Blockchain and cryptocurrencies are gradually achieving significant and guaranteed positions in the global technological sphere. Having gone through the initial era of fierce resistance and attempts of elimination by existing systems, the concept of digital currencies, and their underlying technology, are finally accepted by the mainstream financial industry.
Gradual but steady encroachment
The gradual acceptance of the disruptive technology is evident in the actions of governments and institutions that are showing significant signs of adoption. A very obvious example can be seen in Gibraltar’s draft regulations for blockchain startups. This could imply that the technology is finding genuine recognition, which is necessary for future development.
Gibraltar is not alone in the process of finding the best ways of adapting the emergent technology into mainstream implementation. Last November, the US government also approved a bill that may lead to the eventual achievement of this process. A provision of the defense spending bill allows for the redirecting of cost savings to internal working capital funds. Agencies can then use these funds to improve and modernize their IT systems.
According to Trey Hodgkins, the Senior Vice President of Public Sector of the Information Technology Industry Council, agencies will be empowered by Congress to use their own discretion when it comes to the investment of their savings. He also elaborated that blockchain was clearly one of the technological capabilities that Congress meant for agencies to look at.
Blessings in disguise
Actions by other governments, most of which have been perceived to be expressions of disagreement with blockchain and its associated elements, may eventually turn out to be beneficial developments for the technology. Being that such actions were mostly taken in order to find a way to control the excesses of the unregulated industry, they eventually became avenues for the significant awareness that the technology enjoys today. Further legislation that may follow as time unfolds are expected to allow more space for its development, albeit with some form of regulation.
The year 2017 was a very active one for the blockchain ecosystem. With the various occurrences during the course of the year, most processes that began are still left open-ended. Next year promises to be another eventful year for the blockchain and cryptocurrency ecosystem.