Christopher M. Hearsey

Democratic Candidate
Maryland's 6th Congressional District

Blockchain Technology Will be the Code of the 21st Century Economy

Like manufacturing jobs of the 20th century, coding is becoming the blue-collar job of the 21st century. For the last thirty years, computer science education has transformed from utilizing clunky programming languages to training cybersecurity professionals who rely on sophisticated code to protect digital information. The programming code that underlies our economy today is evolving towards a new code called blockchain, which represents cryptographically secure code that catalogues information through links across computer networks. Cybersecurity in the information age is paramount to the growth and success of America’s economy, but blockchain technology adds integrity to transactions between people by building time-stamped information from one block of information to the next. This prevents manipulation of information by another user and increases the trust one can have in the information sent or received as well as the contents of the underlying transaction, for example in the exchange of money, processing medical or financial records, or executing contracts.

So, what does this mean for Marylanders? More efficient and effective use of your time and money. Maryland has always been a leader in America’s financial security. Embracing the use of blockchain technology is already underway by businesses across Maryland and American banking institutions are slowly embracing the technology. Why? Because blockchain technology has the potential to mitigate or end medical and financial fraud, eliminate many costs of doing business, and streamline the contracting for goods and services.

For almost a decade, millions of people have embraced investing in what are called cryptocurrencies. The code that enables a store or record of value underlying a cryptocurrency is the blockchain. I fully support investment in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and others as instruments of value in which people invest. I believe that more should be done to protect the rights of cryptocurrency investors and the Congress should investigate how best blockchain technology could support increased efficiency and security of the American economy in the 21st century.