Cardano founder Charles Hoskinson defended the use of blockchain before the congress claiming that blockchain will bring transparency
Cardano Founder Defends Blockchain
On Thursday, the U.S. House Subcommittee on Commodity Exchanges, Energy, and Credit heard testimony from Charles Hoskinson, the CEO of Input-Output Global (IOK) and the creator of Cardano.
He informed Congress of the benefits of blockchain technology and possible forms of responsible industry and technology regulation.
Blockchain Can Give Transparency
Hoskinson claimed that distributed ledger technologies can give existing sectors transparency in his prepared speech on Thursday.
For instance, the agriculture sector might profit from using blockchain to oversee and manage its economic activities. Hoskinson used the firm BeefChain as an illustration; it enables customers to track the origins of their beef products.
As a result, people can eat beef with more assurance knowing that the producer was reliable and healthy.
Principle of Blockchain
A “global community of engineers” claimed in a letter to Congress in May that there were only a few legitimate uses for cryptocurrencies and blockchain, such as fraud, crime, and pollution. A group of human rights advocates, including Yeonmi Park, responded shortly after with a letter underlining the financial independence that Bitcoin may offer.
Hoskinson continued by describing the “principles” of blockchain, which in his opinion should serve as the foundation for effective regulation of the technology. “We ought to have the humility to admit that innovation makes specifics difficult and thus focus on principles instead,” he said.
“Principles-based regulation, which is more flexible, can adapt and evolve alongside the nascent technology without strangling an industry that has only started and forcing companies abroad,”
Charles HoskinsonHoskinson advocated against “category-based regulation” in this regard because it would rely on “centralized actors” for reporting and disclosure. He believed that this wouldn’t be a good way to control a decentralized environment.
