Blockchain technology should be of great value to any company in the world right now. The concept can be used for other purposes that transcend the financial sector. In Washington DC, a Blockchain Innovation Center has been opened, which aims to attract tech providers as well as government contractors and agencies.

Washington DC Wants In on The Blockchain Action

Although blockchain seems to have become the buzzword of 2016 right now, the technology is still vastly underestimated. Since no one has any idea what this technology can’t do, the sky is the limit. This has caught the attention of various entrepreneurs and institutions who all want in on the blockchain trend.

In Washington DC, the Chamber of Digital Commerce partnered with 1776, a technology incubator. Together, both parties have launched the first Blockchain Innovation Center in the region. This new project will be the backbone of entrepreneurial resources for technology enthusiasts and government staffers in the region. Investing and innovating in blockchain technology is the number one priority.

Regulation has always been a topic of significant debate among blockchain enthusiasts and experts. Collaboration between industry leaders and government officials will be mandatory if a sustainable regulatory ecosystem is to be created. That also means that these people need to be made aware of both the advantages and hurdles blockchain brings to the table.

1776 Incubator Co-Founder and Co-CEO Evan Burnfield stated:

“FinTech is a challenging space for governments and their constituents.We’re thrilled to welcome the DC Blockchain Center and its community of innovators to 1776. It’s uniquely positioned to connect the dots for government agencies and drive massive scale success through our connections, resources and mentoring programs.”

Utilizing and implementing distributed ledgers may be the best approach to determine how this technology needs to be regulated in the coming years. Perianne Boring, Founder and President of the Chamber of Digital Commerce, feels a “first-hand experience” will yield invaluable insights into the inner workings of blockchain technology.

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