A discussion on blockchain technology’s potential real-world application was led by U.S. Representative Warren Davidson during the recent Blockland Solutions Conference held in Cleveland this week.
Prior to the blockchain event, Davidson has also previously hosted a roundtable discussion among a number of participants from the crypto industry as well as the traditional financial sector in an effort to develop a clear regulatory framework.
According to a report published December 4 on Cleveland.com, Davidson is currently working with the federal government to draft a legislation that would govern both cryptocurrencies and initial coin offerings (ICOs). While the regulation has not yet been introduced, it should be released to the public soon.
Among the biggest names that attended the educational conference in Ohio includes speakers from Consensys and IBM. Also present during the event was Lt. Governor-elect Jon Husted who stated during his lecture:
“If you would like government to be more involved in our lives, it’s a good thing for you because if government works better they have more confidence in it. If you’re one of those people that thinks you want government less in your life, that’s good too. It will be disruptive in a way, in a constructive way, that will help create efficiencies, save money. We want to be the state in the Midwest that everybody turns to.”
In addition, Husted also discussed how a person’s single online identity could improve government agencies’ efficiency by having citizens’ data readily available and accessible, a point of discussion also reiterated by ConsenSys founder Joseph Lubin.
According to Lubin, managing multiple online identities and log-in details including those from social media accounts as well as online banking platforms makes people all the more vulnerable to data breaches, a prevailing issue which Lubin believes can be resolved with blockchain technology.
As Lubin noted:
“Service providers ask for as much information as they can get. How many data breaches … do we need to experience before we change how our identity and data has been managed?”
As it stands, data management have been increasingly emerging in the blockchain industry, with platforms boosting its efforts to democratize the manner in which data is shared, in an effort to empower users by providing more control over their personal information.