Tech 10 months ago

Erik Gibbs

US House of Representatives takes on cryptocurrency debates

One of the items on the menu at a U.S. House of Representatives hearing on Thursday is the potential applications for blockchain at a federal level, and two subcommittees will be on hand to discuss the issue. This hearing is just an early baby step for the U.S. government to determine if blockchains could be beneficial to its operations.

The hearing, “Beyond Bitcoin: Emerging Applications for Blockchain Technology,” will more than likely include a broad overview of blockchain. This is a key element to any future government action that might utilize the technology. Members of the subcommittee, which is composed of individuals from both government agencies and the private sector, will discuss blockchain basics before venturing into how it can be used.

Delegates of the Committee on Science, Space and Technology will oversee the hearing. They point out that this hearing is nothing more than an exploratory event, and that it’s highly unlikely to see any regulatory action come directly from it. It could, however, lead to an extension of blockchain exploration if everything goes well.

Several members of Congress have already indicated that they’re keeping an open mind to cryptocurrency technology. Republican Rep. Clay Higgins from Louisiana stated that the technology behind cryptocurrencies could be used for information sharing.  “…it’s important that we continuously search for the most innovative processes to secure digital transaction and ensure data integrity,” he indicated before adding that this hearing is designed to look into all potential applications.

Higgins holds the same opinion as Republican Rep. Roger Marshall from Kansas and Republican Rep. Randy Hultgren from Illinois. Both have pointed to the enhanced security and data privacy characteristics of blockchain technology. The both feel that the applications would serve consumers better, and bring efficiency to many government practices.

Two expert members of the subcommittees are Walmart vice president of food safety Frank Yiannas and IBM’s president of blockchain, Jerry Cuomo. Yiannas is prepared to elaborate on Walmart’s exploration of blockchain technology to track food items, while Cuomo will discuss how IBM has evolved during the development of its own blockchain platforms.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

Developer shows how double spending can occur on Bitcoin SV misses mark

Tech 3 hours ago

Developer shows how double spending can occur on Bitcoin SV misses mark

One of the reasons cryptocurrency hasn’t taken off as an alternative to fiat as quickly as many enthusiasts would like is because there is generally a wait time associated with the transactions. This delay is ...

Read More
Craig Wright explains safety of zero-confirmation transactions

Tech 9 hours ago

Craig Wright explains safety of zero-confirmation transactions

Merchants can accept payments with confidence when engaging in instant transactions, as Bitcoin SV is suited for real-world trade. nChain chief scientist Dr. Craig Wright explained in a blog post that double spend attacks, where ...

Read More
Binance launches sub-accounts to service institutional investors

Tech 11 hours ago

Binance launches sub-accounts to service institutional investors

Binance has announced the launch of a sub-account feature that brings improved managerial control and asset audit tools for institutional account holders. The new feature will allow these account holders to create up to 200 ...

Read More