Ohio must fight for bitcoin and blockchain technologies| columnist

by Arthur · June 10, 2023

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Ohio’s historic legacy is rooted in innovation. Our economic success and progress has always depended on our willingness to try new things – leading to innovations in energy production, healthcare, IT and more. Today, as we see new opportunities through digital advancements in blockchain technologies such as bitcoin, it is imperative that we keep our innovative spirit alive and open to remain competitive in an increasingly complex and global environment.

Ohioans may be surprised to learn that our state is home to many industry leaders in bitcoin and blockchain development. One reason for the unfamiliarity is that industry leaders benefit from a unified voice to advocate for the industry’s potential, and Ohio is just beginning to organize and champion bitcoin and blockchain technologies from a statewide perspective.

If we don’t act with intent, Ohio will miss a generational opportunity for its communities, businesses and families. We are still very early in the development of these technologies, and it is an opportunity Ohio is uniquely positioned to capture.

At the Ohio Blockchain Council, we work to unite industries under a common banner to advance bitcoin and blockchain technologies for and within our great state. We believe Ohio is well positioned to be a global leader in innovation and development. Combining the resources of several companies from different business sectors is our most effective path to progress.

One of the barriers to adopting any technology is public understanding. The technology behind Bitcoin and blockchain is undoubtedly complicated. What is not complicated, though still emphasized in our public conversation, is the direct positive impact these technologies can have on all of Ohio’s communities. Families across Ohio are struggling with high health care costs. Recently, the Cleveland Clinic, IBM, Aetna and Anthem announced a partnership that will use blockchain to improve efficiency, reduce costs and improve the customer experience.

Ohio’s rural population will uniquely benefit from bitcoin adoption. While bitcoin mining operations like the Standard Power facility in Coshocton create jobs and increase local economic activity, the long-term implications of bitcoin adoption are far greater. It appears that farmers are using bitcoin to exercise greater control over prices, markets and quality assurance. That means small businesses are using bitcoin to avoid fees and open up new customer bases. It opens up a new source of funding for municipalities that are struggling to compete and provide new homes for their residents. These are just a few examples of the many ways Ohioans’ lives will be transformed for the better through innovation.

Bitcoin and blockchain technology also have the potential to help solve one of our most complex and pervasive challenges today: public trust. According to a recent Pew Research report, only two in 10 Americans trust the federal government. Research from the University of Chicago Institute of Politics indicates that a majority of Americans agree with the statement “the government is corrupt and rigged against ordinary people like me.” Here in Ohio, where we are living through a massive public corruption scandal that continues to unfold, it is very likely that trust in public institutions is at an all-time low.

Blockchain technology can help rebuild public trust by increasing accountability in government contracts, electronic voting, grant disbursements and more, according to the US Government Accountability Office. That’s because blockchain technology is by definition decentralized, objective and transparent.

More:Logistics, bitcoin companies receive state tax incentives to create 125 jobs in Columbus

Ohio’s congressional delegation has championed these issues because they know how important they are to the state’s growth. It’s not a red vs. blue cause, and has been overwhelmingly bipartisan through the leadership of Representative Warren Davidson (R) and Representative Joyce Beatty (D) in the House of Representatives and newly elected Senator JD Vance (R) in the Senate.

Sen. However, Sherrod Brown (D) has been absent as a champion and leader on bitcoin and the underlying blockchain technology. He chairs the Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over these important issues, but has yet to be a forward-leaning advocate for our state. Senator Brown has the opportunity to propel Ohio into a category of its own on bitcoin, and we’re here to show him that the work being done in our beautiful state is only just beginning.

Bitcoin and blockchain technologies represent significant potential for uplifting communities, businesses and families. Harnessing this potential is only possible through a coordinated, unified and collaborative approach to adoption and public policy. This is our mission at the Ohio Blockchain Council, and we believe Ohio can truly be the heart of it all.