemstones, then the coins made of metals, and then the kings or govt backed currencies and finally the plastic cards. Given the plastic cards and the transactions through banks are just the info transfer over the network but it had the issues of not being immutable and fully centralized, its logical next step would be the same value transfer but in a decentralized and immutable manner. This just means the cryptocurrencies in its current form.

How does big data analytics benefits bitcoin?

Big data is about data storage and data mining. Bitcoin as of today is meant to be pseudonymous. The big data on it means the more transactions are traceable which would encourage only authentic transactions on the bitcoin network avoiding the transactions with mal intentions.     

How bitcoin and IoT will work together for a better future?       

I am of a strong belief that IoT would more mean Intranet of Things instead of the Internet of Things without the monitory token system like bitcoin associated with it. Today the biggest advantage of the internet is that you will be able to retrieve the information in spite it is the first time you are contacting a particular service or a server. IoT is more of a network of things that are meant to interact and maybe serve each other. The only way a completely unknown two objects on the network or internet could trust each other is through a monitory token that the involved objects can get into escrows or transactions with. So, I believe the token like bitcoin will be needed for the economy of things on the internet.

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