Around this time last year, the cryptocurrency market was shocking the world. Today, it is a disappointment. In the interim, several new projects have emerged. Some are the type of conventional Initial Coin Offerings (ICO) that were popularized at the beginning of 2018. Others are fresh new ideas, like EOS, that aim to change the way the world surfs the Internet.
There is more to the blockchain industry than public projects. Several large corporations are aggressively developing their own private blockchains to improve the internal efficiency of their organizations. This does not directly impact the cryptocurrency market because money is not needed to move data within a single-entity blockchain.
The United States Blockchain & Cryptocurrency Association is a group of leading companies and professionals who advocate for the acceptance of blockchain-based technology. They also specifically mention their support of digital assets. While digital assets are not synonymous with cryptocurrencies, their specification does lend to the idea that the crypto market is deemed essential by the association. This is an important consideration for trading digital assets rather than merely recording them.
United States healthcare companies are exploring blockchain technology. Healthcare is widely considered as one of the best applications for blockchain. While these new databases are aggressively being developed, monetizing their dynamic applications are a bit more complex. A primary reason is the needed decentralization of cryptocurrencies that can impact the larger population. Sean Seshadri is a medical practitioner who excelled at Forex and Futures markets trading. His private trading led to national speaking and training fellow physicians to build their portfolios. Sean Seshadri exemplifies the type of leadership needed for emerging cryptographic applications in healthcare.
Several states are exploring the legal applications of blockchain technology. Ohio recently passed an Electronic Transactions Act. This has legal applications for electronic signatures. Other states pushing to apply blockchain technology in the legal field are Arizona and California. The implications for promoting business growth directly related to blockchain innovation are profound. Unregulated ICOs severely hurt the crypto markets. While innovation continues, the fall of the overall market capitalization demonstrates how much outside investors have lost confidence in cryptocurrencies. Settling some legal matters would provide a strong foundation for the non-tech savvy investor to reenter the market.
List of State Actions
- Ohio has become the latest U.S. state to legally recognize data stored and transacted on a blockchain.
- Arizona passed a bill recognizes the legality of blockchain data.
- California is currently working on making blockchain data legal.
- New York created the BitLicense to encourage good players on exchanges.
- Colorado is exploring blockchain for recordkeeping as early as next year.
- The Illinois Blockchain Task Force recognizes the security and efficiency of blockchain applications.
In addition to these six states, many others are taking a serious look at how blockchain technology can benefit their economies. Florida and Nebraska are on the fence about passing legislation. However, as more states finalize new blockchain regulations and businesses come on board, it is highly probable that other states will follow. The growing applications of smart contracts will support this transition. For instance, smart contracts are already being used in the real estate industry and to create dynamic business applications. Several states are also exploring how blockchain can be used to secure and streamline the voting process. A future that resembles the vision of the Illinois Blockchain Task Force where digital identities, government services, and encouraging business participation are all supported by employing blockchain is closer than most people realize.
Author Bio: Douglas Pitassi is a freelance writer and small business blogger.