On Wednesday February 14, the United States’ House of Representatives will have a sitting on the love story of blockchain; the basic platform for the operation of infamous bitcoin and its altcoins. This meeting by two of the House’s sub-committees is to discuss on most of the potential applications that can be created in the government with the use of blockchain technology.
The discussion by Congress which is dubbed “Beyond Bitcoin: Emerging Applications For Blockchain Technology” is scheduled for 10 a.m. EST today. The discussion will cover more on the broad nature of the technology that has been making the headlines recently – an initial move meant to start any project that will focus on the possibilities of the technology.
Congress Listens To The “Experts”
According to Brandon VerVelde, the committee’s spokesperson, today’s discussion will have people presenting on how the technology functions or its basics and how it can be used or integrated into various fields or human lives. The people or panellists to be speaking today will be people from government agencies as well as the private sector who have in depth knowledge, skill and experience in the technology and its field of studies.
The Committee on Science, Space and Technology, which will be overseeing today’s hearing have informed that this discussion is just a quest to explore the very nature and construct of the tech that powers bitcoin and other cryptocurrencies but in itself greater than them all. Thus said, the committee stated that this is not the beginning of any process to regulate or pass any forms of legislations on the technology.
Moreover, the committee isn’t very informed as to which governmental bodies where going to adopt the new tech. VerVelde stated that
“any potential future committee action on the subject will be informed by the hearing…We imagine that there will be many new applications for blockchain technology as businesses experiment and perfect new uses, many of which could also be used by the federal government, from protecting Americans’ sensitive information on government systems to supply chain risk management, “
Most Of Congress Is Not Averse To The New Tech
It is still uncertain as to the nature of questions that are going to be asked in Congress today, however most members of Congress expressed their feelings and shared their thoughts on various areas they believed blockchain could be implemented.
Congressman, Roger Marshall (R-KS) stated that the tech could be implemented in the area of internet security, pointing out particularly its use in ensuring data privacy in the healthcare sector for instance.
Congressman Clay Higgins (R-LA) also pointed to the possibility of block Hain being used for digital information sharing when he stated in an interview that
“it’s important that we continuously search for the most innovative processes to secure digital transactions and ensure data integrity. The hearing will look into those potential applications”
It appears that Randy Hultgren (R-IL) also shares the same view with his fellow Congressmen when he also states
“Blockchain has a number of applications that can increase security, better serve consumers and bring efficiency to government processes.”
Industry Analysts Share Their Views And Experiences
Walmart’s Food and Safety vice president, Frank Yiannas will also be sharing with the House the company’s experiences in trying to use blockchain to track its food items.
IBM’s blockchain vice president, Jerry Cuomo will also be sharing the tech giant’s experiences in the use of blockchain as it has its own blockchain platform presently.
What are some of the possible conclusions could come to today from this meeting Share your views and opinions and let us know what more of what you think. Join the conversation and share with the Coinstaker community via Telegram.
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