CINCINNATI, OH – August 3, 2018 – 10XTS was honored to attend the U.S. Chamber of Commerce’s “Get Smart on Blockchain” event in Washington, D.C., with Brian Thomas representing the company. The event, organized by the U.S. Chamber’s C_TEC group, aimed to provide a foundational overview of blockchain technology for business and policy decision-makers, exploring its implications and the challenges of regulatory uncertainty. C_TEC’s directive to focus on emerging technologies reflects its commitment to advancing the understanding of transformative innovations, including blockchain.
The event featured speakers from leading organizations, such as Accenture, Wal-Mart, and Blockchain.com, and gathered representatives across industries to discuss the opportunities and roadblocks in the blockchain sector. With topics ranging from high-level overviews to real-world use cases, the “Get Smart on Blockchain” event highlighted key points on regulation, adoption, and the trajectory of blockchain’s integration into the economy.
Insights from the U.S. Chamber “Get Smart on Blockchain” Event
The half-day event condensed vital information on blockchain into four hours and hosted 19 speakers, offering a broad perspective on both the potential and challenges facing blockchain technology. It brought together an audience of blockchain newcomers, seasoned experts, and policy decision-makers to address the state of the technology and its regulatory environment.
Key takeaways included the current state of blockchain regulation. The SEC’s increased scrutiny on ICOs, demonstrated by subpoenas issued in 2017, and recent declarations like the non-securities status of Ethereum tokens, underscore the need for regulatory clarity. U.S. regulators are now looking to develop more comprehensive guidelines for token offerings and digital assets, which are evolving faster than current laws can accommodate. This regulatory gap affects global confidence and has the industry watching closely as U.S. lawmakers seek to balance investor protection with enabling innovation.
Blockchain’s Proven Efficiency
Walmart’s success in tracing sliced mangos to their origin in seconds—down from a 6-day process—was highlighted as a prime example of blockchain’s effectiveness. However, speakers noted that while blockchain’s technology is secure and capable of increasing efficiency across various industries, the challenge lies in adoption. Historical comparisons were drawn to the internet’s trajectory, which took nearly a decade to reach widespread adoption. Similarly, blockchain’s full potential may take years to reach mainstream use.
Diverse Perspectives and Future Expectations
While there is no clear consensus on blockchain’s regulatory future, the event emphasized that major financial institutions, including Goldman Sachs, JP Morgan, and MasterCard, are actively developing blockchain initiatives in anticipation of mass adoption. Industry leaders anticipate that in three years, institutions will begin realizing the cost-saving benefits of blockchain, and within ten years, a majority of global systems may be integrated with the technology.
Overcoming Negative Perceptions
Despite past negative press surrounding cryptocurrency market fluctuations, blockchain advocates see similarities to the “dot-com” bubble, arguing that structurally sound, compliant blockchain companies are positioned to thrive long-term. As the next evolution in technology, blockchain has the potential to transform global transactions just as the internet revolutionized communication.
10XTS’s participation in the U.S. Chamber’s “Get Smart on Blockchain” event underscores the company’s ongoing commitment to actively engaging with key stakeholders, industry experts, and policymakers as part of its mission to drive responsible blockchain innovation. “The event was an invaluable platform to bridge understanding between regulators and the blockchain industry,” said Michael Hiles, CEO of 10XTS. “As we advance our XDEX platform, maintaining close communication with the U.S. Chamber and C_TEC ensures we align with both industry needs and regulatory standards.”
10XTS looks forward to further collaboration with the U.S. Chamber of Commerce, C_TEC, and other industry leaders to support blockchain’s responsible integration into the global economy.
About 10XTS
10XTS is a blockchain technology company focused on building secure, compliant platforms for asset tokenization and data transparency. With its flagship platform XDEX, 10XTS provides financial market solutions that align with regulatory standards, supporting the evolving needs of blockchain’s integration with traditional financial systems. Headquartered in Cincinnati, Ohio, 10XTS remains dedicated to advancing blockchain innovation in the fintech landscape.
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