BTRIC- a philanthropic step towards the economic development in the field of Emerging Technologies (https://www.btric.org/)
“Innovation has not only led to new products and more-efficient production methods, but it has also induced dramatic changes in how businesses are organized and managed, highlighting the connections between new ideas and methods and the organizational structure needed to implement them.”
The above said words have been quoted from the speech of Chairman Ben S. Bernanke at the conference on “New Building Blocks for Jobs and Economic Growth” held at Washington D.C in the year 2011[u1] . In the contemporary world of rapid change via technological discoveries has changed the way things were back in 20 years ago. Every rationale human will agree with the words spoken by Mr. Ben at the conference. This concrete and concise statement is a mere reflection of a disruption these innovations are bringing into today’s world. Such new innovation includes but not limited to introduction of Smart Phones, Internet of info/Value, 3D technologies such as Augmented Reality, Virtual Reality and 360 videos concept, the behavior changer Social Media outbreak and last but not least my favorite Blockchain Technology or Distributed Ledger Technology which has 180 degree changed the idea of Centralization to De-Centralization which at first appears to be a rebellion’s way of doing business.
For the purpose of setting a clear problem statement and the underlying solution to be discussed, we will be considering Blockchain Technology which was first introduced by the unknown identity (Satoshi Nakamoto) where not only the concept of Decentralization was implemented but a unique Exchange of Value “Bitcoin”, a currency first of its kind, was introduced.
Bitcoin and the word Crypto Currency has been hyped by the media in the recent years especially with respect to their riskier nature as an investment, labeling of Ponzi schemes, completely ignoring the underlying revolutionary technology. Still we meet people in our day to day life with people having their own definition of crypto currencies and not even heard of the underlying technology. 2017 was the first year when the name of Blockchain technology reached the masses and attracted professionals from different fields. Such adoption raised concerned for the Regulatory authorities such as the definition of the asset whether it falls under the definition of Security or not, fraud management, money laundering etc.
The Problem Statement
In case of conventional assets, a clear rules, regulation, and laws are present in every country of the world to safeguard the interest of the nation as a whole. Nevertheless, in case of this latest technology key issues are:
· How Investors are protected with respect to risk, fraud;
· Where is the entity raising funds, the key questions of KYC /AML
· What is the legal status of the project, its repercussion on the legal system
· Does it pose a threat to the global economic conditions
· How entities raising funds are managed
· What are the governing rules for them
Thus, these some of the key issues are still present and each country is trying to think of its own ways. For example in World Economic Forum 2018 and G20 meeting, these questions were discussed in some manner. Sooner or later, a hammer will be stroked.
Solution to the Problem is to define the law and set precedent, but the risk is the precedent set may not include the input of all stake holders, even if so, there is no single voice to represent the effected stake holders in the legislation Hall to cater the matter in a hassle freeway. In a good faith, there must be some guidelines set by the community itself which can be suggested to the government.
One such solution is to be provided by the ‘Blockchain Technology Research Innovations Corporation (BTRIC)’ a not for profit economic development organization that is focused on the emerging technology field. As it is an initiative not only with an aim to educate, advocate and set standards and development initiatives but the focus is much larger. As quoted by the BTRIC in their introductory paper following are the main tasks to be executed by the organization:
BTRIC Innovations Incubator
We work with promising emerging technology projects in their pre-investment stage and infuse them with business best practices, provide them with development and test infrastructure, and then help them launch as independent businesses, ready for investment and primed for growth. We work with our donors and partners across the emerging technology industry to help projects form partnerships that last well beyond their incubation phase. Donors to BTRIC and the projects in our incubation program are rewarded in some way (dependent on the legal jurisdiction of the project’s business formation) when they launch as separate businesses.
We work with other advocacy organizations to help ensure that emerging technology projects and businesses are able to innovate organically, promoting “light-touch” regulations that do not stifle progress. We also coordinate the development and maintenance of common-sense, voluntary standards that are intended to increase the quality of projects, businesses, and Initial Coin and Token Offerings. We believe that multiple self-regulatory organizations (SRO) will emerge in the field and are working on the framework to establish an inclusive SRO that promotes innovation. The entire emerging technology field benefits from this work to encourage voluntary and flexible self-regulation, as opposed to poorly conceived governmental regulation.
We conduct open-source research that helps to resolve technology problems that slow the adoption of emerging technologies, collaborating with other projects and government pilot programs to overcome challenges and advance the field. We also subsidize some of the cost of our employees’ participation in the open-source projects that are foundational for the emerging technology field.
As the organization is at its initial stage, founded on August 30, 2017, BTRIC is going to jumpstart soon with the above stated targets, aims to provide the cushion to the tech community in general and economy as a whole. One such project will always require significant resources not only in terms of funding, but as well as human resource like industry experts in their relevant areas of technology, compliance, Strategic management etc. It is pertinent to mention that BTRIC has also earned the GuideStar’s Platinum Seal of Transparency — their highest level of recognition.
Therefore, this piece of writing is to create awareness among the community to this proactive initiative and to raise the numbers of resources all around. Please reach out BTRIC by:
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