Blockchain technology provides a paradigmshift in the way that we look at money.
My name is Perianne Boring and I'm the Founderand President of the Chamber of Digital Commerce.
The Chamber of Digital Commerce is the world'slargest trade association that's representing the blockchain technology industry.
Our mission is to promote the acceptance anduse of digital assets and blockchain based technologies.
Blockchain technology is one of the most transparentpayment systems we have today.
It's funny, there's a lot of people who wronglybelieve that this is anonymous.
That's absolutely incorrect.
It's radically transparent and because ofthat there's a lot of tools that can be realized using this technology.
Virtual currencies are currencies that runon blockchain technology and according to the U.
Treasury's Financial Crime EnforcementNetwork, or fenCEN, they consider a virtual currency to be a medium of exchange, a unitof account, or a store of value that is not legal tender or issued by the government.
Virtual currencies differ from governmentsponsored money, like fiat currencies, in many different ways.
One is that they have scarcity.
So Bitcoin for example, has 21 million Bitcoinso they can't be inflated like government money.
One other point to mention, is that thereare central banks all around the world that are looking at issuing virtual currenciesusing blockchain technologies.
My hope for the future is that people andconsumers will have the ability to choose what they use as the medium of exchange.
Whether that's something the government provideslike the U.
dollar or gold or silver or something new, and creative, and innovativelike blockchain technology.
We should have a choice.