While hearing testimony from business leaders about democratizing the internet and regulatory issues, the US House Committee examines the future of blockchain and Web 3.
The Subcommittee on Innovation, Data, and Commerce of the Energy and Commerce Committee of the US House of Representatives held a hearing on blockchain technology and the future of Web3 on June 7. Representatives from the industry, including Ryan Wyatt, president of Polygon Labs, and legal professionals engaged in a fruitful discussion.
The SEC had just filed lawsuits against significant cryptocurrency exchanges Binance and Coinbase when the meeting took place. In his testimony, Wyatt emphasized the benefits that consumers receive from blockchain technology and the necessity of creating a well-regulated blockchain environment in the United States.
Wyatt discussed the “value extraction” issue that exists on the internet and that blockchains are designed to alleviate. He emphasized that in the contemporary Web2 era, centralized tech businesses extract revenue from customers through fees and data collecting. Blockchains, on the other hand, create a decentralized and open Web3 model and democratize the internet.
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Blockchains do away with the necessity for a centralized authority by leveraging cryptography and dispersed networks, giving individuals ownership over their data and the option to decide when and how to share it with applications and services.
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Wyatt claimed that the development of a blockchain ecosystem in the United States is advantageous to the nation because it spurs economic expansion and generates jobs in both technical and non-technical fields. By utilizing the transparency of blockchains and coordinating rules with cutting-edge technologies, it also improves consumer protection.
Wyatt gave examples of Web3 applications and use cases, such as blockchain-based consumer loyalty programs, nonfungible tokens in the fashion industry, blockchain-based community organizations, and blockchain solutions for supply chain management in government organizations like the U.S. Air Force and the Department of Defense.
Overall, the testimony stressed the revolutionary potential of blockchain technology in supporting innovation across multiple industries, fostering economic development, and creating a more egalitarian and user-centric internet.
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