US CFTC: Blockchain Is Here To Stay

Jun 11, 2018 at 22:19

The blockchain technology is a revolution that is just starting and will be ingrained in economic practices of countries globally.

This was what US Commodity Futures Trading Commission (CFTC) Commissioner Rostin Behnam said during the recent BFI Summit “Fostering Open, Transparent, Competitive, And Financially Sound Markets.”

Behnam said blockchain is reshaping the world’s economic, social, and political relations, calling it a “technological revolution” as it formed a new virtual world that offers both possibilities and potential dangers.

“The debate on virtual assets is just beginning. None of us know where it will end. But it has forced us to rethink. We have learned that virtual assets respect no borders,” he said.

Focusing on the positive side, Behnam said the technology can be applied in every aspect of life.

“We could use Blockchain to address the most basic, the most primal problems on our planet: corruption, income distribution, poverty, food, and health care. And, the fear billions of people experience everyday as they try to survive,” he said.

Blockchain technology provides a solution to corruption and income distribution by giving money directly to those who need it.

Through the technology, the unbanked can now resort to the digital world by accessing it through their mobile phones.

“Virtual currencies could transform the economic and social landscape. It could mean a massive, and equitable, shift of wealth. Technology could be transformational, without a military take-over, civil war, or political or religious creed,” Behnam said.

Agriculture is another sector than can take advantage of the blockchain—by improving the value chain from farms to grocery stores which could be the answer to global hunger and food safety.

“Through blockchain technology, finding solutions to these challenges may become significantly more attainable. Food could arrive on grocery shelves faster, using an intricate system of measures meant to trace location from the farm to the table, with the additional bonus of providing abundantly more information about the product source,” the Behnam said.

The official said the technology also has implications for health care, especially in record keeping and privacy

“Blockchain could become an important way to improve health status and to reduce costs,” he said.

“Blockchain could allow patients to create smart records that gather and harmonize information, leading to better continuity of care and even new models of care. Blockchain could also address medical fraud and waste. And, as a result, help contain the rising cost of health care,” he added.

These are among the reasons why blockchain and cryptocurrencies will not go away and become part of the economic practices of any country, anywhere.

“We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle,” Behnam said.