• Cardano founder Charles Hoskinson discusses future applications of Cardano and other blockchains.
• Regulators plan to implement crypto regulations in the financial space soon.

Charles Hoskinson, the founder of Cardano, has shared some non-financial applications of cryptocurrency while giving a detailed report of his participation at the 6th Annual DC FinTech Week organized by Chris Brummer. At the event, Hoskinson discussed ”What’s Next for Blockchains (And What Shouldn’t Be)?” together with Stani Kulechovi, founder of Aave, and Kevin Sekniqi, CEO of Ava Labs.

This event involved several lawyers, FinTech analysts, blockchain developers, financial heads, and many other regulators. The Washington DC FinTech Week is notably one of the nation’s largest fintech policy conferences. 

Meanwhile, US-based firms like Commodity Futures Trading Commission (CFTC), Environmental, Social and Governance (ESG), and Futures Industry Association (FIA) were also present. These firms hope for regulations, governance, and consumer protection in the cryptocurrency sphere. They plan to investigate the level of decentralization in Bitcoin, Ethereum, Cardano, and other cryptocurrencies. To that effect, a study lab established in Scotland will begin its full operations on November 18, 2022. 

Cardano plans to diversify its applications 

In a Twitter broadcast, Charles Hoskinson said:

People tend to view blockchain technology as strictly a financial asset, something someone buys or holds but the reality is, it has profound application for building resilience electrical grid, telecommunication grid….

Furthermore, he cited some major sectors where Cardano applications are possible. Sectors like Carbon Monitoring, Supply Chain, Health industry, and Identity where blockchain technology is used for purposes other than finance. For instance, TraceX Technologies uses the blockchain to track carbon emissions. On the other hand, Microsoft Corporation and Huawei utilize blockchain supply chain management. Also, there are some blockchain health companies like BurstIQ and Medical Chain. Startup companies like Peer Mountain, Hu-manity, and Evernym are actively thriving in blockchain identity management.

Many stakeholders at the event have agreed to take cryptocurrency to its next level. The collaboration seeks to make crypto regulations a reality. This will broaden the scope of cryptocurrency and introduce regulatory regimes that recognize and appreciate crypto as a positive system. Regulators want to legalize sanctions, compliance, consumer protection, and utility. 

We want Cardano and cryptocurrencies in general to become the financial operating systems of the world. My big passion in life has always been banking the unbanked and giving the unbanked economic identity that they control, that is self-sovereign and ultimately global in nature ensuring human rights” Hoskinson disclosed. 

The IOHK boss also mentioned a vital portion of a presentation by a representative from the People’s Bank of China that depicts the sophistication of the blockchain system. It has over 40M users and processes about 10,000 transactions per second. Crypto hopes to redefine the money system where few people have control over the financial liberty of millions of people.