The United States House of Representative was thrown a revolutionary bill after members of the Energy and Commerce Subcommittees on Communications and Technology and Digital Commerce and Consumer Protection weighed in with a proposed legislation involving blockchain.
A possible name would be the Blockchain Promotion Act 2018 and its purpose would be to create a consensus-based definition of blockchain and assist in creating a working group to study the technology that is used to support the government as the technology evolves.
The most exciting part of this proposal is the recognition as to how it can help in various industries which study groups would use their research to report back and even make recommendations on how blockchain can replace the current systems in the administration.
Specifically, more notable members that have pushed this are Brett Guthrie and Doris Matsui with them stating ÂOpportunities to deploy blockchain technology ranges from greatly increased transparency, efficiencies and security in supply chains to more-opportunistically managing access to spectrum. This bipartisan bill will bring a broad group of stakeholders together to develop a common definition of blockchain, and, perhaps even more importantly, recommend opportunities to leverage the technology to promote new innovations.Â
Also, they added that blockchain can be a great resource for innovation and technology, but more importantly the government first needs to establish how best to leverage the tech.
This is huge news and will be relative globally because if the US are starting to take note of this technology then others may well do as well. The legal aspect of blockchain has been reported on consistently in our articles. It is only a matter of time for certain industries to start taking it seriously and then legal professionals will have to catch up on how to apply the law to it. Lawdit and a select few firms in the UK and internationally that are one step ahead. We have a dedicated team here to assist in the growing number of disputes arising which involve an understanding of blockchain technology.