Truth must be brought to the limelight. The only reason why the distributed ledger technology exists is because bitcoin exists in the first place. These two are interconnected in every way and form.

The Commodity Futures Trading Commission chairman J. Christopher Giancarlo spoke along pretty similar lines but that was after he was asked to explain by Arkansas Senator Tom Cotton to elaborate on the specific value of the technology associated with cryptocurrencies such as bitcoin.

In his statement, Giancarlo outlined that the cryptocurrencies were linked in a rather invariable way. He was clearly bringing out a bullish tone on the major prospects of technology and in a wide range of uses.

The U.S. Senate Banking Committee held a two-hour hearing in which case they were addressing a great audience. The topics in discussion were volatility in cryptocurrency markets, initial coin offerings and potential new regulation.

Giancarlo said it wasn’t appropriate for anyone to regard him as a pie-in-the-sky dreamer. However, he proceeded to speak about applications in areas such as the charity funds management and the financial markets infrastructure terming them to be rather promising.

Giancarlo’s written testimony shed much light on the possible uses for blockchain. The CFTC chair touched on the topic for over quite some time. Giancarlo asserts that the tech has the potential to enhance economic efficiency, defend against fraudulent activity, mitigate centralized systemic risk and improve data quality and governance.

SEC chairman Jay Clayton was perturbed by Cotton’s question and in that particular regard he proceeded to point out to several applications in the areas of record-keeping and data verification. It is about leveraging on technology in the creation of distributed records of information. He hoped that people would proceed to use it.

It goes without saying that the world needs the sort of technology that is capable of serving as a new source of value. It is about giving the very best to users. Each and every user looks forward to using secure forms of payments. The transfer as well as the powering new applications is a complicated affair but in the hands of experts everything is easy.