Senate moves Blockchain Promotion Act forward

CNET | 7/11/2019 | Marguerite Reardon
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A key piece of legislation designed to lay the regulatory framework for blockchain technology and to see how the government could benefit from its use has made it out of a key Senate committee on its way to becoming law.

The Senate Commerce, Science and Transportation Committee on Tuesday passed the Blockchain Promotion Act, bi-partisan legislation that directs the Department of Commerce to come up with a standard definition of "blockchain," the accounting ledger technology that underlies bitcoin and other cryptocurrencies. Blockchain distributes copies of the ledger across multiple computers so everyone in a network is working off a single record of all transactions, which is resistant to tampering and easy to audit.

Blockchain - Technology - Promise - Senator - Ed

"Blockchain is an exciting new technology with great potential and promise," Senator Ed Markey, a Democrat from Mass. and co-sponsor of the bill said in a statement. Markey noted that the technology is already being used in the private sector to expand access to renewable energy, enhance health care delivery systems, and improve supply chain efficiency.

The bill, which was reintroduced in February, has bipartisan sponsors in both the Senate and House of Representatives. The legislation is meant to prevent a patchwork of blockchain definitions at the state level and to set the framework for future regulation of the technology. There are already several bills that have been introduced around blockchain technology.

Lawmakers - Opportunity - Technology - Functions - Group

Lawmakers also see opportunity to leverage the technology to make many governmental functions more efficient. The working group described in the legislation will help do...
(Excerpt) Read more at: CNET
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