Latest news with #BSV
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Business Standard
31-07-2025
- Business
- Business Standard
Mankind Pharma Q1 PAT drops 17.4% despite 24% revenue growth, costs surge
Delhi-based pharmaceutical major Mankind Pharma reported a 17.4 per cent year-on-year (YoY) decline in consolidated profit after tax (PAT) for the first quarter of FY2025–26 (Q1 FY26), at Rs 445 crore, down from Rs 538 crore in the same quarter last year. The company attributed the fall in profitability to a rise in raw material costs, higher component consumption, and increased employee expenses. Despite the PAT decline, revenue from operations grew significantly—by 24 per cent YoY—to Rs 3,570 crore from Rs 2,867 crore in Q1 FY25. At the operating level, earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to Rs 850 crore in the quarter under review, compared to Rs 675 crore a year ago. The adjusted EBITDA margin improved slightly to 23.8 per cent from 23.6 per cent in the corresponding period last year. Rajeev Juneja, vice chairman and managing director of Mankind Pharma, said the growth in revenue and margins was driven by strong performance in the chronic and consumer healthcare segments, and by the consolidation of Bharat Serums and Vaccines (BSV), acquired in October 2024 for Rs 13,768 crore. A key drag on the bottom line was finance costs, which rose sharply to Rs 170.65 crore in Q1FY26—17 times higher than Rs 10.84 crore in Q1FY25—largely due to financing related to the BSV acquisition. Mankind Pharma said its chronic therapies business outperformed the Indian Pharma Market (IPM) by 1.4x, with cardiac and antidiabetics segments growing 1.5x and 1.6x faster, respectively. Domestic business revenue rose 18.9 per cent YoY to Rs 3,101 crore. The consumer healthcare segment posted a 15 per cent increase in revenue, led by consistent secondary sales growth for key brands such as Manforce condoms and Gas-O-Fast. The company's exports segment recorded a strong 81 per cent YoY growth, supported by a ramp-up in base business and integration of BSV's global operations. Mankind Pharma announced its results post-market hours. Its stock closed marginally lower by 0.28 per cent at Rs 2,567.75 per share on the Bombay Stock Exchange (BSE) on Thursday. The company remains optimistic about sustaining momentum in both chronic therapies and consumer brands, while continuing to integrate BSV's operations for long-term value creation.
Coin Geek
29-07-2025
- Business
- Coin Geek
Tokenized bonds have tighter spreads—what does it mean?
Getting your Trinity Audio player ready... When the Bank for International Settlements (BIS) speaks, the financial world listens. Earlier in July, the BIS released a report detailing its findings on tokenized government bonds. It found that, while only $8 billion in such bonds had been issued to date, they had tighter bid-ask spreads than conventional ones. Even in these early stages, tokenization is delivering on its potential for greater efficiency in the financial system. However, the implications are far greater than increased efficiency in the bond market. Let's drill down and discover why. Why tokenized bonds have tighter spreads When it comes to bonds and other financial instruments, the spread is the difference between the bid and ask price. Typically, wider spreads mean less liquidity, higher transaction costs, and greater uncertainty. By default, tighter spreads mean the opposite. Tighter spreads are an objectively good thing from the perspective of market participants, but why would tokenized bonds lead to them? There are a few reasons: Instant settlement – Tokenized bonds on scalable blockchains settle faster. On blockchains like BSV, they can do so in near real-time. This reduces counterparty risk and the amount of time capital must be tied up to facilitate a trade. Tokenization eliminates multiple intermediaries, so it reduces both the time and costs involved in trades. Greater transparency – Scalable public blockchains allow for all trades to be executed and settled on-chain. This means every trade leaves time-stamped, immutable records. These records enable the automation of audits and compliance checks while reducing costs. Automated execution – Audits and compliance checks aren't the only things that can be automated. Coupon payments and reconciliation can also be executed via smart contracts, again reducing overheads and offering transparency that builds market confidence. Increased accessibility – Increased access to markets drives demand which in turn improves price discovery and liquidity. Tokenization opens the door to a broader range of investors, including institutions, fintechs, and even individuals. While these are all different functions, they all lead to the same thing—greater efficiency, reduced costs, and thus tighter spreads. The tokenization of everything is coming Eventually, everything will be tokenized, and the benefits will be realized