Sitharaman commends blockchain tech, promises to facilitate growth of sector

Union Finance Minister Nirmala Sitharaman commended blockchain technology while speaking at Stanford University on Wednesday and also said that the government is working towards facilitating the sector’s growth. 

The Minister acknowledged that blockchain technology has potential beyond the payments arena in several other sectors. She further added that the government does not intend to hurt this sector but to define their need in the system 

Sitharaman said, “Blockchain technology is full of potential, not just in payment arena but also in many others. Our intention is in no way to hurt these, but to define how we need them & in what ways their growth should be facilitated.” 

Sitharaman was speaking at a Fire Side Chat organised by the Stanford University and Stanford Medicine. The minister was accompanied by Taranjit Singh Sandhu, Indian ambassador to the US and Ananth Nagesvaran, Chief Econimc Advisor. The session was attended by students of the reputed university. 

The most prominent use case of blockchain tech is as a ledger for cryptocurrency transactions but it also uses supply chain management, real estate records, digital identity, etc.