CFTC official: cryptocurrencies are “technological revolution”

18 June, 2018

While the market value of various cryptocurrencies continues to fluctuate in the short term, the blockchain technologies that make up the cryptocurrency ecosystem are improving at a rapid rate—and the worldwide demand for blockchain solutions is only increasing.

Earlier this month at the Blockchain for Impact Global Summit held at the United Nations Plaza, U.S. Commodity Futures Trading Commission (CFTC) commissioner Rostin Behnam gave a speech on the current status and future of cryptocurrencies. He said cryptocurrencies are already being used in countries all over the world, and that “they will proliferate to every economy and every part of the planet. […] We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”

What blockchain can accomplish

In his speech, Behnam went on to describe the impressive industry scale that blockchain developers are working to improve and some of the projects already in development. For instance, in healthcare, blockchain technology allows patient records to be grouped and quickly analyzed for more efficient medical practice. For people living in poverty, the technology could reduce the need for a computer or bank account, since a mobile device could be sufficient. And in agriculture, blockchain solutions could simultaneously provide more information about specific food products while getting them to the shelves even more quickly, with greater distribution.

Behnam also reflected on some of the negative possibilities of an unregulated cryptocurrency market. Without proper oversight, he worries that the technology might contribute to increased corruption at a variety of levels, including within the financial industry as a whole. But he believes that these risks can be mitigated by paying close attention to how the technology is being used.

Due diligence with advancing technology

Experts like Behnam agree that staying vigilant about the cryptocurrency revolution is fundamental to making sure the technology is adapted to the purposes it can best serve. In general, cryptocurrencies have evolved leagues beyond old negative associations—like with the Silk Road, for instance—and have already proven to be a widely applicable tool.

As other summits and international dialogues continue to demystify blockchain use and advancement timelines, staying up to date with the technology is imperative for the healthy future of cryptocurrencies.

 

 

Image via Pexels.



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