“Blockchain can help governments”, says Blockstream CEO

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“Blockchain can help governments”, says Blockstream CEO

According to Blockstream CEO, Austin Hill, blockchain technology will be able to help government regulatory agencies.

During a recent inverview with Bloomberg TV, in fact, Hill stated that blockchain “is a fundamental shift in how the underpinnings of how finance work, moving much more to an open, permission-less innovation platform. I think people are beginning to realize that some of the underpinnings of our finance system have not changed in 20 years. Wire transfers, international remittances, post-trade settlement, the entire way that banks and finance organizations do netting, a lot of issues around how stock and assets are traded and actually tracked which led to some of the problems in 2008 of systemic risk”. 
bitcoin regulation


What Blockstream is?

Austin Hill and his team have developed a blockchain “sidechain” technology to link the bitcoin blockchain to the other existing public and private blockchains.

“We want to power interoperable markets that are fair and accountable. Openness, accountability and public ledgers should be the norm and should not require users to sacrifice privacy. We seek to empower users with trustable and secure financial mechanisms via public auditability of their transaction history without disclosing more than is necessary for the integrity of the blockchain”, reports their official website

Recently Blockstream has announced $55 million in series A funding to further enhance their sidechain technology, expand their operations globally, and support new industry partnerships, bringing their total investments in the company to $76 million.

“We’re changing how the actual ledger works. It offers huge cost savings for financial organizations in the area of regulatory compliance, trust with other organizations because right now there’s a huge amount of reconciliation that has to occur where everyone has their own copy of the ledger and no one agrees”. 

The Bloomberg TV journalist asked him if he is worried about the regulatory environment, so Hill answered that it is not a problem as regulators only want to remove risks:

“This technology offers some of the best potential to actually remove systemic risk. And a lot of regulators around the world are beginning to realize that, so they’re looking at their own solutions even at the national government level to say if we do support fiat currency issued on a blockchain, what is the right technology to do so?”

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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