across all industries. The financial industry will benefit from tokenized bonds, stocks, currencies, and contracts, but so will supply chains, manufacturing, insurance, and many others. The benefits will be the same for all—greater efficiency, transparency, and inevitably lower costs. How big can this get? McKinsey analysts estimate that as much as $1.9 trillion in value will be tokenized by 2030. This doesn't stop at paper or electronic assets; real-world assets (RWAs) like gold bars and oil barrels are also being tokenized on digital ledgers. However, for tokenization to reach its full potential, the world must come to a larger realization: everything will live on one scalable ledger. Blockchain will go the same way as the Internet In the early days of the Internet, there were many different networks: X.25, DECnet, BITNET, AppleTalk, and others. Eventually, they all hit their limitations, and the world realized that TCP/IP was the protocol to build on for an open, global network. Blockchain technology is still in its early days, but it will evolve in the same way the Internet did. Ethereum, Solana, Cardano, Binance Chain, and the others are just like these early Internet networks. Right now, they're hot, and big corporations and institutions are testing them. However, slowly, some are beginning to realize their limits. In March, a report co-authored by the European Central Bank's (ECB) Director General for Market Infrastructure and Payments, Ulrich Bindseil, highlighted how permissioned blockchains are complex and public blockchains are the better option. This is a clear signal that some players within large institutions are already beginning to see the bigger picture. While many believe in a multi-chain world with various chains communicating via solutions like Chainlink or dozens of different layer two solutions settling on Ethereum, the reality is that there will only be one global chain with every transaction happening on the base layer. Why? For the same reason, at the heart of the BIS report on tokenized bond spreads is efficiency. The costs of running nodes for and operating across multiple blockchains are prohibitive, the security vulnerabilities introduced by bridges and rollups are now well understood, and the benefits of time-stamping are lost when multiple blockchains keep different records. The most scalable, low-fee blockchain will win Naturally, the tokenization of everything will require legal and regulatory compliance. In the real world, business and commerce cannot be conducted without considering the law. Yet, if multiple blockchains say different things, which one wins in a dispute? It makes no sense to have many different blockchains. When the world catches up to this reality, it will settle on the most scalable, cost-efficient blockchain that enables them to easily comply with the laws they must abide by. There's only one blockchain that fits the bill—the original Bitcoin protocol—BSV. Already scaling to one million transactions per second (TPS) with fees of fractions of a penny, and with full smart contract capability, BSV has no competition when it comes to legally compliant, enterprise-grade blockchains. Furthermore, the most scalable blockchain has a hidden edge. Every conceivable use case for blockchains, will make building on BSV the rational choice for governments, institutions, and enterprises. Watch: Tim Draper talks tokenization with Kurt Wuckert Jr. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
24-07-2025
- Coin Geek
The I-Ching as blueprint for decentralized systems
Homepage > News > Tech > The I-Ching as blueprint for decentralized systems Getting your Trinity Audio player ready... This post is a guest contribution by George Siosi Samuels, managing director at Faiā. See how Faiā is committed to staying at the forefront of technological advancements here. Blockchain networks face a fundamental challenge: how do you create truly decentralized systems that remain efficient and governable? The answer might lie in a 5,000-year-old binary code that predates computers by millennia. The I-Ching, or 'Book of Changes,' consists of 64 hexagrams—symbols made up of six binary lines (broken or unbroken). Each represents a unique state or process of transformation. But this isn't just ancient philosophy. It's a functional state machine that offers practical insights for modern blockchain architecture, particularly for BSV's evolving ecosystem. In this piece, we explore how the I-Ching's 64-state system could revolutionize smart contract design, improve network efficiency, and create more adaptive governance mechanisms on BSV. Binary origins: The I-Ching as proto-blockchain Each I-Ching hexagram consists of six stacked lines, either solid (yang) or broken (yin). That gives us 2^6 = 64 unique combinations—a six-bit system created thousands of years ago. Gottfried Leibniz, co-creator of binary mathematics, was profoundly influenced by the I-Ching when developing