Embracing the Blockchain technology
The chairman of the European Blockchain Foundation, Bart Brands gave an explanation of the Blockchain technology to businesses. He is a former politician of the Hague with a deep understanding of democracy and how legislative process work.
Bart mentioned that:
“I really started being interested in the technology and what the technology could mean on a personal and policy level.”
Mainly focused on the technology he began to talk to investors and people who wanted to know more about this financial technology in Amsterdam. The Foundation was founded back in April 2018 and the mission is to lobby governments in order to pass regulations that promote a Blockchain friendly Europe.
He thinks there needs to be progress at government levels and influencing policies. The technology will work for the embitterment of everyone in the global financial system. As a former politician he knowns that most politicians and a lot of people in politics can keep clamping down on freedom, which is were most of them are today.
Starting from last October 2018, the Blockchain Foundation was proposing to the city of the Hague officials to give the opportunity to receive wages in cryptocurrencies. As Bart urged the municipality to investigate these possibilities. There is still only a handful of companies in different countries that offer payments in cryptocurrencies.
Understanding the Blockchain technology
The Foundation is focused on informing the population about the technology as there is still a lack of deep understanding of how it works. Bart mentioned that when speaking to politicians about the Blockchain and Bitcoin, the conversation usually goes to money laundering, terrorism or the Dark Web. The majority of money that has been laundered is happened more in fiat currencies globally through banks. He later also mentioned that. It is almost like the law makers and policy makers have had these arguments against cryptocurrencies and the Blockchain technology drilled into them.
In a statement he said that:
“It’s a real challenge to influence legislation in such a way that Blockchain stays the way it is meant to be as a form of independent and decentralised freedom that will benefit people.”
Currently regulations are still tough to question, as if a politician promises to deregulate the cryptocurrency market, this may end up being regulated anyway. Regulations must be influenced in a way that must honours the intent of the inventors of the Blockchain technology. Its decentralisation and peer-to-peer features is used to cut out third party transactions so it stays free.
The cryptocurrency market is on its way to mass adoption, after downturns in the financial side of Blockchain technology. Applications have been continued developing constantly and is expected to bring new ways of using and thinking about money.