Web3 Has the Potential to Change How Financial Information is Handled: FM Nirmala Sitharaman

The Indian Finance minister Nirmala Sitharaman said that web3 technologies would transform how we handle and process financial information. 

“When we have to look at technology and adaptation of technology, web3 is taking over our lives. I think the manner in which financial information is gathered, processed, and also reported is going to see a big difference.” She said while addressing the 21st World Congress of Accountants. 

The International Federation of Accountants and the Institute of Chartered Accountants of India jointly organized the World Congress of Accountants. The conference is held after every four years, and it was India’s first time hosting the conference. 

She also said, “Machine Learning is going to assist us and improve the accounting process itself, and therefore meaningful generation of information to aid decision making is going to be much more machine driven.” 

Sitharaman added, “At this time when the Congress meets, I think the discussion on these points would help us find an unprecedented opportunity for data analytics to provide us the solutions for some of the issues that dominate transparency and accountability as well.”

Sitharaman also suggested in the AGM of the Indian Banks Association that banks should use AI and web3 for fraud detection and resolution. “Use of web3, data analysis, artificial intelligence, deep dive into data – all of these should have some coordination by the IBA. Leveraging AI should be an immediate priority for the banks, especially in fraud detection and generating early warning signs about something going wrong,” said Sitharaman.