“It is important to remember that if there were no bitcoin, there would be no distributed ledger technology (DLT),” Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, told Arkansas State Senator Tom Cotton when asked about the value of the technology behind cryptocurrency, particularly bitcoin.
In his comments, Giancarlo noted that cryptocurrency and technology are invariably linked, and that the technology has “tremendous promise” for a variety of applications. The comments came during a two-hour meeting of the US Senate Banking Committee in front of a packed audience, and covered topics such as potential new regulations, ICOs and volatility in the cryptocurrency market. In addition, Giancarlo said the technology's potential applications in areas such as financial market infrastructure and endowment management are promising.
In his written comments, Giancarlo reiterated the potential use cases for blockchain that he has previously discussed.
In his keynote speech, Mr. Giancarlo wrote that the technology has "the potential to improve cost efficiency, reduce centralized system risks, protect against fraudulent activity, and improve data quality and management."
“When technology is tied to virtual currency, it is intended to be a means of storing assets, facilitating secure payments, facilitating the transfer of assets, and enabling new programs.”
SEC Chairman Jay Clayton, responding to Cotton's question, said that verification and accounting programs, namely the use of distributed accounting technology, are the most important uses of it.
Subscribe to our news at Telegram
According to https://www.coindesk.com
You May Also Like
Bitcoin will not be able to overtake competitors in the market of anonymous networks
Ricardo Spagni, a member of the core team and developer of Monero, explained what consequences the Monero network would face if the Bitcoin developers decided to introduce anonymity into the Bitcoin protocol.
The restless McAfee is on the warpath again
John McAfee calls on the crypto community to boycott financial institutions that have any connections with the Reserve Bank of India. Back in April, the RBI banned all financial institutions it regulates from dealing in cryptocurrency transactions. This prevented investors from buying digital currencies in exchange for the rupee. The RBI ban came into effect from July 5.
