It’s Time to Make Blockchain Technology a Priority

Chamber Introduces National Action Plan for Blockchain

By Perianne Boring, Founder & President, and Amy Davine Kim, Chief Policy Officer

Feb. 20, 2019

Today we’re proud to release our National Action Plan for Blockchain. Ever since we launched the Chamber of Digital Commerce almost five years ago, our team has been working toward a coordinated effort to ensure blockchain technology is supported in the United States. This plan is part of that ongoing advocacy work and our steadfast efforts to promote the acceptance and use of digital assets and blockchain-based technologies.

Government agencies within the United States are exploring blockchain technology in multiple ways. Yet more needs to be done. It is imperative that support be coordinated for this technology which has transformational potential akin to artificial intelligence, quantum computing, and 5G wireless networks. US laws dating back decades are proving difficult to apply to activities involving digital assets, smart contracts, and transfer systems, to name a few. We need policy makers to support and promote that vision – to help the U.S. economy and blockchain technology flourish for the benefit of industry, government, and consumers.

The Key Takeaways from the National Action Plan:

- - Calls on the U.S. Government to publicly support the development of blockchain technology in the United States; and
  - Provides a set of guiding principles for government as it considers how best to support blockchain technology.

This initiative has broad industry support:

Nasdaq Inc. – Tal Cohen, Senior Vice President and Head of North America Equities:
“Nasdaq believes there is great potential across the financial services industry to leverage blockchain technology. Ideal for tracking and tracing, blockchain technology improves the audit function and regulatory reporting both from both a quality and efficiency standpoint. These benefits can be realized if we coordinate and have a strategy. We support the Chamber’s National Action Plan for Blockchain.”

Cisco – Anoop Nannra, Head of Blockchain:
“Advancement of Distributed Ledger Technologies represents an opportunity to drive efficiencies and automation of accountability in mission critical networks and ecosystems. Programs backed by a National Action Plan will help ensure leadership in this space on a global scale as others around the world look to accelerate their own local ecosystems.”

IBM Fellow – Jerry Cuomo, VP Blockchain:
“At IBM we believe that at its core blockchain is about strengthening trust in data. We’ve applied the technology far beyond digital currencies, for example using it to help improve food safety, speed cross-border payments, modernize global shipping, and secure digital identity. And while the technology will continue to be studied and enhanced for years to come, now is the right time to encourage thoughtful adoption through public and private partnership. The National Action Plan for Blockchain offers important and much needed recommendations for ways the U.S. government can foster understanding and expand access to one of the most groundbreaking technologies of this era in business and computing.”

IHS Markit – Jeffrey Maron, Managing Director
“Blockchain revenues are projected to reach $462 billion globally by 2030 and 10 percent of global GDP is expected to be stored on blockchains by 2025. This technology can be utilized across multiple industries. Governments must recognize the importance of this technology and provide the necessary regulatory clarity for the private sector to innovate and compete at a global scale.”

Deloitte – Wendy J Henry, Managing Director, GPS Blockchain Lead:
“The Chamber’s call for the US government to develop and launch a framework defining and advocating a blockchain national strategy is an important step forward. As the internet opened the door to information globalization, blockchain creates new transnational business models that US companies and citizens will have to participate in to remain viable, let alone competitive. The US government has an important opportunity to provide the guidance and support that will help protect our interests and support the business models needed for blockchain success. The US has always been a global leader. This technology is a game changer. If the US government wants to continue to be a global technology leader, then devising a national blockchain strategy is a critical priority”

Medici Ventures – Jonathan Johnson, President:
“As blockchain technology matures and blockchain-based products go into production, these products are transforming business processes by making it easier for people to transact with each other without intermediary institutions. Blockchain technology and products are expected to add trillions of dollars to the global economy and create millions of new jobs. The Chamber’s National Action Plan for Blockchain is an important step forward to advance our technologic and economic leadership globally.”

Bittrex – Bill Shihara, CEO:
“Bittrex supports building a secure, fully-compliant environment for blockchain that encourages innovation, economic growth, and U.S. leadership in the industry. That’s why we’re continuing to engage regulators in proactive discussions, and working with the Chamber, on how this may be accomplished in the near future with thoughtful policymaking.”

Civic – Vinny Lingham, CEO and Co-founder:
“Blockchain is the key to solving challenges that we face every day, like proving and verifying identity. The Chamber’s National Action Plan for Blockchain is critical to embracing the potential of emerging technologies and help business explore the solutions that blockchain makes possible. It is important for our nation to embrace emerging technologies and explore the opportunities that blockchain makes possible. As a global leader in digital identity, we believe that blockchain technology can improve access to good and services through digital identity, and we’re happy to support the Chamber’s effort to make blockchain technology a national priority.”

Bloq – Matthew Roszak, Chairman and Co-Founder:
“Blockchain-based systems and cryptocurrencies are redefining concepts of ownership, transparency, and financial inclusion. To participate more fully in this rapidly developing global ecosystem, the United States government requires a strong action plan for this foundational, generational shift in technology, finance, and the intersection between the two. It is time that the United States government made a strong statement in support of financial technology innovation and inclusion by reviewing and seriously considering the Chamber’s National Action Plan and the guiding principles it recommends.”

As we have written before, the potential of blockchain technology will not be realized if we do not act decisively to maintain our competitive advantage in this evolving technology. To maintain our technological and economic world leadership, we believe the United States must develop a coordinated blockchain strategy or risk falling behind to countries whose governments are embracing the technology and exploring its benefits for private and public use.