Page 10 - March 2018 Disruption Report

BLOCKCHAIN JAMNAURACRHY 22001188
BLOCKCHAIN
Building a secure future, one blockchain at a time
In the 2018 Economic Report, the Joint Economic Committee (JEC) addressed the digital threats that America faces today and the revolutionary potential that blockchain technology offers to address these threats. The Committee wrote:
The Report estimates the substantial direct costs and longer-term indirect loss incurred to the economy and critical infrastructure from cyberattacks and threats. The Report suggests blockchain as a potential tool for securing America’s digital infrastructure.
Blockchain technology—providing cybersecurity and many other potential bene ts—broke into the mainstream in 2017 driven by widespread interest and surging valuations in digital currencies such as Bitcoin and Ethereum.
These new innovations and markets presented America’s regulatory and legislative institutions with unique challenges as well as technology that could revolutionize the world’s digital landscape and economy.
...Blockchain technology offers a decentralized, secure, and ef cient way to store almost any form of data across multiple platforms. Developers, companies, and governments recognize the potential and have already starting to implement blockchains for many different uses. ...From applications ranging from management of the electrical grid and utilities to how companies manage global supply chains, the potential for blockchain is truly revolutionary.
JEC also noted the at the emergence of cryptocurrencies as one of the most signi cant economic events of 2017—along with the “passage of tax reform, regulatory reform, [and] the continued drop in unemployment.” (The 2018 Joint Economic Report, Joint Economic Committee, 03/13/18)
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