Information Systems Integration – Tony Messina

How regulations affect blockchain technology adoption?

Different industries are trying to adopt blockchain technology into their current system and these applications cause the needs of standard blockchain technology regulations.  There are four key areas that drive attention from governments around the world, including virtual currencies (tax issues), data encryption, privacy, and identity management. Currently, regulations are highly depending on each government rather than a standardized one. In the United States, the federal government has not exercised any power to regulate blockchain technology but intend to let state government introduce their own regulations, which can cause varies differences. Meanwhile, due to the EU system, Europe has more welcome and positive attitude and standardized regulations toward blockchain technology. China, on the other hand, although China government like to see the thriving in blockchain technology, it will not allow the technology over the regulations. Thus, Bitcoin transaction is currently prohibited in China.

Based on governments’ attitudes, we can tell how risk appetite and government controls various in different countries. My question is in your opinion, which one is more important, technology development or government control? Is it ok to sacrifice either one in order to achieve any potential future goal?

 

5 Responses to How regulations affect blockchain technology adoption?

  • I think technology development and government control are both important, and it is significant to appropriately balance them. Technology development drives the development of the society, such as the touchscreen, internet, and so on. Technology helps in making people’s life easier. However, the control from the government is also necessary to protect personal information and cybersecurity in some way. The government regulations should go first, but I think the purpose of both the technology development and regulations is to make people’s life easier but also protect their rights.

  • I find this article very interesting because of how all f the different countries plan to approach regulating blockchain. I find it interesting that the United States plans on letting each state government determine the regulation rules on blockchain. On the other hand, countries in Europe plan on having a more standardized regulation and in China, they aren’t even going to allow blockchain to be a thing. This article just goes to show how every country treats automation and business differently.

  • It is truly a problem when new technology conflict with certain government regulations. Technology helps advance daily life, and government helps make things in control. I would say it depends on different government structure. For example, China, as a country with such great size of population, no wonder blockchain technology somehow got banned, it makes the citizens harder to get controlled by government, from security perspective. I believe from users’ perspective, they want to see how this technology can get through.

  • I think the EU has the right mindset of the places listed above when it comes to government regulation of blockchain technology. I think the United States deciding to leave blockchain technology regulation up to the states is absolutely absurd. So, perhaps, I wouldn’t be able to use certain sites that run on blockchain if I were to move to a different state? Blockchain needs to be open around the country, just as the Internet is today. China’s regulations when it comes to the Internet always seem absurd to me. The Chinese government does not like technology the lessens their influence, so there resistence to blockchain is unsurprising. The EU’s position of regulating blockchain like the Internet is today, although I may not agree with all of the regulations th EU puts on the Internet, makes the most sense. A free and open Internet is essential in today’s world.

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