Senate to review blockchain legislation

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The Consumer Safety Technology Act has been updated and it now includes the Digital Taxonomy act and the Blockchain innovation act, which will be passed to the House of Representatives and is now supervised by the Senate. Regarding this news, the author of the two bills congressman Darren Soto said that the lawmakers will make sure that the United States continues to lead in blockchain technology. 

Technology with digital taxonomy

The purpose of digital taxonomy is to inform instructors on how to use technology and digital tools. It will enable the Federal trade commission to introduce laws regarding digitized token activities as well as monitor unauthorized crypto transactions.

Blockchain is a decentralized digital record that allows the existing business to make some changes and develop more. The number of successfully developed blockchain-based systems is not as high as it would be wanted to be, but it is growing little by little. In the era of uncertainty and pandemics, it is vital to have some additional evolutions in order to make the quality of life higher. Since the globally famous foreign exchange market is experiencing ups and downs all the time, there should be some developed taxonomy, which will have control over it. Many financial authorities are suggesting that it should take over the place of the banking system. Yet, the challenge is real. To develop blockchain-based systems is really hard. Currently, many practitioners continue experimenting in order to prove the concept of system design and trial-and-error approaches. Taxonomies are used to organize knowledge in many fields, especially on blockchains. The future of trading is including the potential of the influence of blockchain on the forex market in the coming years. Forex is the largest market but it doesn’t have an exchange like stocks or commodities are having.

The information stored in the blockchain can not be changed, so it is impossible to get false information from it. Currently, the primary market blockchain is used for is cryptocurrencies, and most importantly – Bitcoin. However, many scams and disinformation have to lead to the next big thing which is making the transactions more comfortable, faster, and more efficient. Forex transactions could also benefit from transparency because forex traders are trying to adopt different kinds of trading styles and it would help them to be more efficient and sure in what they are doing. When using the blockchain, one can see each transaction done by other users on the platform. It is good, especially for the swing traders. The financial markets are very diverse and there are different ways to gain a profit, along with that the large trading strategies are asking for blockchain existence because it will allow them to see the potential for the losses as well. Successfully followed effective FX swing trading strategies are normally very profitable for those, who don’t really enjoy spending days on waiting for the opportunity. In addition, long-term traders are more patient and will likely wait beside the monitors each day. There are also scalpers who are making ultra-short trades that are lasting only for minutes. The trader with these strategies is making little profits but the opportunities are numerous. 

The blockchain is a new thing so the development stage is low. The blockchain taxonomies reflect technical blockchain characters and applications individually. It also includes the study which is comparing digital payment providers to identify permissions to financial transactions. It’s a huge technical aspect to consider when deciding between centralized and decentralized payment methods. 

Blockchain innovation

Contracts, transactions, and the records of all of them are defining structures in the economy, juridical, and political systems. They verify names and record events. Blockchain is promising to solve every problem that is connected to unauthorized activities. The technology that is at the heart of every virtual currency is made for recording the transactions between two parts in a verifiable and permanent way. The blockchain is needed because we need every process, task, payment to be recorded, validated, shared, analyzed, and stored. This is the main goal of blockchain. Surely, if this system will become popular, many businesses and companies would need to change some things in order to not have some security issues. ( for example, the kind of issues that appeared in the 2014 failure of one bitcoin trade and more recent hacks of others) Blockchain is a foundational technology, it will build new establishments for financial and social systems. The process of adopting blockchain will be slow and gradual, but it will surely happen in waves and different kinds of institutions will gain many things from it. 

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