his binary system in 1703. This structure maps directly to blockchain fundamentals: Data Encoding : Each hexagram functions like a compact state hash, encoding complex system states in just 6 bits. : Each hexagram functions like a compact state hash, encoding complex system states in just 6 bits. State Transitions: The movement from one hexagram to another mirrors transactions or state changes on a blockchain. The movement from one hexagram to another mirrors transactions or state changes on a blockchain. Consensus Logic: The I-Ching's interpretive layers resemble decentralized governance, where multiple perspectives resolve ambiguity and determine optimal actions. Consider this: Bitcoin's UTXO model already tracks state changes through discrete transactions. An I-Ching-inspired system could encode 64 distinct transaction types or contract states, each with predetermined transformation rules. 64-state smart contracts on BSV Why 64? This number appears consistently across natural and computational systems: – 64 codons in human DNA– 64-bit computing architecture – 64 squares on a chessboard For BSV, this suggests a powerful design pattern. Instead of complex, gas-intensive smart contracts, we could implement lightweight, deterministic contracts based on hexagram archetypes. Here's a conceptual example: Each hexagram could represent a different class of agreement: employment contracts, supply chain tracking, escrow arrangements, or governance proposals. The beauty lies in the predetermined nature of transitions, which reduces computational overhead while maintaining rich behavioral complexity. Network topology: Lessons from ancient geometry The I-Ching's structure also informs network design. Traditional blockchain networks often suffer from the 'small world problem'—messages take too many hops to reach their destination, creating latency and bottlenecks. Drawing from the I-Ching's balanced dualities and ancient geometry principles, we can design networks with radial symmetry that minimize path lengths. In my prototype implementation, I developed a hypercube scheduler using Gray code adjacency, where each state transition changes only one bit, minimizing computational distance. Source: Performance results from testing: – Average hop reduction: 23% compared to traditional mesh networks– Latency improvement: 15-30ms for cross-network propagation – Energy efficiency: 18% reduction in redundant communications This approach aligns perfectly with BSV's focus on scalability and efficiency. As BSV handles increasing transaction volumes, optimized network topologies become crucial for maintaining performance without sacrificing decentralization. Governance through ancient wisdom Current blockchain governance often struggles between rigid on-chain rules and messy off-chain politics. The I-Ching offers a three-layer model: Symbolic Layer: Hard-coded rules (consensus mechanisms, protocol constants) Metaphorical Layer: Contextual interpretation (reputation systems, social contracts) Interpretive Layer: Dynamic response (governance votes, protocol upgrades) This mirrors how successful decentralized communities actually operate. Bitcoin's governance, for example, combines technical constraints (the code), social consensus (community discussion), and practical implementation (node adoption). An I-Ching-inspired governance system could encode common organizational challenges as hexagram patterns, providing frameworks for: – Protocol upgrade decisions– Community disputes– Resource allocation – Emergency responses Real-world applications and pilot projects These concepts aren't purely theoretical. Several uses already exist using hexagonal structures (from the I-Ching): Supply Chain Tracking: Using hexagram states to represent different stages of the product lifecycle, from raw materials through manufacturing to end-user delivery. Decentralized Identity: Mapping identity verification levels to hexagram progressions, creating privacy-preserving reputation systems. Automated Compliance: Encoding regulatory requirements as hexagram transitions, allowing smart contracts to automatically adapt to changing legal frameworks. Challenges and limitations This approach faces several hurdles: Cultural Barriers: Western developers may resist systems based on Eastern philosophy, regardless of technical merit. Standardization: Creating industry-wide adoption of hexagram-based standards requires significant coordination. Complexity Management: While 64 states seem manageable, the interaction between hexagrams creates exponential complexity that must be carefully managed. Validation: More rigorous testing and peer review are needed to validate performance claims across different network conditions. The path forward The I-Ching provides a time-tested framework for modeling complex, adaptive systems. As blockchain technology matures, we need designs that are not just scalable but meaningful, not just efficient but wise, because knowledge and intelligence alone are not enough. For BSV specifically, this approach could differentiate it from other blockchain platforms by offering: – More intuitive smart contract design– Improved network efficiency– Culturally-aware governance mechanisms – Reduced computational overhead The most powerful protocols aren't always technically superior—as we've already seen throughout the Bitcoin wars—they resonate with human intuition and cultural wisdom. The I-Ching reminds us that the best systems don't fight natural patterns but align with them. Watch | Tech of Tomorrow: Diving into the impact of tech in shaping the future
