A panel on national security and cyberspace appointed by President Barack Obama heard testimony on blockchain technology from a representative of IBM earlier today.
Other members include MasterCard president and CEO Ajay Banga, Uber chief security officer Joe Sullivan; Georgia Institute of Technology; professor Annie I Antón; and Microsoft corporate vice president of research Mike Lee.
, IBM blockchain chief Jerry Cuomo said that the technology has "tremendous potential to help transform business and society", going on to suggest that in response, some – particularly in the public and private business sectors – have thus far remained on the sidelines.
Cuomo went on to say:
During the appearance today, Cuomo advocated for the government to encourage applications in the areas of identity, transaction security, data provenance and intelligence sharing, ultimately calling on the US to take an active role in a changing technology landscape.
"While government should not seek to control these new financial systems, it has an important role to play in helping them to take off and in safeguarding them," he said, adding:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.