Aurangabad, Feb 22:
Expert bankers, industrialists, businessmen and information technology were invited in Mumbai on Monday to hold discussions with the union Finance Minister Nirmala Sitharaman in Mumbai to make provision for some of the remaining components in the budget and implement it positively. Among them were entrepreneurs Gaurav Somvanshi and Vikas Taklikar, from Aurangabad. The duo dispelled Sitharaman’s misconceptions about the blockchain. The finance minister heard the suggestions put forward by every participant.
Somwanshi and Taklikar, both residents of Aurangabad, have started a startup in Nashik. With the help of blockchain technology, they help a group of 14,000 farm exporters to get fair price for their products without any intermediary, to ensure the quality of their produce and transport it to the market. Both of them pointed out to the minister and secretaries that there is a misconception that cryptocurrency is a blockchain.
Blockchain is a distributed ledger technology that uses HQR coding, which makes it completely transparent for value registration and tracking. Therefore, blockchain should be seen as a technology and an application. The power of this technology should be fully utilized.
In her reply, Sitharaman told Somvanshi and Taklikar that we are not against any technology. However, it should be ensured that it is used appropriately and in the best interest. The government intends to formulate a policy to prevent the misuse of cryptocurrency. Some other entrepreneurs also learned about the technology.