July 17, 2017
Washington, DC – Young Richardson, OAN Political Correspondent
Bit coin is a crypto currency that uses something called block chain technology. And now the new Congressional Block Chain Caucus has welcomed the people involved in creating this new technology to the Capitol to help educate Members of Congress.
“I co-founded and co-chair the Block Chain Caucus here in Congress. And this is a event where we are welcoming people who are active in developing and utilizing technology for distributed ledgers from across the country…And one of the used of block chain are the crypto currencies is bit coin is one of those you might have heard of that’s famous that uses block chain or other crypto currencies as well,” says Colorado Congressman Jared Polis.
Block chain…distributed ledgers… cyypto currencies … buzz words that refer to form factors for digital asset storage, says Polis who is the co-chairman of the Block Chain caucus.
“If you think about the conventional way of storage…it’s centralized whether it’s on a computer or in the cloud, it’s in one place. If it’s behind a fire wall, we employ anti-virus programs, etc…what with the distributed ledger, a block chain would be a file maybe on thousands or millions of computers, dis-aggregated, distributed…it can be a way to validate transactions to store personal and financial information.”
Dis-aggregated…distributed…personal and financial information made possible by a promising new technology–but technology that is still little understood by Washington, says Mathew Roszak, Chairman of the Chamber of Digital Commerce.
“One of the key components of being in this ecosystem is also educating the Congress, law enforcement, other constituencies within DC about the benefits and the future of this technology. We’re in the early days, so call it the second inning of block chain and this digital asset ecosystem, and it’s gonna bring a lot of change and confusion in this town and the more you engage and educate, the better off this ecosystem will be… If you fast forward this movie, what we are going to see is the next Wall Street or Silicon Valley at risk of being built outside the US.”
Roszak says says China, Japan and India are all far ahead of the US in adopting block chain technology.