From Hype to Reality: Everything You Need to Know about the Congress Blockchain Hearing

U.S. House Subcommittees on Oversight and on Research and Technology gathered yesterday to hold a joint hearing, tellingly titled "Leveraging Blockchain Technology to Improve Supply Chain Management and Combat Counterfeit Goods."

In particular, Maughan described a blockchain solution for the U.S. Customs and Border Protection Agency, which ensures the authenticity of security camera footage.

In conclusion, Maughan made the point that "Blockchains are rapidly moving from hype to reality."

UPS: A global blockchain-based shipment tracking system will benefit not only the largest corporationsAccording to Chris Rubio of UPS, the company has also been investing heavily in researching the ways in which blockchain can enhance supply chains' efficiency and security by making all shipments "Fully declared." He outlined four key benefits of DLT that the global logistics company acknowledges: integrity, transparency, interoperability, and security.

Quantum threatRepresentative Bonamici and Representative Beyer inquired whether the developing technology of quantum computing could at some point prove capable of 'breaking' the blockchain and making it irrelevant.

He reassured the legislators that while applied quantum computing is '15-20 years out,' blockchain is already here and has to be acknowledged as a reality.

Cooperation with standards organizationsCongressman Randy Hultgren was interested in the scope of cooperation between the witnesses' organizations and entities developing shared standards and specifications for both blockchain and other internet-based industries.

According to Rubio and White, both UPS and Maersk are involved with Blockchain in Transport Alliance.

Energy concernsCongressman McNerney of California was interested in the energy implications of using blockchain at scale to power the global shipping industries.

The most compelling answer was that of Dr. Maughan of the DHS: he suggested that blockchain is relevant in systems characterized by multi-party cooperation, while individual organizations will likely not find it useful in their operations.