An independent presidential candidate and banking entrepreneur has testified before the Wyoming Legislature regarding the benefits of blockchain banking
Brock Pierce, a 39-year-old child actor turned tech innovator and politician, recently gave his supportive testimony via video link at The President's House on the University of Wyoming campus.
According to a recent report, blockchain banking technology is an innovative way of storing data, which is then distributed in a secure ledger that enables several stakeholders to safely access information. The benefits of blockchain include speed, heightened security and transparency, states the report: “The speed is just one of the many potential benefits blockchain brings to banking. It’s not only about greater efficiency but also a new level of transparency and security.”
Blockchain technology also creates new infrastructure to provide future innovative applications, beyond cryptocurrencies, thus motivating positive changes across businesses.
Pierce, who is a pioneer of blockchain technology, spoke about how the system can extend capital to businesses throughout the USA, rather than just the coastal hubs. He also commented on ways to upgrade banking and deliver financial inclusion that enables banking services to be available to all.
He said, "Financial inclusion is something that's very relevant to not just this country but the world at large -- and creating systems to provide for more cost-effective mobile banking solutions, lowering the bar and making banking more accessible, is just good for humanity and this country in general.”
Pierce, who is committed to supporting accessible, global banking services, added: “The major impact of this legislation and the job-creation and all of the things that I assume you're hoping will come from this really starts to happen once you have your first successful bank. It is an arduous process but, once you've established your first successful operation, that's when others will follow.”
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