Focus on the Future of Digital Assets: Blockchain Technology Leading the Wave of Innovation

Recently, an executive from a blockchain company attended a hearing in the U.S. Congress and shared important insights on the future of digital assets and innovation. The executive emphasized the key role of blockchain technology in driving the development of the next generation of the internet and called for the establishment of a clearer regulatory framework.

Blockchain: The Infrastructure of the New Economy

This executive elaborated on the core features of the Blockchain network. He pointed out that Blockchain is a high-performance, permissionless distributed network capable of supporting large-scale applications and massive users. Unlike traditional centralized networks, Blockchain applications are built on a decentralized network maintained jointly by validators, developers, and users.

In this ecosystem, digital assets and tokens play a crucial role. They not only provide incentive mechanisms but also ensure the secure operation of the network. Specifically, tokens bear three key responsibilities in the Blockchain network:

1. Protect network security: Users can lock tokens to participate in verification, preventing malicious attacks.
2. Achieving decentralized governance: Token holders can participate in proposals and voting.
3. Pay transaction fees: as a measure to prevent spam transactions and ensure the efficient operation of the network.

The Wide Implementation of Blockchain Applications

The executive emphasized that blockchain technology is no longer at the theoretical stage. Currently, there are a large number of developers building various applications that span multiple fields including finance, business, entertainment, and infrastructure.

He listed several typical cases:

• Large financial institutions are launching regulated tokenized currency markets and funds on the Blockchain, enhancing transparency and trading efficiency.
• The credit agreement provides on-chain lending services for licensed lenders in emerging markets, with a cumulative issuance of over $1 billion in loans.
• Entertainment companies are using Blockchain technology to reconstruct fan experiences and issue collectible digital tickets.
• Brand owners put physical goods on the Blockchain, providing traceable supply chain data and enhancing consumer trust.

These cases demonstrate the high scalability and composability of Blockchain technology, confirming that it is becoming the "operating system" of the new internet.

The Importance of Regulatory Clarity

This executive emphasized the importance of a clear regulatory framework. He pointed out that in order for Blockchain innovation to develop responsibly in the United States, developers need to obtain clear regulatory guidance on token issuance and distribution.

He called on the relevant authorities to establish consistent rules to ensure that the Blockchain network operates as designed. This will allow American developers to innovate while remaining compliant, and also enable regulators to implement effective consumer protection measures.

Future Outlook of Blockchain Technology

In answering questions at the hearing, the executive also elaborated on several aspects of Blockchain technology:

1. Financial Inclusion in Remote Areas: Blockchain technology has the potential to enable "offline interaction, online on-chain" payment experiences, providing financial services to areas lacking internet infrastructure.

2. User Privacy Protection: Although most blockchain operations are currently transparent, the industry is developing solutions that can protect user privacy while complying with regulatory requirements.

3. Agricultural Applications: Blockchain can provide an efficient payment infrastructure for agriculture, enabling low-cost and rapid global remittances. In addition, blockchain can support more innovative applications, such as multi-account management.

4. Developer Ecosystem: A clear regulatory framework is crucial for retaining American developers. Currently, due to unclear regulations, many excellent programmers may choose to develop in other countries or fields.

Conclusion

This hearing highlights the important role of Blockchain technology in building the next generation of the internet. From fintech to decentralized identity, from entertainment marketing to global payments, Blockchain is demonstrating its practical application value in various fields. In the global competition for the "next generation internet operating system," the United States needs to create a favorable environment for developers and innovators through clear policy guidance, thereby maintaining its leading position in this critical technology field.