U.S. Congressman: Bitcoin Enables Exchange of Data for Value

Bitcoin Policy Matters is an online video series launched by Bitcoin Association that aims to educate audiences worldwide about Bitcoin and how the current and future political landscape can affect it. For its first episode, Bitcoin Association founding president Jimmy Nguyen speaks with U.S. Congressman Patrick McHenry (R-NC 10), Republican Leader of the House Financial Services Committee, about his personal views about digital currencies, blockchain technology and how they can lift up the national economy.

“Here in the United States, we pay more for the movement of funds than the rest of the world. There is a profit motive for that, certainly, but what we need is action to bring more competition into the exchange of money [and] the movement of money…. We see the benefits across society of digitisation using technology. In essence, instead of having a person make the decision, you enable the technology to do it quickly and efficiently. Once that technology is set up, there are massive cost savings,” McHenry told Bitcoin Association.

The North Carolina representative is an active proponent of Bitcoin and blockchain technology. He believes that digital payments and other applications that can be built on blockchain technology can catapult the U.S. economy into the future, which is a global digitized economy.

“What we can’t think of or contemplate is the world of digital payments that is a decade in the future, because all we can think of is the clunkiness now…. We’re talking about a wholly different view that is broadly enabled by technology. You may not be able to see it, you may not be able to feel it, but you’ll experience the good results of it in the future,” McHenry stated. 

“The first layer here is to actually monetize the Internet and to make the Internet truly the Internet of money…. Bitcoin is that layer that will enable us to take the exchange of data and actually have an exchange of data for some value. I think it’s a huge opportunity to connect data and tradeable value,” McHenry added.

McHenry’s vision for the future is aligned with that of Bitcoin—with Bitcoin putting value on data being generated by everyone on a daily basis. This is not the case at present as people do not own the data they make online. Instead, only huge companies like Facebook and Twitter earn money from gathering social media information of their users. 

The answer to this is something like Twetch, a social media application built on the Bitcoin SV blockchain, where users can monetize their own data. With Twetch, users also have intellectual property rights. Another great example is the blockchain-based healthcare database EHR Data is developing that allows patients to earn revenues from their medical history. For instance, if clinical research facilities need to access patient data for cancer research, then the cancer patient will be asked permission to access their data for a fee. In this way, regular citizens can benefit from other people using their own data, and not just big companies and institutions.

Stay tuned for more episodes of Bitcoin Association’s Bitcoin Policy Matters by subscribing to its YouTube channel here.