One thing Illinois has going for it right now is that government is embracing blockchain. They haven’t implemented it yet. However, the statements coming out of the governor’s office show they are going to be a light touch regulator.
The state has done a good job, and established a Blockchain center at WeWork on 20 West Kinzie Street in Chicago.
I really believe that Chicago can become the leading light in Blockchain if we put our minds and effort to it. It’s great that FinTank is involving academics from places like the University of Chicago, one of the leading finance schools in the world. I’d like to see the University of Illinois Engineering school get involved too.
Blockchain is in Chicago’s historical wheelhouse. It’s plumbing. It is good to see institutions like CBOE and CME putting a toe in the water. I would like to see other institutions like consulting, insurance and accounting firms in the city put a concerted effort behind it. The HFT trading community is already there.
Blockchain is the future of the internet. Failure by Chicago leaders to see and embrace the benefits of the internet back in the late 80’s and early 90’s when the building blocks were being developed in Champaign hurt the economic progress of the city.
My fear today is local Chicago leaders will follow the lead of Jamie Dimon. Government leaders won’t look at the possibilities, but will worry more about the liabilities, particularly when it comes to patronage. At least the governor’s office has put a stake in the ground.