Two U.S. House of Representatives subcommittees held a hearing Tuesday to discuss the use of blockchain technology in supply chain management, Cointelegraph reports. The hearing’s conclusion was that the technology has a broad range of applications but that there is a lack of industry standards, the publication writes.
Executives from logistics companies UPS and Maersk were among the four witnesses at the hearing. Michael White, head of global trade digitization at Maersk, said that blockchain carried the potential to reduce high administrative costs for international supply chains.
Chris Rubio, vice president of global customs brokerage at UPS, said he hoped industry participants would cooperate to develop standards required for widespread adoption of blockchain.
Among risks to the technology is quantum computing, which could break blockchain’s cryptographic systems unless the blockchain is further developed, said Douglas Maughan, director of the Cyber Security division at the Department of Homeland Security.
Barry Loudermilk, a Republican representative from Georgia with a background in technology, said, “If we can get over the stigma of cryptocurrencies and look at the technology beneath it, it could be a solution to a lot of our cybersecurity and data protection issues.” Read more here.