Many cryptocurrency and blockchain supporters have long lambasted governments and regulators across the world for a lack of flexibility to work with new and upcoming technologies.
The chairman of the American telecom regulator, the US Federal Communications Commission (FCC), Ajit Pai has now stated that the US should not ”disadvantage” emerging technologies, such as blockchain technology, through holding on to outdated and firm regulations and rules.
These comments were made during an interview conducted at the Indian Mobile Congress 2018 with the Indian Express. Furthermore, Pat noted that there is a veritable plethora of dynamic upcoming industries in addition to blockchain – such as artificial intelligence (AI), machine learning (ML), and quantum computing.
Moreover, the view that technology is moving along at too fast a pace for regulations to keep up is a hotly contested one. Proponents of both blockchain technology and other new technologies argue that there is a need for relevant and modern regulations which can facilitate and stimulate innovation.
The current set of regulations in the US is, however, ”antiquated” according to Pai, who specifically talked about telecom, noting that the first regulations governing telecommunications were introduced in 1934. Furthermore, this act was only amended in 1992 and 1996, something which highlights the rigidity of regulations.
Pai said that it is highly likely that technologies such as blockchain could potentially have ”significant impact on how communications networks operate.”
He also noted that although the FCC does not have jurisdiction over how blockchain, AI, and ML firms operate, it is still trying to learn about the potential impact they could have.
Pai went on to state that the FCC is actively trying to understand which of these emerging economies ”will have an effect on this space [communication networks]” and how regulations should hopefully evolve.
In addition to this, Pay also touched on the subject of integrity and data transparency. He specifically urged large technology firms such as Google, Facebook and Twitter to join in a ”conversation” on what types of algorithms are used to present search results or new.
Nevertheless, he ceded that the role of the government in ”ensuring data security” is a problematic one that is currently being assessed. According to Pai, there is currently a ”robust conversation” being held on what types of privacy and data security protection measures should be written into law.
In summary, it would seem that Pai is acutely aware of the need for modern and relevant regulations. Moreover, this reveals that the FCC is actively looking at how blockchain technology could potentially reshape communication networks.
Lastly, Pat concluded by saying that ”no time ever has been more challenging than the 21st century”.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.