The Blockchain summit organised by the Chamber of Digital Commerce has come to a close in Washington DC. Key players of the bitcoin industry met with representatives of global companies and state officials.

The representatives of FBI and US Department Homeland Security, taking the stage at the summit, used the opportunity to emphasise that, from their perspective, there is nothing wrong with bitcoin as such, reports Coindesk. Catherine “Alden” Pelker, an analyst for the FBI's Money Laundering Intelligence Unit, revealed that FBI does not regard the cryptocurrency as “inherently nefarious”.

Homeland Security Investigations' Kevin Abar, who took part in the “Blockchain Alliance – Addressing Law Enforcement Concerns Through Education” panel, noted that the laws regulating the use of cryptocurrencies need to be developed across borders.

The summit praised the digital revolution that blockchain has brought to the fintech industry, which was highlighted in the keynote speech by an innovation expert Don Tapscott. He claimed that blockchain can create a true sharing economy. Among examples of the breakthrough distributed ledger brought up were smart contracts, blockchain for musicians, as well as the concept for a collectively-owned Uber.

IBM's Senior Vice President and Director of Research Arvind Krishna, who led the summit with a keynote, revealed how blockchain would free the enterprise by helping to eliminate paperwork, optimising complex transactions and creating transparency. Among use cases envisioned by IBM where blockchain can reduce costs, there are logistics, property records, and capital markets.

Sonya Belova