Blockchain is permeating the world’s spheres of influence. A U.S. Congressional group dedicated to studying the technology underpinning the bitcoin cryptocurrency was set up today (Sept. 26) by two congressmen. The Congressional Blockchain Caucus was formed by Jared Polis, a Democrat congressman from Colorado and longtime bitcoin believer, and Mick Mulvaney, a Republican representing South Carolina.
The role of the caucus (officially known as congressional member organizations) is to get other legislators up to speed on a subject in the hopes of formulating future laws that affect that niche. It’s a bit like a club in high school where people of similar interests gather to discuss the issues of the day in their particular area. “The blockchain has boundless potential,” Polis said in a statement announcing the caucus’ formation.
Blockchain technology is shaking up high finance as banks rush to implement solutions that they believe will save them billions in back-office costs, for services like coordinating syndicated loans, and clearing and settling securities transactions. Outside finance, blockchain is also gaining traction in areas as diverse as tracking copyright of images, and the provenance of diamonds. It’s a far cry from the tech’s early