Colin Fowler

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U.S. Developments

The Fed Chairman Comments on Potential for a US-backed Digital Currency

Jerome Powell, Chairman of the Federal Reserve, wrote to Congress this week discussing the merits of implementing a central bank digital currency (CBDC) in the U.S. The letter responds to a number of questions posed by lawmakers regarding the value that a digital currency would provide and implementation challenges that would need to be overcome. Two Congressmen had expressed concern that the U.S. is being left behind in the wake of technological advances.

Chairman Powell indicates that the U.S. is not currently developing a CBDC, but the Fed is monitoring development elsewhere. Chairman Powell noted that some of the motivating factors for  a digital currency in foreign countries do not necessarily exist in the U.S. Specifically, the demand for cash in the U.S. “remains robust” and there are fast and reliable digital payment services available that are not available in certain other countries.
Continue Reading Blockchain Week in Review: Week of November 22, 2019

U.S. Developments

Denver to Implement Blockchain-Based Elections for Overseas Voters

Denver moves to become the second U.S. jurisdiction to implement a blockchain-based voting system for overseas voters. Active duty military and other eligible overseas voters will be able to use a mobile phone application in the next election to cast their vote on municipal issues.

Denver plans to use Voatz, a mobile application used by West Virginia in the 2018 mid-term election, where an estimated 144 overseas voters made use of the application. Voatz only runs on newer-model smartphones and verifies a voter’s identity by using facial recognition software and, when available, fingerprint analysis. Voatz records votes by using the HyperLedger blockchain framework first created by IBM and now supported by the Linux foundation.
Continue Reading Blockchain Week in Review: Week of March 4-8, 2019