Blockchain and cryptocurrency
Blockchain, and its natural complement – cryptocurrencies, are not without fault, but have very interesting theoretical applications everyone should be aware of. The most important of which will be blockchains adoption into everything and how cryptocurrencies will affect the existing monetary and financial system. In the prior section blockchain is utilized to improve the security of electrical power grids by decreasing the threat of cyber-attacks. Blockchain can also be used to verify any form of transaction, the compliance of regulations, assisting in the auditing of corporations, securing voting results, verification of government transfer payments, and much more. Essentially, blockchain can be used to secure anything, and verify it so it is legitimate. This make its adaptation extremely agile, with the capability of being implemented in many different areas of life. Even in places most wouldn’t think of.
The legislation of blockchain and cryptocurrency technology face a major dilemma. Nobody knows what it really is yet. Nobody in congress or the regulatory commissions have the understanding required for the proper regulation of the space. The questions asked during blockchain technology hearing in congress are proof of this, as the questions legislators asks are rudimentary, showcasing how they don’t know what blockchain is. In my opinion, the best course of legislative action is to let the free market decide the fate of this new technology. Allowing for individual states to produce their own differing regulations, and seeing which ones work out best. The federal government should focus on exploring what these new technologies are, and set up exploratory commissions to better understand what they are working with.
One of the important aspects of blockchain is how it can be applied to different situations in the world. Some of these will be undeniably good. For example, the entire financial system can be moved onto a blockchain ledger system. This would get rid of the millions of digital filing cabinets, where more devious and corrupt transactions magically seem to disappear. Doing this would be better for everybody. At the same time, blockchain technology may be used in a more unfortunate manner. For example. military drones can utilize blockchain technology to reduce the complexity of communicating to one another. This could allow for mass drone warfare on a scale ostensibly unimaginable today.
