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As New York intends to implement blockchain technology

New York State MP Ron Kim told TechRepublic's Dan Patterson that blockchain technology offers positive change for New York.

Dan Patterson: The challenge at the moment is stabilizing the markets and, differentiating between potential traders, and people who may not be institutional investors, and those interested in the development of block-chains and the creation of new ecosystems. How do you help with such a confusing technology? How do you help your voters understand the advantages and pitfalls of each one?

Ron Kim: I see my constituents on this particular topic – not just the people in my district – but the entire state of New York and the commissions I serve, the corporations, with all these different committees, will have an impact on the whole New York state.

As for me, I am doing my best to explain to the public, and to all my constituents, that behind every new technology there is something profoundly positive that can come out of it. It is our task, as legislators, to foster and nurture that growth.

When we allow blockchain technology to help us decentralize and keep local entities and governments accountable, these are some long-term impacts that can truly transform our democracies into a way that should work healthier.

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The best way to educate the public is to use case studies to better understand what the positive impact of this technology can be.

One of the initiatives I am pursuing has to do with the help of local community currencies. This is something experienced in the Netherlands. There have been cases of EU currencies without cryptocurrencies, for many years, many decades, in places like Massachusetts, in Ithaca.

But now that we have a technology, we can easily exchange our dollar to invest in a local ecosystem that allows mom and pop shops to trade in local currencies, keeping the dollar circulating in the local economy, helping the dollar to grow even more sustaining the community and, moreover, being able to reward tangible points, and to give points of loyalty to people through the form of cryptocurrencies to make a positive local behavior.

These things have already been done in a larger place like the Netherlands. If we can bring this kind of concept to the public now, locally, they can understand it. They can understand, "Oh, wow, we can support mom-and-pop stores, applying the best technologies behind cryptocurrency, and create a solid local economy."


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