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Finance Ministry’s FinTech report lays out Blockchain uses; no concrete recommendations

The Finance Ministry's FinTech report, under the Department of Economic Affairs, did not provide any concrete recommendations for blockchain in India, though it laid out applications of blockchain in fintech, and in MSMEs and government. It recommended formation of an inter-ministerial group under MeitY to explore the use of blockchain, among other technology. Current usage of Blockchain As per the report, some major fintech applications where blockchain is generally being deployed as follows: 1. Cross-border payments: The report suggested that blockchain-based solutions related to issues with cross-border payments could encompass the following features: Exclusion of intermediaries and direct transaction between parties Intra-day liquidity need not be ensured with central banks as all stakeholders will hold a copy of balances and transactions of every participant. Encryption will nearly eliminate the possibility of modification of data and will maintain an immutable audit…

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