What is Blockchain? Doris Matsui Intros Bill to Offer an Answer
Congresswoman Doris Matsui (D-CA) has been introduced that would bring together stakeholders in government and private industry to come up with a common working definition of blockchain. It’s one of the biggest buzzwords in both finance and technology today. So ... what exactly is blockchain?? In simple terms, blockchain is similar to an accounting ledger, only it records transactions across a vast network and is decentralized, meaning it doesn't require any central authority to oversee it. It’s being touted as a technology that will revolutionize the finance sector. It gets occasional bad press because of its association with Bitcoin. However, cryptocurrencies like blockchain because it allows all parties to track, verify, and agree upon transactions, even when the individual participants remain anonymous. A recent CNBC report says slow transaction speeds and a lack of standardization, for instance, threaten to stunt blockchain's growth. But when implemented effectively, advocates say blockchain can improve efficiency and effectiveness, help cut costs, and increase revenue by creating new products and services. Matsui teamed up with Congressman Brett Guthrie (R-KY), both members of the Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection, to introduce the Blockchain Promotion Act. The bipartisan measure would direct the Department of Commerce to establish a blockchain working group to recommend a consensus-based definition of the technology. The working group would also consider recommendations for the National Telecommunications and Information Administration and the FCC to undertake a study that would examine the potential impact of blockchain on spectrum policy and opportunities for the adoption of blockchain to promote efficiencies within the Federal government. The bill comes as states are trying to come up with their own, varying, definitions. “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," Matsui said. More here.