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If you’re even just slightly familiar with American politics then you probably know that there aren’t many issues which would connect a Democrat Congresswoman from California and a Republican Congressman from Kentucky. But apparently one of these rare uniting issues is… blockchain technology.
Congresswoman Doris Matsui (D-CA) and Congressman Brett Guthrie (R-KY) have jointly presented on October 1 a new bill (H.R. 6913) entitled “the Blockchain Promotion Act of 2018” whose purpose is to standardize the lawful notion of blockchain technology, primarily for government officials who consequently would be on the same page promptly upon broaching the topic of blockchain.
What does it actually mean in practice? If passed, the Department of Commerce would form a bipartisan working group that would ultimately “recommend a consensus-based definition of the technology”; this formulated definition would systematize and codify everybody’s understanding and comprehension of blockchain without discrepancies or misconceptions. In addition, the working group would make recommendations for the National Telecommunications and Information Administration (NTIA) and Federal Communications Commission (FCC) based on a study which would analyze the influence of blockchain technology in order to increase effectiveness.
According to Congresswoman Matsui:
Blockchain technology could transform the global digital economy. Opportunities to deploy blockchain technology ranges from greatly increased transparency, efficiencies and security in supply chains to more-opportunistically managing access to spectrum.
According to Congressman Guthrie:
As our economies become increasingly digital, more organizations are turning to blockchain to keep track of their business transactions. 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.
While some people may scoff at the idea of passing a bill solely for the purpose of formulating a definition for a particular technology, this is precisely what can bring a little order to a still uncertain and baffling field. Aligning everybody with a specific definition could actually help producing much more accurate and proper legislation on top of that definition.