Rostin Benham, a member of the CFTC , recently spoke on the entire crypto ecosystem at the Blockchain for Impact Global Summit (BFI). According to him, with responsible leadership, cryptocurrencies will certainly be part of the economy of all countries in the future. Benham has discussed the benefits of this new technology, but also the risks it could present if its development was too centralized.
"A modern miracle"
" Everything is possible. With your wisdom and guidance, we can turn this world into something wonderful. But for every transformation exists the possibility that progress does not follow that straight line that we optimists tend to consider. [...] Blockchains could become a source of repression and instruments of totalitarianism. The work ahead is complex and intimidating. However, the rewards could be staggering, they could change the game. Our cooperation could solve the cleavages that torment our world, as we face tragedy all over our torn planet. " Rostin Benham
So that is (partially) the introduction with which Benham started his conference at the BFI. It is clear that man is an apologist for the cryptocurrencies and principles (ethical and technological) that underlie them.
"This is just the beginning of the digital asset debate. None of us know where it will end. But he will have forced us to rethink everything. We learned that cryptoactives do not respect any boundaries. " Rostin Benham
For him, the perennial aspect of the existence of cryptocurrencies is not questionable, as shown by the rest of his intervention.
This is Rostin Benham's point of view on cryptocurrencies. Their installation in the financial landscape is still in its infancy, and their existence could revolutionize the world as we know it."Cryptocurrencies can - will - be part of the economic practices of all countries. Let me repeat: these currencies will not disappear, and they will proliferate in all economies, all over the planet. In some places, small economic ecosystems will become dependent on cryptoactives for survival. And, these currencies will be outside traditional financial intermediaries, such as governments, banks, investors, ministries or international organizations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle. "
Utopia or dystopia?
Throughout his speech, Benham will therefore mention one by one the different spaces that could benefit from the adoption of these new technologies.
Corruption
It deals first with corruption. According to him, blockchain technology could definitely solve this problem , supported by the growing accessibility of smartphones.
"There are 6.8 billion phones in the world, almost one per person. Technology could ignore corruption. This is our chance to put money directly in the hands of those who need it, without bribes, racketeering and other extortions. Digital currencies could transform the economic and social landscape. This could mean a massive and equitable transfer of capital. " Rostin Benham
Rostin immediately tempers this optimistic statement, recalling that "the economic elites are aware of all this, and will not remain inactive . " For him, if kleptocracy (form of power based on corruption) gets its hands on this technology, it will only be easier for corrupt entities to use, draining wealth in cryptocurrency rather than fiat. He went so far as to mention the risks that the technological giants can pose in this ecosystem.
"Just consider the size of Google , or Facebook , which are larger than many countries, and richer, more influential, collecting data massively. Now, increase all this exponentially. This is the kind of situation that should make us think. But events happen so fast that we have neither the time to marvel nor to really think about it. " Rostin Benham
Poverty
Many crypto projects revolve around the possibility of easily providing access to finance, the economy, or more simply to ensure that the "unbanked population" has its own savings account for payments . Proportion of adults with an account in 2014. Source: World Bank It should be known that nearly two billion individuals have no form of bank account, online or otherwise. Benham knows it, and picks it up.
"The" unbanked "could now be in the digital matrix. And, those without computers - some four billion people - could get a connection facilitated through mobile phones. The discussion has even been extended to micro-credit, micro-transactions, transparency and financial inclusion. " Rostin Benham
agriculture
Benham then recalls that prior to his position at the CFTC, he was a senior advisor to the Senate Committee on American Agriculture. As such, he realized the benefits that could benefit this department by taking advantage of cryptocurrencies and blockchain technology .
"The work of the Committee is extensive and involves almost every element of the agricultural production chain, from farm to grocery. For decades, the Committee has been committed to finding solutions to the problem of hunger and food security around the world. Thanks to the blockchain, solutions to these challenges can become much more attainable. Food could arrive more quickly in grocery store stalls with the advantage of providing more information about the source of the product ... " Rostin Benham
For him, the recent outbreak of Escherichia coli due to contaminated lettuce could have been partly avoided if the adoption of blockchain had been the norm. This is how Rostin mentions that the blockchain could have literally saved lives, and avoided serious diseases.
Medical coverage
Benham also addresses the subject of health care , a subject often mentioned on our crypto planet. Once again, he notes that the system remains inefficient, and that it would be possible to reduce costs enormously, while improving the service, if a judicious use of blockchains was put in place.
"Patients lose their rights to look at their records, as well as the control of their privacy. There is essential information that is recorded in medical records, such as DNA information. Blockchains could allow patients to create "smart-folders" that collect and standardize their information, which can lead to better continuity of care, or even new methods of healing. Blockchains could also tackle medical fraud, waste, and therefore contain the increased cost of medical coverage. " Rostin Benham
The United Nations
"What is the role of the United Nations? Should the institution become an international regulator? Should it become the equivalent of a virtual bank? What mechanisms to enforce the law should be used? These are the issues that have been pursuing the United Nations since its inception, but which are magnified in a digital world. Are there institutions only READY to take the step in a digital future? " Rostin Benham
Conclusion
Finally, Rostin Behman concludes his intervention - which is perhaps the most bullish talk about cryptos ever made by a member of the CFTC - by a call to collective work to solve the most pressing problems of our planet, and this helped by our new weapons:
"The blockchain is more than a technology, it is a breakthrough that reaches all levels of our existence. We could use blockchains to deal with the most fundamental, most important problems of our planet: corruption, wealth distribution, poverty, food and health care. That, and the fear that billions of people feel each day as they try to survive.
When I was a child, I came to this building in search of solutions to the problem of our world. Today, now, we may have found one of these solutions - bigger, bolder, more efficient, and more understanding than anything imagined before . And, as a regulator, I am happy to participate in your discussions.
We discussed the most fundamental problems through the prism of a growing technology. I join you in our research - our struggle - to find the solutions that will humanize this technology. Thank you. "