Mumbai: Anand Swaminathan , the head of McKinsey Digital in Asia, told ET that it would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can't have one without the other”. The Indian government’s reported plan to ban all cryptocurrencies has drawn sharp reactions from members of the crypto community, who say banning cryptocurrencies while simultaneously encouraging the use of blockchain technology, on which these virtual currencies are built, would be like permitting the use of electric vehicles but not funding them. But Swaminathan said, “ Cryptocurrency is a use case for blockchain technology. While cryptocurrency cannot exist without blockchain, the reverse does not apply.” Other uses for blockchain technology include improving companies’ resiliency, efficiency and security, and helping them track the development of products in their supply chains, he added. Swaminathan said blockchain technology can help Asian ... » Learn More about Blockchain doesn’t need cryptocurrency: McKinsey Digital’s Asia head
