IBM and the Congressional Blockchain Caucus Urge for Less Blockchain Regulations

If you follow the latest news and updates in the crypto sphere – with emphasis on blockchain technology – you probably already know that one of the most blockchain-committed companies in the world right now is IBM. The tech giant is one of the grandest blockchain spenders and patent applicants, and it has already released a blockchain-based payment system for banks.

And now it appears that IBM doesn’t just settle with its own devotion, but also urges the U.S. government to dedicate more resources and less regulations in the proper development and support of blockchain technology.

In a new special report (PDF) – labeled “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain” – IBM offers a meticulous and detailed recap of three different Congressional discussions about blockchain technology initiated by the Congressional Blockchain Caucus in 2017-2018. Additionally, the report prompts government officials to enable the advancement of blockchain technology by reducing or removing regulatory obstacles.

Strong industry consensus exists around the belief that blockchain technology will be the leading edge of “next Internet” economy. It is imperative that government and industry work together to continue and strengthen technological and market leadership in this new area, and to address potential policy and regulatory incompatibility that may constrain growth of the emerging digital-blockchain economy.

The report itself carries a lot of authority and gravity as its author is a distinguished researcher from MIT, Dr. Thomas Hardjono, who is the Director of the MIT Trust: Data Consortium and part of MIT Connection Science; Dr. Hardjono has a broad history of examining and researching blockchain technology specifically, and other cyber areas in general. Befitting its author’s credentials and standing, the report is comprehensive, extremely organized, and comprehensible (i.e. isn’t written in dry academic style); it revolves around three main topics that were featured in the Congressional discussions – digital identity, payment systems, and provenance and supply chains.

It is important to note that the Congressional Blockchain Caucus is bipartisan – it includes members of both the Democratic and Republican Parties – which in itself is very impressive when considering the current divisiveness, and sometimes open hostility, in American politics. The leadership of the Caucus presently consists of four Congressmen (two Democrats, two Republicans): David Schweikert (R-AZ 6th District), Jared Polis (D-CO 2nd District), and the recently inducted Tom Emmer (R-MN 6th District) and Bill Foster (D-IL 11th District). Unlike many other organized political factions, the Blockchain Caucus seems dedicated to actually bolster and support blockchain technology; just last week Representative Emmer introduced three different bills to promote blockchain and cryptocurrency.

Who knows, perhaps alongside IBM, the Congressional Blockchain Caucus could perhaps harness politics to boost up the entire crypto industry.