The Wyoming State Legislature’s Select Committee on Blockchain Hears Testimony from Zachary Weiner

Introduction

The Wyoming State Legislature’s Select Committee on Blockchain, Financial Tech & Digital Innovation Tech on Tuesday heard testimony from Zachary Weiner, founder and CTO of VX Technologies. He urged the legislature to consider adopting digital asset legislation that takes advantage of Bitcoin’s data storage capabilities without compromising information security.

Watch the Full Testimony

Watch the full testimony here.

VX Technologies: Empowering People with Digital Asset Technologies

Weiner and VX Technologies focus on how digital asset technologies can be used to empower people. They have used the blockchain to create cutting-edge credentialing technologies, allowing for verifiable records to be stored on-chain without compromising privacy. Their product, VXPass, creates permanent and private credentials on the blockchain that can be instantly verified by authorized parties.

Bitcoin’s Data Storage Capabilities

Weiner highlighted Bitcoin’s data storage capabilities, noting that it is an exceptional platform for data storage due to its characteristics as “perfect money.” He emphasized the importance of privacy in data storage and explained how data can be hashed and transformed into a fixed-length alphanumeric value using a signature.

Implementing Legislation for Privacy and Security

Weiner implored the legislature to implement legislation that guards against the hasty publication of sensitive information on the blockchain. He emphasized the need to marry Bitcoin’s transformative attributes with stringent privacy measures to ensure innovation and individual security coexist.

Conclusion

The testimony from Zachary Weiner highlights the potential of blockchain technology for data storage and the importance of privacy and security. By leveraging Bitcoin’s capabilities, innovative solutions can be developed while maintaining individual privacy.

Watch: VX Technologies Wants to Make Bitcoin the Global Standard

Watch the video here.

New to Blockchain?

Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.