Goldman Sachs, Morgan Stanley, Citibank, HSBC, Accenture, Microsoft, IBM, Cisco, Tencent, Ali and other world-renowned financial institutions, consulting firms, IT vendors and Internet giants are accelerating laboratory research and capital layout on blockchain technology. Blockchain together with artificial intelligence and big data are considered the three core computing technologies for the next-generation financial industry.
Recently, the blockchain lobbying group backed by Goldman Sachs, Citi Group, Circle and Fidelity has requested the United States Congress to pass a legal framework for digital assets. Amid this, the US Chamber of Digital Commerce sent a call to action to Congress and the Senate to prioritize passing a national approach to crypto regulation.
The organization further requested to organize the Digital Asset and Blockchain Technology Solarium Commission” and deduce a national strategic approach to deal with digital assets and Blockchain technology in the country.
A red alert was given highlighting a fall can enable adversarial nations such as China to hold a position endangering US leadership and dollar primacy.
It mentioned China’s development of an internationally focused Blockchain-based Services Network (BSN) to “incorporate global development and trade and fill the U.S.-created vacuum.”
It also highlighted the growing number of countries considering or choosing to trade with China directly in yuan and ditching the U.S. dollar. These include Saudi Arabia, Russia, France, Brazil and India. The organization further pointed out the potential BRICS digital currency and other developments regarding gold-backed digital currencies by Russia and Iran. The authority coined that “This abdication is severely hampering domestic development and ceding advantages to other nations at the expense of the U.S. innovator and investor.”
The Cyberspace Solarium Commission (CSC) was established in the John S. McCain National Defense Authorization Act for Fiscal Year 2019. It is missioned to develop a consensus on a strategic approach to defending the United States in cyberspace against cyber attacks of significant consequences.
The Chamber of Digital Commerce is an American advocacy group that promotes the emerging industry behind blockchain technology, bitcoin, digital currency and digital assets. It is headquartered in Washington, D.C., the organization was founded in July 2014 by Perianne Boring.
Blockchain technology is a recent breakthrough in secure computing without centralized authority in an open networked system. From a data management perspective, a blockchain is a distributed database, which logs an evolving list of transaction records by organizing them into a hierarchical chain of blocks.
From a security perspective, blockchain is created and maintained using a peer-to-peer overlay network and secured through intelligent and decentralized utilization of cryptography with crowd computing. It is predicted that the annual revenue of blockchain-based enterprise applications worldwide will reach $19.9 billion by 2025, an annual growth rate of 26.2% from about $2.5 billion in 2016.