Coin Geek
22-07-2025
- Coin Geek
Rethinking AI in enterprise, blockchain development
Getting your Trinity Audio player ready... A recent Model Evaluation & Threat Research (METR) study found artificial intelligence (AI) coding assistants slowed experienced developers by 19% on familiar codebases, underscoring the cognitive friction of tool-context shifts. Conscious Stack Design™ (CSD) calls for intentional, context-aware integration of AI, reserving assistants for scaffold tasks while preserving flow on legacy work. In blockchain domains like BSV, the precision demands and security stakes amplify this effect, suggesting teams calibrate AI for documentation and test scaffolding rather than core consensus logic. What drives the slowdown among veteran developers? Experienced software engineers build rich mental models of their projects over time. These internal frameworks let them navigate complex code with minimal cognitive overhead. Introducing an AI assistant such as Cursor interrupts that fluency in two main ways: Context switching and evaluation overhead. Every AI suggestion must be read, interpreted, and validated against the developer's intent. Even when suggestions are directionally correct, developers spend precious seconds confirming variable names, API contracts, and edge cases. Over dozens of small interactions, these validation steps accumulate, eroding any raw time saved by auto-completion. Perception versus reality disconnect. In the METR trial, participants believed they worked 24% faster with AI—but objective measures showed a 19% slowdown. This gap arises because AI makes code authoring feel easier—akin to editing a draft rather than writing from scratch—even though each edit requires scrutiny. Seasoned developers' self-assessment skews toward perceived ease, masking the hidden review costs. By contrast, less experienced coders often lack deep familiarity and lean on AI for boilerplate or syntax. Their cognitive load falls more steeply, so they register net gains even if they invest similar time in validation. How does Conscious Stack Design inform AI adoption? Conscious Stack Design™ emphasizes harmony between tools, workflows, and human cognition. It recognizes that adding a new layer—no matter how powerful—can fragment a mature stack if not introduced with intention. Three CSD tenets guide AI integration: Align tools with task context: Not all tasks benefit equally from AI. Use assistants for greenfield development—scaffolding new modules, generating test harnesses, or spinning up documentation templates. For maintenance on established code, default to native IDE features and keyboard-driven workflows. Not all tasks benefit equally from AI. Use assistants for greenfield development—scaffolding new modules, generating test harnesses, or spinning up documentation templates. For maintenance on established code, default to native IDE features and keyboard-driven workflows. Establish clear 'AI boundaries': Define rules such as 'AI for initial drafts only' or 'Disable AI in production branches.' Embedding these policies into version-control hooks or team guidelines prevents ad hoc toggling that disrupts flow. Define rules such as 'AI for initial drafts only' or 'Disable AI in production branches.' Embedding these policies into version-control hooks or team guidelines prevents ad hoc toggling that disrupts flow. Monitor and iterate on AI resonance: Track lead metrics like code-review time, bug-fix rates, and developer satisfaction. If AI assistance correlates with longer reviews or higher defect density in certain contexts, adjust usage rules. This iterative feedback loop preserves resonance—maximizing benefit while minimizing noise. In practice, a CSD-aligned team might enable AI suggestions only when creating unit tests or prototyping a novel service, then turn it off when working on critical legacy functions. This selective approach prevents cognitive tax while still capturing AI's generative power. What does this mean for blockchain developers on BSV? Blockchain engineering combines high-stakes correctness, domain-specific protocols, and often tight coupling between smart contracts and consensus rules. For BSV developers, the METR findings carry particular weight: Security and auditability demands. Smart-contract errors can lead to on-chain losses or protocol