While speaking at Stanford University on Wednesday, Union Finance Minister Nirmala Sitharaman praised blockchain technology and stated that the government is aiming to facilitate the sector's growth.

The Finance Minister agreed that blockchain technology has potential in many fields other than payments. She went on to say that the government does not seek to harm this industry, but rather to define its role in the system. "Blockchain technology is full of possibilities, not just in the payment area but in many others," Sitharaman said. Our goal is not to harm them, but to figure out how we need them and how their development should be aided."

Stanford University and Stanford Medicine hosted a Fire Side Chat, where Sitharaman was one of the speakers. Taranjit Singh Sandhu, India's ambassador to the United States, and Ananth Nagesvaran, Chief Economic Advisor, accompanied the minister. Students from the prestigious university were in attendance.

Blockchain is a decentralised, immutable ledger that may be used to record transactions and monitor assets. Cryptography protects blockchain technology. To put it another way, it's a digital record that can't be tampered with in theory. The most well-known application of blockchain technology is as a ledger for bitcoin transactions, but it also has applications in supply chain management, real estate records, digital identity, and other areas.

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