Bitcoin and other cryptocurrencies have brought much needed innovation to the private sector. We have seen an entirely new market where fortunes are made and lost, where traders pour over charts, and where businesses can implement new technology previously unfathomable.
Though business was not always so quick to accept Bitcoin and the Blockchain. But as we all know that way it goes with any sort of worthwhile innovation: first they ridicule you then they attack you, then when they cannot beat you they copy or accept you. The public sector has been even slower to realize the potential of the blockchain, but it appears that it has finally begun to in a meaningful way.
One recent governmental project that involves cryptocurrency and the blockchain is the Chicago Blockchain Center. It just launched a few days ago and it is an initiative among both private and public interests to educate the public and Chicago businesses about the power of the blockchain.
This non-profit organization hopes to further blockchain technology and implementation in the State of Illinois, a state that is known for startups but also for not having a budget going on two years now. It spawned from the Chicago Bitcoin Center, and now is looking to work closer with Illinois in spreading Blockchain technology considering that IL is one of the leaders in the United States for these kinds of efforts.
They have already made great strides. Illinois has clarified their rules and regulations surrounding Blockchain and cryptocurrency startups within the state. I expect great things from this initiative and project, and intend to follow them closely.
Montana is known for many things, its size, its natural beauty, and its mining. But now it also may be known for its Bitcoin mining. On June 10th, Montana chose to approach Bitcoin and the Blockchain by allocating taxpayer money to invest in a data center for Bitcoin mining and Blockchain implementation testing.
This is huge. For a red state that does not like to throw around taxpayer dollars without deep consideration, this is an incredible show of faith in both the currency itself and the Blockchain in general. Just under half a million dollars will be granted to Project Spokane LLC to invest in equipment and employment to expand the Bitcoin network security services company.
States having their own stores of cryptocurrency or mining their own is exciting, but I do worry that it may be lumped in with the federal regulation against printing their own money. I realize the difference, but some may have problems with this.
The United Nations has recently distributed aid to refugees in Jordan by employing the Ethereum Blockchain. 10,000 individuals participated in a trial where food aid distribution was managed by the Ethereum Blockchain. While this is a larger testament to the power of the blockchain over the actual tokens many trade, it is exciting to see that these coins can do more than just make money and store wealth. In fact, they can actually help feed the hungry, they can help invigorate a governmental body desperately in need of invigoration, and they can create jobs for many.
In short, the Blockchain might just have started to show it can save the world.
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