Blockchain technology is sweeping the world, but two US presidential candidates are "kept in the dark"

US presidential candidates Hillary Clinton and Donald Trump remain ignorant of new technological innovations that could change human civilization, including artificial intelligence (AI), the Internet of Things (IoT), and the greatest invention of all time, Bitcoin.

Surprisingly, both candidates are reluctant to mention projects and programs related to reducing the negative impact of these technological changes.

Technology is changing the world

Artificial Intelligence, the Internet of Things, Bitcoin and its blockchain technology are everywhere. They have the potential to enable some incredible new business solutions and revolutionize the way we do things.

The impact of these technological innovations is so profound that all social institutions must undergo corporate reinvention in order to survive in the current competitive environment.

Take innovation in the economy, for example. Neither candidate mentioned the significant impact that Bitcoin and blockchain will have on their economies, especially the financial sector.

Bitcoin technology exposes the shortcomings of the existing banking system and fiat currencies. Indeed, these old systems are not only unsuitable for the development of the new economy, but are also a major obstacle.

Financial Revolution

As a result, experts predict that only a small number of financial institutions will be able to survive in the new economic model. According to a report by McKinsey, a new market structure will be formed in the next three to five years.

The World Economic Forum (WEF) has also reported that 80% of banks will begin using blockchain or distributed ledger technology (DLT) by 2017. This fact shows that "the new financial service architecture based on distributed ledger technology will reshape business processes and become the opposite of today's traditional business model."
Therefore, in order to survive, banks and other financial institutions have begun to study blockchain technology, especially some large banks. This phenomenon also represents the fear and hope of financial institutions for this technology. Forbes once said in an article:

As fintech, bitcoin and blockchain startups attempt to dismantle Wall Street’s stranglehold on financial services, some large companies are planning to use technological innovation to make their products and services cheaper and faster, in an effort to ensure radical reforms and secure their respective industries’ place in the future of business.

Yet, both Clinton and Trump’s policies on financial regulation didn’t even mention which banks were working on blockchain.

Clinton and Trump's Ignorance of Technology

These technological innovations are so broad in scope and so profound in impact that they are transforming our economy and upending society.

Innovation drives change. Change always comes with risks and opportunities, and such opportunities are often breathtaking and inspiring.

So should political leaders include technological innovation in their financial policies? Should leaders pay attention to the social impact of robots replacing human jobs? Should we raise taxes on the rich to subsidize those whose jobs are taken away by robots? What if we create a universal basic income standard?

Unfortunately, these two candidates are trying to lead a country with the most advanced technology in the world, but they have completely failed to notice the existence of technological reform, nor are they even aware of the far-reaching impact of the reform, nor have they thought about solving the above problems.

Let’s just assume that Clinton mentioned the word “blockchain” in his speech:

We must place American innovators in an important position because they will lead the world in a new generation of technological revolution in the future. These technologies include driverless cars, machine learning, blockchain technology, etc. We should protect their innovative ideas.

But Trump has never issued any written policy regarding the technology.

America’s Future in the Bitcoin Era

Aside from one speech by Clinton, the two presidential candidates do not appear to be technology enthusiasts. Newsweek recently wrote:

In the next four years of the new president's term, a large number of incredible new technologies will emerge, such as artificial intelligence, virtual reality (VR), blockchain, personal genomics, drones, etc. These technologies will completely change society, business and geopolitics. But our two presidential candidates seem to be out of the loop.

The U.S. presidential election is just weeks away. It’s clear that the winner will have to hire knowledgeable advisors to educate them about cryptocurrencies. Because such guidance will allow the new president to shape the United States into a more competitive, fast-growing, and fairer country.