Sirwin
Sirwin

Lazy Legislation - Will Blockchain Tech and Cryptocurrency Make Us More Secure?

By Suspect78 | Crypto and Thoughts | 12 May 2019


 

A More Secure Energy Grid? 

 

While researching my previous post, I ran across a few articles from Coindesk dealing with the United States Department of Energy funding research into blockchain security for energy grids. I was intrigued, because it seemed to contrast sharply with the recent “attack” on Bitcoin by notable cryptocurrency critic, California Representative Brad Sherman.

 

 

Sherman argues that a decentralized currency could undermine the power of the dollar – because of its decentralized nature. He stated that cryptocurrency will subvert international sanctions and markets, as well as aid terrorists and criminals, and it should be made illegal – to both mine and own. 

 

While the representative’s criticism shows at least a rudimentary understanding of the end goal of cryptocurrency, it fails to address, or rather, lumps in the underlying technology with the reward for utilizing that technology. Should Rep. Sherman make serious legislative strides towards prohibiting cryptocurrency (similar to what is being done in India), could we see a prohibition of blockchain tech as a whole as a consequence of lazy lawmaking?

 

For more: CNBC

 

I began to wonder if this could lead to a showdown of power between the US State Department and Congress – similar to the Federal/State showdown we currently see with the battle to legalize marijuana. With one part of the government attempting to utilize blockchain tech to secure the United States, and one part possibly attempting to ban the use of that tech, would we see a legislative fight over the technology as a whole? 

 

Source: lisk.io

 

 

A Light in the Darkness?

 

While Rep. Sherman may be critical of cryptocurrency - other US politicians and even one Democratic presidential candidate support the expanded use of cryptocurrency and blockchain tech, along with regulatory means to enable the growth of innovation. 

 

Source: consensys.net

 

The US Department of Energy’s foray into blockchain security seems promising as well (and who knows, maybe the benifits here may influence congress). Through NETL (the National Energy Technology Laboratory) they explained the need for blockchain security tech as such:

 

" . . . blockchain technology can be used in a similar fashion to secure a power plant, where a distributed ledger is kept of all sensor, actuator and device transactions. Because the storage of this information is decentralized, there is no single point of failure. Other applications under development in this project will enable secure energy transactions to protect process data at power generation facilities as well as increase grid reliability and integrate a more decentralized energy infrastructure."

 

With the mission statements of WePower and SunContract and Rep. Davidson’s fight to clarify tokens/coins legislatively, could energy transactions be both simultaneously illegal and legal? If we use a decentralized grid to distribute and process data, and companies begin to use tokens to sell the energy they produce to consumers, but Anti-Crypto legislation is pushed forward, will we be able to sustain a secure power grid? If I can’t purchase my energy with tokens through the block chain, and I use fiat instead, will the ability to receive energy transactions breakdown? 

 

Moving Forawrd

There is a long way to go on regulating Crypto here in the US, but, in all of our respective countries we should continue to push forward and fight back against uninformed and outdated politicians. How should we do this?

  • Be good ambassadors - support the development of blockchain tech and progressive crypto legislation
  • Be respectful community members - educate and inform those around us to the positives of decentralized currency
  • Invest Ethically - research and support projects that provide a clear roadmap for making change
  • Support Business - seek out and patron crypto-positive businesses 

We have a long road towards positive change - but I've never been of the mind that crypto and blockchain tech are "anarchist" solutions to the modern world (like many legislators believe). Rather they propose a radical change to the fundamental structure of society and offer the possibility of a bright and more secure future.

 

We are that future.

 

-KC

 

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Suspect78
Suspect78

Suspect loves crypto.


Crypto and Thoughts
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