U.S. Rep. Patrick McHenry: North Carolina Aims to be Leader in Blockchain Technology
According to U.S. Congressman Patrick McHenry (R-NC 10), Republican Leader of the House Financial Services Committee, his home state of North Carolina aims to lead the way for the acceptance and adoption of blockchain technology in the country
McHenry is a staunch supporter of digital currencies and blockchain technology, and he discussed this to Bitcoin Association founding president Jimmy Nguyen in the first-ever episode of Blockchain Policy Matters, an online video series that intends to make viewers aware of the political landscape and issues that surround the adoption of blockchain technology.
‘[North Carolina] wants to purposefully be a leader in blockchain technology and in putting more onto a blockchain across the governmental footprint to give people open access to their data…. I think it’s a huge opportunity at the state level and I think it’s going to be the big driver here in the United States for federal policymakers to catch up,” McHenry said.
“At the state level, I think you’ll see [blockchain technology used] at the record-keeping levels of counties and states, very basic information—for example, when you buy or sell a car or when you buy or sell a house—very basic societal pieces of information that governments do a good and wise job of holding on to and keeping track of—those will move onto a public ledger of sorts,” McHenry added.
The North Carolina representative fully realises the value of Bitcoin and blockchain technology and how states can benefit from the transparency, accessibility, immutability and security this kind of public distributed ledger provides.
“I think you’ll see certain states have this type adoption and it will be three-to-five states, then it’ll be 40, but it’s going to take a while to get this group of policymakers and elected officials seasoned to this and seeing the huge advantage and the huge cost savings year-over-year once it’s deployed,” McHenry deduced.
It will indeed take time because policymakers do not fully understand what blockchain technology is and how the businesses and the Government can benefit from its many applications. This is why McHenry said that basic education is necessary in order for lawmakers to appreciate its value.
“Education has to be the primary driver here. Most policymakers are not informed about the basics of cryptocurrency, the basics of blockchain technology—just the basics. So, we need that base level of education to rise and then we can build off that platform…. Right now, that baseline of education for policymakers is very important, because what we don’t need out of Washington or the states is to restrict or crush or try to kill this type of technological advancement,” McHenry explained.
Bitcoin Association offers a free introductory course to Bitcoin Theory through Bitcoin SV Academy, an online education platform dedicated to providing the correct information about Bitcoin and blockchain technology. If people in the Government give a bit of their time learning the basics, then McHenry will not be alone in advocating for the United States to join other countries in investing in the future digital economy.