Innovation has always been the vital element of economic growth in the United States. Currently, a main force that stimulates American innovation is blockchain technology. Originally developed to support cryptocurrencies, blockchain has become a fundamental tool for companies of all sizes in many industries. As the owner of a small business in the CAP region, I used the blockchain in many ways to strengthen the operations of my businesses.
The heart of blockchain’s appeal is its ability to create confidence, which is important in the complex digital world in which we live now. As a large decentralized book, the blockchain replaces the intermediaries, allowing peers transactions which are secure, transparent and almost instant. These features will particularly benefit to the finance and health care sectors where confidence and security are essential. In finance, decentralized financing platforms revolutionize the way people borrow, lend and exchange assets. In health care, blockchain can be used to safely share medical files between providers, ensuring that sensitive information is both accessible and protected against falsification.
In the field of small businesses, the transparency of blockchain can go far by encouraging responsibility, which is crucial in industries where traceability is vital. The large unchanging book provided by the blockchain allows companies to follow the goods in real time at all stages of the supply chain. This level of transparency ensures that the products are authentic, of ethical origin and in accordance with regulatory standards. As an interior designer, increased transparency will help guarantee my customers that they receive the brands and the supply they wish.
American companies are at the forefront of the research and development of blockchain, Silicon Valley and Wall Street in investing in blockchain technology. Although this investment helps to continue our innovative tradition, we must promote an environment that encourages blockchain. In practice, this means the implementation of a regulatory framework that protects consumers and prevents fraud while allowing experimentation and growth. Clear regulations concerning cryptocurrencies, blockchain-based companies and data confidentiality will help ensure that the United States remains an attractive destination for blockchain entrepreneurs and investors.
The latest congress has made huge progress by introducing HR 4763, Fit21 which represents this blockchain membership. This bill, which has reached the aisle to pass the house, brings clarity to the blockchain by legally defining what a decentralized network is. Thanks to this feeling of clarity, digital assets will have a ramp to pass safety investments in basic products and will be integrated by delimiting the roles of supervision of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill calls for inter -findings cooperation to create equitable rules for industry while protecting consumers on this flower market. The reintroduction and adoption of this legislation for the 119th congress will help to encourage investments in American digital asset companies and could give the United States a competitive advantage in digital innovation in the future.
Unfortunately, everything was not gently for the blockchain in Washington. Last Congress, S. 2669, Digital Asset Anti-Money Lunderring Act of 2023, was introduced. It was a direct attack on users of everyday cryptography. The bill would force those who maintain public blockchain networks to register as a financial institution, similar to a bank. They would be required to record the personal information of each user on the network and to create an internal mechanism which would be able to freeze any transaction if it is suspected of being linked to criminal activity. This bill is diametrically opposed to American values and would undermine the key components of what makes blockchain a unique innovation.
In simple terms, blockchain is a catalyst for American innovation. By promoting transparency and decentralization, blockchain unleashes a wave of economic activity that could transform the digital economy of the United States. As long as we continue to maintain this technology with thoughtful regulations and investment in education and infrastructure, the future of blockchain innovation in America seems incredibly brilliant.
