The Path Forward for Emerging Technologies in Government
Developing a Blockchain Ecosystem isn't just the smart thing, but the right thing.
Since Satoshi Nakamoto’s now famous White Paper on peer-to-peer digital currency, the financial and policy world has been turned upside down. Existing power brokers and institutions were rattled and novel crypto billionaires popped up like a game of whack-a-mole. It was a Crypto Spring then, but warning signs were there for all to see.
Today, we’re firmly in a Crypto Winter. Smart money will always do well, but for the most part, projections aren’t good for your everyday investor. Yet, VC still has more than a hundred billion dollars sitting idle waiting to invest in this revolutionary new technology just as the SEC and Congress have begun setting their sights on malicious actors.
In Washington, corruption and scandal are proverbial bookends of the crypto and sadly, the blockchain technology debate. This was/is as predictable as it is frustrating. In many ways, the early proponents of this incredible new tech are entirely to blame. They broke the cardinal rule of early policymaking, and promised to end life as we knew it. They lead with the threat of toppling existing financial institutions and power structures built over hundreds of years and countless wars won, and lost. These advocates were so excited that they forgot to remember what the shot was.
Blockchain along with the advancements of smart contracts, cryptocurrencies, and other Web3 technologies can and will change the world for the better. This generation of entrepreneurs and policymakers need to grasp that we are on the cusp of something truly historic and the moment is now for us to unleash this new capability to improve our environment, supply chain, monetary systems, and efficiencies across literally any market vertical. Smart Contracts and DAOs create new ways to build coalitions and advocate for change. Digital currencies will alter how campaigns fundraise and the Metaverse will alter how government is seen and interacted with.
The last great technological development, Social Media, was co opted and destroyed by greedy and powerful people. Beyond concentrating wealth and power, Socials have completely and utterly failed to improve our discourse, let alone policy outcomes. Rather than being promoters of speech, Socials have become the principal threat to free speech, national purpose and pride, and our sense of common humanity. Blockchain enabled tech has the promise to promote inclusion and trust not through political dogma and fear, but rather through accessible tech that can make us more efficient, reduce fraud, and unleash human potential free of judgements based on immutable qualities or the “current thing” our cultural tormentors are fixated on.
It’s time for blockchain and crypto Founders and advocates to get serious about this tech’s positive impacts for the world. They could follow Elon Musk’s lead and leverage this tech to create tangible value with certain currencies to create new opportunities and wealth to improve systems. For example, the California DMV recently announced a new titling system built on the Tezos Blockchain. This should’ve been hailed by every blockchain Founder or Association, but instead, it was met with a whimper and a shrug. A government that endorses the use case of blockchain is a titanic victory for the technology’s proponents. Only time will tell if the industry and those in support of it can capitalize upon this breakthrough and to stop claiming they hope to topple the US Government, and start creating value to ensure large scale adoption and promote long term success of Blockchain.
To that end, Terrapin will continue to invest in this space from both a policy perspective, but also how blockchain can be leveraged in government relations. We will also continue to help our clients and strategic partners at all levels of government gain a better understanding of Blockchain technology and promote the Blockchain ecosystem. As mentioned in last week’s post, as we head further down the rabbit hole, the use cases and benefits of this technology continue to grow and multiply. We’re building the future, let’s do it together, and let’s do it right.
If you’re interested in learning more about blockchain or how to get your startup funded at the state and federal level, you should reach out. I would love to hear more and connect you with others working in this space.