The Trump Administration's reckless actions to fire and force out dedicated federal workers, freeze or cancel federal contracts, and impose senseless tariffs that raise costs for American families, are already having a negative impact on our local and regional economy. The unemployment rate is rising and local families and businesses are tightening their belts, reducing economic activity. While we must continue to fight against federal job and budget cuts that harm our region, we must also accelerate our efforts to diversify our local economy.
One of the most promising areas of growth? Blockchain technology. Blockchain is, at its core, a secure, decentralized system for recording and verifying transactions that leverages tokens to compensate users and transmit value. Its applications range from supply chain management to digital identity to secure voting systems — technologies that can reshape entire industries and improve public services.
Blockchain startups offer Fairfax a unique opportunity to pivot toward a more resilient economic future. These startups can create high-wage jobs for software engineers, cybersecurity experts, data scientists, and project managers — many with skill sets transferable from federal or contracting roles.
The sector’s dynamism continues to attract venture capital, drawing in new investment and fresh talent. In fact, global blockchain venture funding reached over $10 billion in 2023, with more than 1,000 blockchain startups launched that year alone. Large corporations headquartered here already rely on blockchain technology and can help foster an ecosystem of startups. Capital One, for example, has dozens of patents in blockchain and uses the technology in areas including authentication, data security, and claims management.
Michael Saylor's Microstrategy, recently renamed Strategy B, is the world's largest Bitcoin Treasury Company.
And the technology’s applications in public service — like secure digital permitting, property records, or even elections — could bring more transparency and efficiency to local government. On the Board of Supervisors, we've been pushing to allow tax payments to be made via bitcoin and other cryptocurrencies.
Efforts like our Accelerate Breakfast Series are helping catalyze this transition. These gatherings bring together entrepreneurs, investors, and local leaders to share ideas, build relationships, and spotlight the county’s innovation potential. A recent breakfast featured a pitch by a startup working to improve regulatory compliance and security for financial institutions utilizing blockchain technology.
The Fairfax Founders Fund, established by the Board of Supervisors, provides grants of up to $50,000 to promising, early stage companies poised to disrupt industries and create new jobs. Blockchain-focused founders who choose to locate in Fairfax County can take advantage of this opportunity to help grow their businesses.
Blockchain’s potential extends beyond the local economy. Globally, it has been used to deliver humanitarian aid more efficiently and transparently, including during crises in Ukraine and elsewhere. That same spirit of solving real-world problems can drive local innovation too—particularly as we seek technologies that promote both economic opportunity and social impact.
Fairfax should build on this momentum. That means continued investment in incubators and accelerators for emerging technologies, stronger workforce development pipelines through universities and community colleges, and deeper partnerships between the public and private sectors to pilot blockchain use cases.
We can’t control every twist in federal policy, but we can shape how we respond. By betting on innovation and backing our entrepreneurs, we can build a Fairfax County economy that is not only more resilient, but more inclusive and forward-looking. Blockchain isn’t just a buzzword—it’s a tool, and with the right support, it can play a role in ensuring our continued economic dynamism as a county and as a region.