Note from the CEO: FintekNews is ever amazed at how the government legislators catch on to things AFTER the fact. Seems Congress thinks blockchain technology is our financial future. Duh! You just can’t keep secrets from those super sharp rule makers, can you?
Congressional Blockchain Caucus. This super sexy title was created by a couple of lawmakers (and is bipartisan) to raise awareness by legislators of blockchain technology and the innovative ways that it can be used. They will be brought up to speed on things like distributed ledgers and the fact that investment money is flowing into the space at a rapid pace. Surely becoming aware of this game changing technology will speed them into action to keep America in the lead…….or at least catch up…..of new technology.
It may not have the sexiest of titles, but the new Congressional Blockchain Caucus could not have come at a better time.
Created by two lawmakers this fall, the bipartisan caucus is designed to raise legislators’ awareness of blockchain technology, an innovative software protocol that logs transactions in an online ledger distributed across multiple computer networks, allowing parties to validate the transfer of assets.
It’s a fast-growing business: financial firms are investing $1 billion in blockchain technology this year, and blockchain startups have received hundreds of millions in venture capital funding since 2013.
Blockchain technology originated as code for generating, distributing, and tracking the bitcoin cryptocurrency. That original purpose, however has since expanded, and the technology can now create all types of shared ledgers to authenticate asset transfers across international borders within minutes, rather than the days needed to work through conventional banking infrastructure.
The world’s largest central banks are carefully considering the technology’s advantages — not necessarily to transact in bitcoin, but to develop new blockchain systems for financial transactions.
The U.S. Federal Reserve, the People’s Bank of China, the Bank of England and Central Bank of Russia have in recent months all signaled their interest in the technology.