Florida at the forefront of the new blockchain industry

Recent layoff unrest in Silicon Valley has forced some pundits to ask — is technical experience a midlife crisis?

Interest rate hikes have had an impact, of course, but the bigger question, at least according to many industry watchers, is whether technology has lost its whiff of the next big thing. Having created the “Uber of” almost everything, what challenges lie on the horizon?

Fortunately, technological innovation is alive and well, creating jobs and boosting local economies. The best news is that some of the most exciting developments are happening right here in Florida.

The driver behind these gains is blockchain, a technology known for making independent cryptocurrencies possible, but also an emerging industry with much more to offer.

Don’t fall asleep with the mention of blockchain. As with most truly new inventions, blockchain can be confusing at first, but also exciting enough to keep its proponents, including myself, on board with its potential.

Just as I don’t need to understand how money transfers electronically by tapping my credit card at Starbucks or when I use my banking app, detailed knowledge of how blockchain works “under the hood” is not required to innovate where it will go—and how it will benefit us all.

For example, blockchain can offer fraud proof traceability of the raw materials that goes into the products we buy, from a small cotton farmer in India all the way to the sofa we bring home from High Point Market. If you care about fair wages and environmentally sensitive practices, blockchain will soon help you manage your consumer money in accordance with your values.

It is abundant use of blockchain. Blockchain can verify the integrity of the pharmaceutical supply chain, improving the safety of our medicines. It can protect our personal and confidential information, reduce identity theft and cybercrime. It enables smart contracts that are easier to enforce, a boon for businesses that need partners to comply with agreed terms. There are national security opportunities, significant economic benefits, and benefits for consumers and families in the blockchain.

Blockchain is also used for the financial sector, securing money transfers, preventing money laundering and providing the basis for cryptocurrencies. The latter is particularly exciting as a means of decentralizing financial systems and thereby increasing resilience. Even as leaders in Washington, DC, toy with the debt ceiling, threaten the value of the US dollar, cryptocurrencies are establishing themselves as a viable alternative to traditional, nationally backed (and policy-responsive) currencies.

As our financial assets go digital in the 21st century^St century, however, the changes are challenging legal and regulatory structures built in and for a different era. From accounting standards to supervisory rules to tax laws, much needs to be modernized to pave the way for blockchain. Clarity and consistency should be the watchwords for policymakers as they strive to promote innovation and protect consumers. The needs of the workforce must also be reassessed and updated.

Fortunately, our state is ahead of the pack. We already have a Florida Blockchain Task Force in the Florida Department of Financial Services. This organization was established to explore and define a master plan for the blockchain industry. They create a roadmap to prepare the workforce and deliver economic growth and development opportunities for all Floridians.

Now we need Joe Biden the administration to join the work. The United States prides itself on being a world leader in innovation. With the right guidelines, we can make a mark in the emerging blockchain industry, capture advantages ahead of the global competition, and keep the economy, jobs, and opportunities aligned for the future. All with Florida at the forefront.

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Heather Rae Doyle is the founder of CoinQueens and a Web3 advisor and investor.

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