Clyde Vanel, a state assemblyman in New York, while delivering a speech at a ConsenSys Ethereal Summit said the blockchain industry need to educate the regulators. The blockchain businesses need to lobby for themselves for support for their initiatives.
Vanel said often the bad actors in crypto space get much publicity. The blockchain based industries need to advertize their achievements for a wider reach to the public. It needs to educate the lawmakers, decision makers, and others about the benefits of technology. They need to promote it as an asset class and highlight its importance to the community.
Responsibility of states
Vanel said it is the responsibility of states to frame regulations in the new technology space at a government level. The New York state has a measured approach in safeguarding the investors. It is the first state to form a taskforce for the crypto industry in January. The taskforce studies the existing regulations, definition and the use of digital currency.
Julie Samuels, ED of Tech:NYC, a non-profit organization that represents the tech companies in New York City, said blockchain technology, and cryptocurrency will no doubt impacts the financial industry and other industries worldwide in the coming years.
Washington based federal regulators listened to the statements of a panel of experts about cryptocurrencies last summer. Some statesmen opted for the positive regulations towards as an asset class whereas others voiced concerns that termed it as a tool for terrorism activities.
Spreading of blockchain
Many have been hearing about the term – blockchain technology in the recent years unless they live in the woods. Blockchain in education offers immense benefits worth noting.
In the blockchain, the data is stored on several computers in a network worldwide. It prevents tampering of data, which may be the case if the data is stored on a single computer. Standardization is a term commonly used among tech folks. Blockchain better fits for this task being a distributed mechanism.
Blockchain based technology best suits for storing and retrieving the educational credentials awarded by professional societies, educational institutions and state examination boards. It allows storing and accessing a single database from anywhere across the world. The distributed technology is transparent and prevents chances of fraud. Since it stores the data on a myriad of computers, 100% uptime is guaranteed.