US Telecoms Chief Urged Not To Hinder Emerging Blockchain Technology
U.S. Telecoms Chief Urged Not To Hinder Emerging Technology Like Blockchain
The head of telecoms authority in the United State has urged that blockchain which is an emerging technology should not be hindered or deprive due to some policies which can be dubbed “antiquated” regulations.
Ajit Pai, the chairman of the U.S. Federal Communications Commission (FCC) disclosed this to Indian Express daily news outlet on Friday.
Speaking at the India Mobile Congress 2018, Pai noted that in the tech industry, transparency of data is no doubt a Sine qua non, and it would be necessary to converse with companies like Facebook and Google on such matter.
Pai explained that despite adjustment in the code of practice guiding telecoms in the U.S. which was first initiated as law in the 1930s, exploring technologies like blockchain, machine learning, and artificial intelligence (AI) still seem difficult.
“These are very dynamic industries and one can foresee in coming decades – things like artificial intelligence, machine learning, blockchain, quantum computing will have significant impact on how communications networks operate,” FCC head stated.
“We don’t have jurisdiction over these firms but that’s one of the thing we are trying to learn about. What are the emerging technologies that will have an effect on this space and how should our thinking about regulation evolve.”
Although it has been envisioned by a study that blockchain in telecoms will opened the sector to a big market, spiking it to $1 billion industry by 2023, but regulations around telecoms industry especially in India and U.S. seems to be hampering the cause.
It was reported that India is at the moment in chaos due to the prohibition of banks from servicing crypto related businesses, and senior officials in the country are also averring that the technology is illegal.
Pai himself could also be involved in controversy in his position at the helm of the FCC.