Blockchain is the innovative (digital or e-) database technology that can be used for authenticity, transparency, immutability, and uniformity. It’s information, once accepted, is forever fixed; cheating’s impossible!
Blockchain‘s early Use Cases, beyond Crypto-currencies, are just the beginning. Each use case needs regulatory frameworks that insure the integrity of outcomes when applied to: a) Public Register/Records, b) Crowdfunding, c) Payment records, d) Gambling, e) Insurance, f) Identity Proof, g) e-Voting, h) Trade Financing, i) Exchanges, j) Supply Chain Custody, k) Energy … any place where a record or a thread of records needs to be absolutely secure.
Upon the Blockchain foundation, there’s been built so-called “Smart Contracts” that can conditionally release funds or trigger authorizations and beyond! These magical outcomes need some governance and standards, even though they themselves are an extraordinarily secure governance tool. Legislatures and regulatory agencies, both state and national, will be instituting the use cases, enumerated above, with impacts on vendors and users to ensure that the operation and procedures used preserve the integrity that rigorous and transparent application of the technology affords.
Rulon White has shepherded such tradeoffs between government and clients’ interests for over a decade with groundbreaking success.
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