IBM sees blockchain technology as an essential tool for business, government, and society, and as such, its development calls for government support, according to Jerry Cuomo , the company’s vice president of blockchain technologies. He believes the technology can transform commerce as well as interactions between individuals and governments. Jerry Cuomo Cuomo presented his viewpoint, which he posted on an IBM blog , to the President’s Commission on Enhancing National Security at a hearing in New York City.
He noted financial technologies are increasingly digital, meaning that government and industry need to combine forces to make financial systems more efficient and secure. IBM Helped To Bring Social Security
Cuomo noted that 80 years ago, his company helped the U.S. government create the Social Security system which was the most complex financial system ever developed at the time.
However, for this to happen, the core blockchain technology has to develop further using an open source governance so that it can deploy on a bigger scale.
“We need to create a new social compact, where business, with input from government, architects the future of financial services,” he wrote. “We at IBM look forward to working with our partners in government, industry and academia to get this done.”
Government has a big role to play to improve competitiveness and national security. Cuomo called on the government to invest in research to accelerate progress. The National Institute of Standards and Technology can help to shape interoperability, security and privacy standards. Government agencies can serve as early blockchain application adopters.
The government can also certify participants’ identities in blockchain-based systems. The ‘Permissioned Blockchain’
Blockchain technology gained prominence as the core technology underlying bitcoin, but unlike bitcoin, industries and government agencies are exploring blockchain in networks where participants are known to one another. Hence, the term, “permissioned blockchain.”Each participant in […]
