US Government showing support for Blockchain technology
At Data Transparency 2017, which is a conference looking into open data for the government, two White house officials spoke about Blockchain technology and how it could potentially be beneficial for the US.
“With artificial intelligence and blockchain, the [White House] is exploring a whole range of forward-leaning capabilities that might be helpful to government,” Margie Graves, federal chief information officer at the Office of Management and Budget, made this statement at the Data Transparency conference.
Graves will be meeting with Don Tapscott, a blockchain advocate. Graves stressed that distributed ledger technology is a powerful tool that could be very useful.
It makes sense for the government to adopt Blockchain technology. Last year, the SEC’s network was hacked and private information was stolen and made public. If the SEC used blockchain technology or something similar to store their data this could have been prevented.
The network that was hacked, Electronic Data Gathering, Analysis and Retrieval, is dedicated to collecting online financial activity and detecting illegal behavior. Traditional technology is very vulnerable to exploits compared to blockchain technology.
If you take a look at Bitcoin, everything is public. The reason it is public is so that all the transactions can be secured and verified by miners. Hacking into a blockchain would be like trying to turn a chicken nugget back into a chicken. It is near impossible to do, this is because of the nature of Bitcoin’s technology. If there were 10 blocks so far and you wanted to hack into block 5, you would have to hack block 10,9,8,7, and 6 before any other blocks were verified. This technology could be extremely useful for securing sensitive data.