(BlockBar) The United States approved the Block Chain Promotion Act, which set a standard level of this technology, aiming at developing a regulatory framework for Block Chain Technology and to study how the government can benefit from its application.
The Senate Committee on Commerce, Science and Transportation approved the Block Chain Promotion Act on Tuesday, which was jointly enacted by members of both parties to guide the U.S. Department of Commerce in its standard definition of the Block Chain. Block Chain is an accounting technology, the underlying technology of Bitcoin and other encrypted currencies. Block chains distribute accounts on multiple computers, so everyone in the network can process all transaction records, which is a tamper-proof and easy to audit recording method.
Ed Markey, a Democrat from Massachusetts and one of the sponsors of the bill, said in a statement:” Block chain is an exciting new technology with great potential and prospects.” Markey pointed out that this technology has been used in the private sector to expand the use of renewable energy, strengthen the medical service supply system and improve supply chain efficiency.” What’s more, this legislation will help further understand the application of this technology and explore opportunities for its use within the federal government.”
The bill, which was reintroduced in February this year, was supported by members of both parties in the Senate and the House of Representatives. The aim is to prevent fragmentation of block chain definitions at the state level and to set up a framework for future technical regulation. Several bills on block chain technology have been introduced. Legislators have also seen opportunities to use this technology to improve the efficiency of government functions. The working group described in the bill will help the government to do this.
Many experts believe that the block chain is a major innovation in double-ledger accounting. It may play an important role in providing services to government agencies, preventing tax fraud, eliminating bureaucracy and reducing waste. For example, it can be used to track health care and social security welfare systems, or to improve document management and storage patterns. Another potential application of block chain is to help agencies, such as the Federal Communications Commission, better distribute and manage wireless spectrum licenses.
Doris Matsui, a California Democrat, said: “This bipartisan, bicameral bill will bring together a large number of stakeholders to develop a unified definition of the block chain. ” Specifically, the working group will provide advice to other government agencies, including the National Telecommunications, Information Management and the Federal Communications Commission, on how to use the technology to help manage wireless spectrum and to help other agencies within the federal government improve efficiency.
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