Applications

The applications of my perspective solutions are easy to understand when comparing blockchain to NATO and other types of decentralized examples. "After having described NATO as 'a unique community of values committed to the principles of individual liberty, democracy, human rights and the rule of law', it presents NATO’s three essential core tasks - collective defence, crisis management and cooperative security. It also emphasises Alliance solidarity, the importance of transatlantic consultation and the need to engage in a continuous process of reform."(NATO 2021). The main regulations of NATO are for allies to maintain world peace and decent standards of living for civilians. Cryptocurrencies that are on the blockchain have similar morals because everyone participating expects a safe way to secure assets as well as a possible income. However, there are few rules and regulations currently that protect cryptocurrency assets other than the encrypted codes they are based on. " Generally speaking, the most common agencies that regulate the blockchain space exist at the federal level. These agencies include the Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service (IRS), the Securities Exchange Commission (SEC), and the Commodities and Futures Trading Commission (CFTC). Additional federal agencies, such as the Federal Trade Commission (FTC), the Office of Foreign Asset Control (OFAC), and other corresponding state agencies, also play a role. Each one of these organizations treats cryptoassets differently." (Rosario 2022). These organizations regulate cryptocurrencies very leniently and still struggle to enforce people who perform "rug pulls" or create a cryptocurrency code and then scam the buyers, taking all of the money and draining the value. The foreign exchange market is another good example of a decentralized organization that is regulated to an extent that is more beneficial. For example, countries regulating the trading of forex can manipulate it in certain ways, mostly to prevent a very drastic negative impact on the economy. A good example of this would be when the U.S. and its allies placed sanctions on the country of Russia.

The application would begin by examining and analyzing how other organizations who partake in decentralized markets or values, such as NATO or FOREX, pay more attention to regulating crypto-asset protection. The central regulating oversight committee that I plan to form will help research, invest, and advocate for blockchain technologies, making this type of banking or data gathering more efficient and accessible. I plan to gain further support from the government to provide credible regulations to crypto trading, code creating, and blockchain usage as well as increase the accuracy valuations of crypto-assets.

References: Nato. (2018, July 11). Strategic concepts. NATO. Retrieved March 24, 2022, from https://www.nato.int/cps/en/natohq/topics_56626.htm

Rosario N. The complex regulations for blockchain in the US and abroad - ie law hub. IE Law Ahead. (n.d.). Retrieved March 24, 2022, from https://lawahead.ie.edu/the-current-regulatory-landscape-for-blockchain/#:~:text=Generally%20speaking%2C%20the%20most%20common,Futures%20Trading%20Commission%20(CFTC).