The use of Bitcoin and blockchain technology in the traditional industry sector has been increasing drastically in the recent days. The ever-increasing popularity of cryptocurrency has influenced few well-known personalities to shift from mainstream companies to the Bitcoin sector. Now the tide has turned, after the head of Bitcoin startup 21 Inc. Balaji Srinivasan met President-elect Donald Trump.
Balaji Srinivasan is said to be one of the candidates considered for the top job in the United States Food and Drug Administration. According to reports, alongside Srinivasan, tech capitalist Jim O’Neill is also on the list for the top spot in the regulatory agency. Jim is known for his association with investor Peter Thiel who is said to be in close terms with Donald Trump. Peter is also a member of the so-called “PayPal Mafia”, a label given to the payment giant’s founding team.
Balaji Srinivasan’s consideration for the position of FDA Commissioner puts the cryptocurrency industry in a different perspective. Until recently, it was a popular opinion that the cryptocurrency community is not as formal and organised as other sectors and filled with hobbyists. But the perception has so far changed with many leaders like Jon Matonis, Blythe Masters and others switching domains.
If Balaji Srinivasan does indeed become the head of FDA, then his expertise in blockchain technology and bitcoin will come in handy to create new standards. The implementation of Bitcoin and blockchain technology for efficient data recording, management and storage are well known. Additionally, it is also a useful tool for supply chain tracking and management. All these things can be used in the drug industry at various levels, starting from drug discovery, clinical trials, manufacturing and logistics.
However, at this moment there is no concrete information about who the final selection will be. While Balaji Srinivasan, Jim O’Neill and Scott Gottlieb are currently in consideration for the position, the President (elect) still has the option to reject the resignation of existing FDA Commissioner Robert Califf and allow him to continue leading the institution.
Ref: Fierce Biotech | Image: NewsBTC