PITTSBURGH, PENNSYLVANIA – SEPTEMBER 25: US Vice President and Democratic nominee for President … [+] Kamala Harris speaks at an event hosted by The Economic Club of Pittsburgh at Carnegie Mellon University on September 25, 2024 in Pittsburgh, Pennsylvania. During the speech, Harris gave details about her economic platform, including ways to support small businesses and making home ownership more attainable, among other policy proposals. (Photo by Jeff Swensen/Getty Images)
In a speech at The Economic Club of Pittsburgh on Sept. 25, 2024, Vice President Kamala Harris outlined her vision for an “Opportunity Economy” — a strategy focused on strengthening the middle class, fostering innovation, and ensuring America’s leadership in key industries like clean energy and emerging technologies. Harris emphasized creating jobs, lowering costs for middle-class families, and investing in innovation as central pillars of her plan.
As a legal, policy and economic justice expert in digital assets and blockchain, I see a tremendous opportunity for this technology to drive real, meaningful change. Blockchain’s ability to foster transparency, decentralization, and trust without intermediaries can redefine industries, expand access to financial services, and create a more equitable economy. Below, I highlight five key areas where blockchain can accelerate Harris’s Opportunity Economy, positioning America as a leader in the digital future. These opportunities are not just theoretical; they represent real pathways to innovation and inclusive growth.
1. Empowering Middle-Class Financial Inclusion Through DeFi
One of Harris’s primary goals is to lower costs for middle-class families, particularly in housing, childcare, and eldercare. Blockchain’s decentralized finance (DeFi) solutions can be a powerful tool in this effort. DeFi platforms allow users to access lending, borrowing, and saving services without relying on traditional banks, which often charge high fees and impose barriers to entry.
For example, blockchain-based mortgage platforms could streamline the home-buying process, reducing costs and time. Additionally, tokenized real estate allows families to invest in fractional homeownership, helping them get a foot in the door without needing a large down payment. Harris’s vision of wealth-building for middle-class families aligns perfectly with the democratizing potential of DeFi, offering accessible financial products that reduce reliance on intermediaries and promote financial inclusion.
2. Revitalizing Small Businesses with Blockchain-Based Capital Access
Small businesses are the backbone of the American economy, and Harris’s plan to increase access to capital is critical for their growth. However, many entrepreneurs struggle to secure funding from traditional financial institutions. Blockchain can provide new avenues for raising capital, such as tokenization, smart contracts, and decentralized crowdfunding.
Tokenization allows businesses to issue digital tokens representing ownership or future revenue, offering flexibility in securing funding without the need for traditional lenders. Smart contracts further streamline loan agreements, reducing administrative costs and delays by executing automatically when predefined conditions are met. By integrating blockchain into small business funding models, Harris’s administration could fuel innovation and growth in communities across the nation, helping to reach the ambitious goal of 25 million new small business applications by the end of her first term.
3. Leading the World in Clean Energy Innovation
Harris pledged to make the U.S. a global leader in clean energy, and blockchain technology can significantly support this mission. Contrary to popular belief, blockchain technology can facilitate transparent and efficient energy markets by enabling decentralized grids, tracking carbon credits, and supporting peer-to-peer energy trading. These innovations align with Harris’s goals of investing in clean energy technologies like advanced batteries and sustainable energy infrastructure.
Blockchain can also improve transparency in energy production and consumption by providing immutable records of energy transactions. This ensures accountability and compliance with environmental regulations, while enhancing trust among stakeholders. Additionally, its decentralized nature can reduce reliance on traditional intermediaries, streamlining processes and increasing efficiency, which further strengthens U.S. competitiveness in the global clean energy market.
4. Democratizing Workforce Development with Blockchain Certifications
In her speech, Harris highlighted the importance of skills-based hiring over traditional degree requirements and committed to doubling the number of registered apprenticeships. Blockchain can help accelerate this shift by providing a secure, verifiable method for issuing digital credentials and certifications.
Blockchain-based credentials offer a tamper-proof way for workers to demonstrate their skills, allowing them to build a digital resume recognized across industries. This supports Harris’s commitment to workforce development by creating more accessible pathways to high-paying jobs in fields like AI, blockchain, and clean energy. Additionally, as Harris moves to eliminate degree requirements for federal jobs, blockchain could ensure merit-based hiring and provide transparency in the hiring process.
5. Boosting Affordable Housing Through Tokenization
Affordable housing is a key pillar of Harris’s Opportunity Economy, and blockchain can help achieve this goal by making real estate more accessible. Tokenizing real estate assets allows for fractional ownership, lowering the barrier to entry for first-time homebuyers.
Blockchain can also streamline housing transactions by eliminating intermediaries, reducing costs, and speeding up processes. For renters, blockchain-based smart contracts can automate rent payments and enforce lease agreements, making the rental process more efficient and secure. By integrating blockchain into housing initiatives, Harris’s administration could drive down costs, make homeownership more accessible, and help families build intergenerational wealth.
Clearing The Hurdles To Crypto Adoption
Myth Busting text on document above brown isolated on Office Desk
Despite the clear opportunities blockchain presents, many people remain hesitant to engage due to persistent myths that fuel what I call the fear of getting in (FOGI). Common misconceptions—like the belief that crypto is too complicated, only used by criminals, or isn’t regulated—deter potential investors and innovators.
The reality is that cryptocurrencies have become far more user-friendly, with platforms designed for ease of use. Additionally, blockchain’s transparency makes it harder for illicit activity to go unnoticed, and regulatory frameworks, such as crypto-based Exchange-Traded Funds (ETFs), are creating safer avenues for investment. Concerns about the environmental impact are also being addressed as newer cryptocurrencies adopt energy-efficient models and bitcoin mining increasingly incorporates renewable energy.
By debunking these myths, more individuals and businesses can confidently explore the opportunities that blockchain and digital assets offer—especially in sectors where Harris’s Opportunity Economy is focused on fostering growth and innovation.
Blockchain’s Role In Building The Opportunity Economy
Harris’s vision of an Opportunity Economy is built on fairness, opportunity, and innovation. Blockchain and digital assets are uniquely positioned to support this vision by democratizing access to financial services, revitalizing small businesses, advancing clean energy, fostering workforce development, and expanding affordable housing.
As Harris continues to outline her economic agenda, it’s essential to recognize the transformative potential of blockchain in shaping the future of American industry and economic growth. By embracing blockchain and digital assets, we can ensure that the U.S. remains a global leader in innovation while empowering the middle class and fostering economic opportunity for all.
