Binance Head of Regional Markets Vishal Sacheendran said regulating blockchain technology in industries beyond finance can "revolutionize" those industries. Sacheendran shared his statement in an Aug. 13 commentary on Binance's website.
"While the regulatory focus on virtual assets is understandable, it is crucial to pay attention to the fact that blockchain technology will revolutionize various industries beyond finance, which warrants careful evaluation across the board," said Sacheendran, according to Binance. "Holding the promise to transform various critical sectors of society, from supply chain management and healthcare to real estate and energy, blockchain-based applications will continue to require regulatory attention, posing both general and unique sector-specific challenges to policymakers."
According to Sacheendran, virtual assets have garnered significant attention due to their status as a new asset class. However, he said that blockchain's use cases extend beyond the financial realm into many different industries. He mentioned that some companies are already making strides in using blockchain technology to enhance their supply chain management. For instance, Walmart has launched a blockchain initiative that tracks food products "from farm to shelf," which reduces the time needed to trace foodborne illnesses.
Blockchain is a technology that records transactions across a peer-to-peer network, according to PricewaterhouseCoopers (PWC). Cryptocurrencies such as bitcoin are stored electronically on blockchains ledgers, but blockchain use cases extend beyond crypto. Other potential applications include voting, through which constituents could use a code to cast their ballot, resulting in immediately verifiable results, and in healthcare, where providers could share encrypted information without fear of privacy breaches.
The U.S. Department of Homeland Security's (DHS) website states that blockchain technology has "many uses and applications across multiple sectors of the economy." DHS says using blockchains could potentially increase the transparency surrounding public service operations and add visibility to supply chains. Additionally, DHS says blockchains could be used to address forgery and counterfeiting of documents and to verify the authenticity of photos or videos.
Sacheendran has served as the Head of Regional Markets for Binance since February 2022, overseeing government relations, regulatory licensing initiatives, and expansion operations, according to Binance. He previously worked as Capital Markets Authorization Senior Manager at Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and spent six years with the Bank of New York Mellon on the Global Client Management team.