Can govt's plan to use blockchain choke Nirav Modi-style bank frauds?

Finance Minister Arun Jaitley stated in his price range speech that government does no longer keep in mind crypto assets as felony. however in the identical breath, he additionally spoke approximately the possibility of the usage of blockchain proactively to usher in the digital financial system.

at the same time as Jaitley hadn't dwelt on the approaches the generation can be used and the regions in which the government plans to introduce it, experts say blockchain, at the beginning shaped for Bitcoin, may be used to maintain land facts, and has packages in several other areas. those consist of agriculture, monetary exchanges, infrastructure and training, amongst others. some quarters also accept as true with that its usefulness within the banking area should extend to the issue of Letters of credit, Letters of venture and other documents of guarantee. The query doing the rounds in this trouble is: may want to the Nirav Modi fraud could have been averted had LoUs issued on blockchain?