Blockchain Advocacy Coalition Presents Innovations in Blockchain to California Regulators

SAN FRANCISCO - Dec. 20, 2018 - PRLog -- The Blockchain Advocacy Coalition hosted presentations on blockchain technology for the California Department of Business Oversight  (DBO). The Department of Business Oversight (DBO) protects consumers and oversees financial service providers and products. The DBO supervises the operations of state-licensed financial institutions, including banks, credit unions and money transmitters. Additionally, the DBO licenses and regulates a variety of financial service providers, including securities brokers and dealers, investment advisers, payday lenders and other consumer finance lenders. The event was held in the San Francisco office and DBO regulators from across the state tuned in to learn more about applications of blockchain technology that might impact the industries they oversee.

Olga Mack, VP of Strategy for Quantstamp provided some background about blockchain and an in depth review of how smart contracts will become more prevalent as blockchain adoption grows. She provided seven real world use cases ranging from providing banking to rural areas of the Philippines to providing benefits to refugees in Sweden.

"Blockchain and smart contracts are very powerful technologies with use cases and applications that are growing exponentially and will revolutionize many industries. I am delighted that the California Department of Business Oversight proactively facilitates an open dialogue about smart contracts, their applications, and security challenges. This inclusive effort will assure that we stay focused and innovate intentionally and securely," said Mack.

Kostas Gakis of Propy, a blockchain based global real estate store delved into the use of blockchain for recording land titles and property records. Propy is piloting the use of blockchain for real estate transactions in Vermont and presents a concrete example of how government can look to emerging technology to increase transparency, efficiency and security.

The Department of Business Oversight, led by Commissioner Jan Owen, has been ahead of the curve in understanding the implications of blockchain for government. They have had a staff-led Virtual Currency task force since 2013.

The Blockchain Advocacy Coalition provides and education and advocacy for better blockchain regulation. Director Ally Medina commented that "California is fortunate to have forward-thinking agencies like the Department of Business Oversight that engage with emerging industries and exemplify our state's reputation for innovation."