As Washington Embraces Crypto, New DCI Report Breaks Down Blockchain’s Impact on Finance and Broader Industry

Washington, DC (December 17, 2024)—As policymakers evaluate blockchain’s expanding role in digital finance and other sectors, the Data Catalyst Institute (DCI) today released ‘Banking on Blockchain: Harnessing Utility to Modernize Finance, Supply Chains, and Much, Much More.’ The report launches DCI’s DECODER series and provides lawmakers with a practical framework for understanding blockchain’s wide-ranging applications. 

The report examines how organizations across sectors implement blockchain technology to transform traditional business processes. In financial services, blockchain-based tools are revolutionizing cross-border transfers and other services by directly connecting parties, eliminating intermediaries, and reducing costs. The technology’s impact extends well beyond finance – from supply chain management to philanthropy – where its ability to create transparent, immutable records modernizes how organizations track and verify transactions. In turn, companies and organizations are unlocking billions of dollars in savings and value creation across many industries.

“With new research showing that 69% of voters believe the U.S. should be the global leader in digital asset innovation, this report cuts through common misconceptions about blockchain technology, showing how it’s already enhancing financial services, supply chains, remote data storage, charitable giving, and more,” said Dr. Mark Drapeau, DCI’s Editor In Chief. “From multinational corporations to federal agencies, organizations are already showcasing blockchain’s practical applications.”

As blockchain adoption grows, U.S. policymakers face key decisions about integrating these technologies into existing financial frameworks while maintaining America’s competitive position in digital innovation. Precedence Research projects the global blockchain market to grow from $27 billion to $1.9 trillion by 2034, so regulatory clarity will be crucial for maintaining U.S. leadership.

About DECODER by DCI 

The exponential age is defined by rapid innovations that break down barriers across society, business, and government. Technological advancements—such as artificial intelligence, blockchain, quantum computing, and cybersecurity—redefine our lives faster than they have for previous generations. 

DECODER by DCI clearly explains how these technologies work, their potential applications, and their policy implications for lawmakers and decision-makers. DECODER helps lawmakers make informed decisions that foster innovation while addressing regulatory, ethical, and societal concerns. This knowledge empowers policymakers to stay ahead of the curve and craft forward-thinking legislation in a rapidly evolving tech landscape.

Inquiries: editor at datacatalyst dot org