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US Congressmen To Legitimize Definition Of Blockchain At Federal Level

Published: 05/10/2018
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What is it for?

Doris Matsui and Brett Guthrie, the members of the US House of Representatives from California and Kentucky, respectively, have initiated the consolidation of the blockchain concept at the federal level by drafting a corresponding bill, according to a press release published by Doris Matsui on the website of the lower chamber of the US Congress.

 

The bill H.R. 6913 provides for the creation of a working group under the auspices of the US Department of Commerce. The specialists should give an exhaustive definition of blockchain and develop recommendations for the interested state authorities on its application.

 

Blockchain can transform the global digital economy. The possibilities of the technology are diverse, and its main advantage lies in transparency, efficiency, and security. The bill will provide conditions for the development of many innovative solutions, Doris Matsui stated in the press release.

 

It is noteworthy that the regulatory document was developed by the representatives of different parties, thus it will unite all the involved not posing any controversies.

 

Blockchain can be considered an excellent source for innovation and technological solutions, but it has to be defined precisely in order to understand how to use this technology with a greater advantage, Brett Guthrie added.

 

The governments of certain US states have already begun to create a legal framework for the blockchain in insurance, stock trading, and database storage. Relevant regulations were promulgated in California, Delaware, and Arizona.

 

As previously reported, former US president Bill Clinton appreciated the potential of blockchain technologies, and called their “permutations and possibilities” stunningly great.

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