BTC Wires

U.S. Representative Seek Common Definition for Blockchain

Doris Matsui, a California Democrat, stated, “Blockchain technology could transform the global digital economy,”  she further added, “Opportunities to deploy blockchain technology range from greatly increased transparency, efficiencies and security in supply chains to more opportunistically managing access to spectrum.”

Matsui perceived, the bill, H.R. 6913, the “Blockchain Promotion Act of 2018,” would bring the stakeholders together to develop a standard definition of the blockchain which will recommend opportunities to promote innovations.

According to Brett Guthrie, “As our economies become increasingly digital, more organizations are turning to blockchain to keep track of their business transactions,” he further added, “Blockchain can be a great resource for innovation and technology, but we must figure out exactly what best common definition is and how it can be used.”

The law would apprise the U.S. Department of Commerce to create a blockchain working group to recommend a consensus-based definition for the technology. The group recommends the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC)  to study blockchain’s potential impact on policy and opportunities so the adoption of blockchain may improve efficiencies within the federal government.

Assembly Bill 2658 passed in California provides a legal framework recognising blockchain technology in the state’s insurance code. This amendment included a legal definition of blockchain technology.

Doug Ducey who is the governor of Arizona signed a law known as the Corporations/Blockchain Technology bill in which smart contracts and blockchain technology is used to secure signatures and records that helps in keeping the data validation that is shared by corporations.