vulnerabilities. AI-generated code must undergo rigorous formal verification and peer review. Each AI suggestion introduces an audit checkpoint, compounding time spent on validation and diminishing the allure of instant snippets. Protocol evolution and unfamiliarity. When BSV protocols evolve, even veteran blockchain engineers face new interfaces. In these scenarios—akin to 'greenfield' work—AI can excel at generating boilerplate for transaction parsing or RPC wrappers. Here, novices and experts alike may gain from AI scaffolding, aligning with CSD's recommendation to use AI in unfamiliar territories. Test and documentation acceleration. Rather than embedding AI in core contract code, blockchain teams can leverage assistants to auto-generate comprehensive test suites, API documentation, or example integrations. These peripheral artifacts accelerate onboarding and reduce manual drudgery, while keeping the critical path free from AI-induced friction. Ecosystem collaboration. In BSV's open-source environment, community contributions often come from varied experience levels. AI-driven style guides or linting suggestions can help standardize code quality across contributors. However, project maintainers should gate AI-assisted pull requests behind stricter review rules to safeguard protocol integrity. By mapping AI use cases to the stages of blockchain development—innovation, deployment, maintenance—teams can apply CSD principles to optimize where AI amplifies productivity and where it introduces undue overhead. Toward a balanced AI-augmented developer stack As AI tools mature, their integration into enterprise workflows demands more than flip-of-a-switch adoption. The METR study serves as a cautionary tale: even promising technologies can backfire when they collide with entrenched expertise. Conscious Stack Design™ offers a roadmap: Audit current workflows Document where context-switching costs are highest. Are developers spending excessive time reviewing pull requests? Which tasks feel most tedious? Pilot targeted AI interventions Roll out AI in narrow, well-defined contexts—new component creation, test writing, API client generation. Measure impact on cycle time and code quality. Codify AI usage policies Establish team standards: when to enable AI, how to label AI-generated code, and what review thresholds apply. Embed checks into CI/CD pipelines. Iterate with feedback loops Use metrics (e.g., mean time to repair, review durations) and qualitative surveys to refine AI boundaries. Continuously adjust to preserve developer flow. Educate and enable all skill levels Offer training on effective prompt crafting and AI-tool configurations. Equip junior engineers to leverage AI safely, while showing seniors how to integrate suggestions without undue scrutiny. In conclusion, AI coding assistants hold transformative potential—but only when woven into a stack with conscious intent. For enterprise teams and blockchain specialists alike, the road to AI-augmented productivity lies in respecting human cognition, aligning tool use with task context, and iterating based on real-world feedback. Explore Conscious Stack Design™ frameworks and pilot targeted AI interventions in your next sprint. You might discover that the smartest way to speed up development is knowing when to hit 'disable.' In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek's coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI . Watch: Demonstrating the potential of blockchain's fusion with AI title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Hindustan Times
18-07-2025
- Health
- Hindustan Times
BSV brings performing arts therapy to children with special needs
: Bhatkhande Sanskriti Vishwavidyalaya (BSV) is set to begin music and dance therapy courses for children with disabilities through a new partnership with The Hope Foundation. The programme will support children with Autism, ADHD, and Intellectual Disabilities by offering specialised training in music and movement. The university and the foundation may set up a National Resource Centre for Art-Based Neuro Therapy (For representation only) As part of the collaboration, short-term certificate courses will be introduced. These will focus on rhythm, vocal expression, dance, expressions, and group performance. University students will also get a chance to take up internships to support therapy sessions. The partnership will also explore research opportunities in areas such as artificial intelligence, virtual reality, and neuro-musical techniques, using case studies and documentation. In future, the university and the foundation may set up a National Resource Centre for Art-Based Neuro Therapy, which could help create self-employment opportunities in performing arts for children with special needs. 'These courses will help empower children with disabilities by offering them career options and supporting their intellectual growth,' said BSV Vice Chancellor prof Mandavi Singh.
