A section of lawmakers from the United States of America have launched a search for a common definition of Blockchain. Led by Kentucky Republican, Brett Guthrie and California Democrat Doris Matsui, these legislators have introduced a law that would seek to create a working group that would later determine the real definition of Blockchain.
Blockchain Is Beneficial
The political leaders, majority of who are members of the Communications, Technology, Digital Commerce and Consumer Protection Committee, and in the sub-committee of Energy and Commerce, strongly believe that Blockchain can be of great help not only to the economy but also to the government. In a prepared statement that was read by Doris Matsui, Blockchain technology has the capacity of greatly developing the world’s digital economy. The opportunities to apply the uses of the technology vary from highly increased efficiencies, transparency, as well as security in supply chains to more opportunistically controlling access to spectrum.
In a bill known as the Blockchain Promotion Act of 2018, H.R 6913, stakeholders would be brought together to come up with a common definition for this fast-rising technology. According to Matsui, this bill could also go ahead and recommend other opportunities that can be used to promote new innovations.
According to Brett Guthrie, a number of organizations are turning to Blockchain so as to keep track of their transactions in the businesses they are involved in. Even though Blockchain can be a great resource of technology and innovation, Guthrie believes that it can only work when a common definition is found.
The Roles Of The Working Group
This law, when passed, would give instructions to the Department of Commerce in the US to come up with a blockchain working group, which would later propose a consensus-based definition of Blockchain.
The working group would also recommend the Federal Communication Commission, and the National Telecommunications and Information Administration to study the potential effect of Blockchain on opportunities and policies to adopt Blockchain. This would later improve the efficiencies that might be witnessed with the US federal government.
Action By Other States
The state of California has already passed legislation that gives a legal framework recognizing the blockchain technology in the insurance code of the state. The bill known as the Assembly Bill 2658 was recently amended to include a legal definition of the Blockchain technology.
Doug Ducey, the governor of Arizona also recently signed a ‘Corporation/Blockchain Technology bill’ that would support the records and signatures obtained through blockchain technology and smart contracts. This bill will make data that is kept and shared by corporations valid.
The state of Delaware is also not left behind in this quest, as the governor signed a law legalizing trading stocks on the Blockchain technology. These are all indications of good tidings. When these recommendations finally see the light of the day, it would be a great opportunity for those who hadn’t invested in this market to give it a try.