FCEDA, Chamber of Digital Commerce host D.C. region professionals for introduction to blockchain technology

Contact: Alan Fogg, afogg@fceda.org, +1 703-790-0600 (office) or +1 571-213-5065 (mobile)

More than 50 attend Tysons Corner event to discuss potential of movement

Tuesday, October 17, 2017

Fairfax County, Virginia – The Fairfax County Economic Development Authority (FCEDA) and the Chamber of Digital Commerce hosted more than 50 members of the Washington, D.C., area business community today for a discussion of blockchain technology and its potential to alter the way the world conducts business.

“Fairfax County has always been regarded as a place where great thoughts [originate],” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA, in welcoming remarks. “Technology has always been a great part of our economic growth and that’s part of the reason we want to be part of events like this.”

Perianne Boring, founder and president of the Chamber of Digital Commerce, the world’s largest trade organization representing the blockchain industry, served as keynote speaker.

“We think that Fairfax County has the opportunity to be a leader in the Blockchain revolution,” said Boring, during her “Blockchain 101” presentation. “It’s very much in a strategic position to harness this technology.”

The Chamber of Digital Commerce defines blockchain as a “distributed share ledger that holds an immutable record of digital asset transactions.” The technology enables any assets of value to be transferred. Those assets can be tangible – such as bonds, real estate or a vehicle title – or intangible – such as patents or music.

Proponents see multiple benefits: the system is tamper-resistant, can decrease transfer and settlement times, can lower transaction costs, can improve trust and security and can reduce or eliminate paper systems.

Rodney Lusk, director of national marketing for the FCEDA, served as moderator on a panel of blockchain experts including Jenny Cieplak, counsel, Crowell & Moring; Karen Mitchell, manager of Wipfli; and Srinivas Vutukuri, vice president for technology services, Softthink Solutions. The panelists discussed the merits and pondered the future of blockchain’s acceptance in the marketplace.

Ryan Risley, a partner based in Wipfli’s Reston office, and Girish Ramachandra, senior manager at Wipfli, presented a simulation of blockchain in action, demonstrating the benefits of “Smart Contracts” in a vendor/purchaser scenario.

Time magazine called Fairfax County “one of the great economic success stories of our time.” Fairfax County offers businesses state-of-the-art infrastructure, access to global markets through Washington Dulles International Airport and a highly skilled, well-educated workforce.

The award-winning Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. In addition to its headquarters in Tysons Corner, Fairfax County’s largest business district, the FCEDA maintains marketing offices in six important global business centers: Bangalore, Berlin, London, Los Angeles, Seoul and Tel Aviv. Follow the FCEDA on Facebook, TwitterLinkedIn.