As countries around the world invest heavily in technology and make statements such as Chinese President Xi Jinping announcing blockchain as “ revolutionary technology ” that is “ ten times more important than the Internet, ” states United have been relatively silent on their blockchain technology policy. With Facebook’s Libra project that has resulted in hearings and reviews of the cryptocurrency, it has emerged that the United States could ignore blockchain technology as a space for government to encourage investment. And as the 116th Congress headed for the second and final year of the mandate, it appeared that The idea of any discussion of how blockchain technology can have applications other than cryptocurrency was of ancient history.
Until Wednesday, when Congressman Nydia Velázquez (D-NY) held a hearing as chair of the Chamber’s small business committee on blockchain technology titled “Building Blocks of Change: How Blockchain Technology Benefits Small Business “. While others in Congress have advanced arguments to examine blockchain technology, it is significant that Velázquez, as a member of the House’s Democratic leadership, chose to hold the hearing. Regarding his potential ability to influence his colleagues up to the Speaker on the role that blockchain technology could play in the United States, Forbes decided to ask the Speaker for information about her decision to focus on the blockchain.
US Speaker of the House Nancy Pelosi (R) and U.S. MP Nydia Velazquez speak while they attend a … [+]
Forbes: What drew the attention of the United States Small Business Committee to blockchain technology?
President Velázquez: The technological landscape is changing at a rapid pace, and federal policy must follow. Small businesses across the country are using blockchain technology to open new markets, improve cybersecurity and streamline their operations. Congress needs to understand how small businesses use this technology in order to develop legislation that meets their needs.
Forbes: For our readers, what is the overall objective of the American Small Business Committee?
President Velázquez: The House Small Business Committee was created in 1941 and is the only committee dedicated solely to the needs of small businesses. We work to understand the problems that small businesses face in the real world and to create an environment where small businesses can thrive. We oversee the Small Business Administration and strive to ensure that small businesses can do things like access to capital, rebuild their businesses after a natural disaster, and navigate the federal contracting process.
Forbes: Most people have seen Congress spend some time on Facebook – a big company – and their idea of blockchain and cryptocurrency and launching their idea in Switzerland. How about small start-ups who fear both the size of Facebook as a business they feel they can’t compete with blockchain against and a regulatory environment too difficult to navigate without huge compliance and legal fees that the world’s Facebook could compete
President Velázquez: Our committee is determined to work to achieve a level playing field between small businesses and large technologies. The Internet is so ingrained in American commerce that we cannot afford to make small businesses beholden to large businesses. One of the reasons why blockchain is so exciting is because of its potential as a decentralization technology. Blockchain can reduce costs for business operations, data storage and cybersecurity, allowing entrepreneurs to rely less on large companies and take more control of their business. The future of the Internet must be open and democratic, not dominated by a handful of entities, and blockchain can play a role in achieving this.
Audience comments
The professional associations represented at the hearing included the Digital Chamber of Commerce and the Blockchain Association, who provided comments on the importance of the audience for blockchain technology.
Perianne Boring, President of the Digital Chamber of Commerce, an organization that has campaigned for blockchain technology for the past five years, said: “ President Velázquez has highlighted an important point that the federal government should encourage private sector efforts to innovate with blockchain technology. “Ms. Boring noted that this hearing represented a change in the narrative on Capitol Hill to a more positive and favorable tone towards this industry. “What makes America a superpower is our private sector.”
Kristin Smith of the Blockchain Association, a trade organization that has been operating in Washington for a year and a half, noted that “blockchain is often discussed in terms of what big branded companies do with technology. However, this concentration masks the benefits that blockchain can bring to small local businesses. In the same way that the Internet has provided an audience building path for many small businesses, we believe blockchain could have the same effect, by providing services and tools that these businesses can take advantage of. We are pleased that this committee is working to explore the functioning of blockchain technology at ground level. ”
Ms. Dawn Dickson, CEO of PopCom of Columbus, OH, was one of four witnesses who testified at the hearing and is a member of the National Policy Network of Women of Color in Blockchain. Cleve Mesidor, who runs the network, said, “Dawn is a successful entrepreneur and has been an important voice for millions of small businesses across the country who are looking for new technologies like blockchain to optimize their businesses in the economy of innovation. I encourage the Committee to continue to be inclusive when engaging stakeholders and convening future hearings. ”
For more information on the Small Business Committee and the audience, see:
Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses | Small Business Committee
House
Note: Jason Brett is a former employee of the Digital Chamber of Commerce and Cleve Mesidor sits on the advisory board of the Value Technology Foundation, of which Jason is the founder and CEO.
