Blockchain Common Definition
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A pair of US lawmakers – a Californian Democrat Doris Matsui and a Kentucky Republican Brett Guthrie – has reportedly introduced a bill for the need to create a working group that will work for finding a definition for “blockchain”.

What’s the Bill all About?

In a statement, Doris Matsui said that blockchain technology has the potential of transforming the digital economy globally. He went on to say that Distributed Ledger Technology (DLT) will help to increase “transparency, efficiencies, and security in supply chains”.

The bill (H.R. 6913) introduced by the lawmakers is called “Blockchain Promotion Act of 2018”. Reports say the bill in intended to bring all the stakeholders together so that a proper and agreed-upon definition is adopted for the blockchain. The bill will reportedly recommend opportunities for promoting new innovations.

Kentucky Republican lawmaker Brett Guthrie said that blockchain technology can be a great resource to innovate. It has become an important part of businesses nowadays as more business transactions are taking place by using blockchain. Economies are getting digital and blockchain can help in keeping track of business transactions. Guthrie went on to stress that “we must figure out exactly what best common definition” of blockchain is “and how it can be used”.

Who are the Lawmakers?

Both the lawmakers Doris Matsui and Brett Guthrie are part of Communications and Technology and Digital Commerce and Consumer Protection’s Energy and Commerce Subcommittees. They believe that the blockchain technology has the potential of benefitting the government as well as the economy.

What about the Definition for Blockchain?

The Blockchain Promotion Act of 2018 instructs the US Department of Commerce of creating a working group on blockchain that will come to a consensus on the definition for the technology. The working group will also recommend both FCC (Federal Communications Commission) and NTIA (National Telecommunications and Information Administration) is studying the potential impact of blockchain technology on policy matters as well as opportunities. Once the study is done, recommendations will be made for blockchain’s adoption to improve the federal government’s efficiencies.

Currently, different states in the US consider a different definition of the blockchain. Creation of this working group will bring the stakeholders together to creating a common definition.

 

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