Ohioans may be surprised to learn state is home to bitcoin, blockchain development leaders
Ohio’s historical legacy is rooted in innovation. Our economic success and progress have always depended on our willingness to try new things – leading to innovations in energy manufacturing, healthcare, IT and more. Today, as we see new opportunities through digital advancements in blockchain technologies like bitcoin, it’s critical we keep our innovative spirit alive and open to stay competitive in an increasingly complex and global environment.
Ohioans might 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 do not act with an intention, Ohio will miss out on 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 Ohio Blockchain Council, we are working 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 multiple companies from various business sectors is our most effective pathway to progress.
One of the barriers to adoption of any technology is public understanding. The technology behind Bitcoin and blockchain is unquestionably complicated. What is not complicated, though still underemphasized in our public conversation, is the direct positive impact these technologies could have on all of Ohio’s communities. Families across Ohio struggle with high healthcare costs. Recently the Cleveland Clinic, IBM, Aetna and Anthem announced a partnership that will utilize blockchain to improve efficiency, reduce costs and enhance customer experience.
Ohio’s rural population stands to 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 looks like farmers utilizing bitcoin to exert greater control over their pricing, markets and quality assurance. It means small businesses using bitcoin to avoid fees and open themselves up to new customer bases. It allows a new source of funding for municipalities struggling to compete and provide new accommodations for residents. These are just a few examples of the many ways in which the lives of Ohioans will be transformed for the better through innovation.
Bitcoin and blockchain technology also carry the potential to help solve one of our most complicated and pervasive challenges today: public trust. According to a recent Pew Research report, only two out of 10 Americans trust the federal government. University of Chicago Institute of Politics research indicates that a majority of Americans agree with the statement “the government is corrupt and rigged against everyday people like me.” Here in Ohio, where we’re living through a still unfolding massive public corruption scandal, it’s very likely trust in public institutions is at an all-time low.
Blockchain technology can help rebuild public trust by enhancing accountability in government contracting, electronic voting, grant disbursement and more, according to the U.S. 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 been championing these issues because they know how important they are to our state’s growth. It’s not a red vs. blue issue, and has been overwhelmingly bipartisan through the leadership of Rep. Warren Davidson (R) and Rep. Joyce Beatty (D) in the House of Representatives and newly elected Sen. J.D. Vance (R) in the Senate.
However, Sen. Sherrod Brown (D) has been absent as a champion and leader on bitcoin and the underlying blockchain technology. He sits as chairman of the Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction on 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 are here to show him that the work being done across 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 an aligned, unified and collaborative approach toward adoption and public policy. This is our mission at Ohio Blockchain Council, and we believe Ohio can truly become the heart of it all.
Andrew Burchwell, executive director of Ohio Blockchain Council
This article originally appeared on The Columbus Dispatch: Ohio needs to champion bitcoin and blockchain technologies| columnist
