Blockchain Promotion Act approved by US Senate to define blockchain.

Blockchain Promotion Act approved by US Senate to define blockchain.

The US Senate Committee on Trade, Science and Transport approved the Blockchain Promotion Act on Tuesday, news CNET reported on July 11.

“Exciting technology with a lot of potential.”

Although blockchain is roughly considered a decentralized ledger technology, the US Senate has insisted on a clearer definition of the network in terms of its use.

The Blockchain Promotion Act is intended to bring the United States closer to a definition of blockchain at the federal level. The US government wants to determine in principle how it can best benefit from blockchain and is now setting up a working group on blockchain within the Department of Commerce.

Members of the working group must be representatives of federal agencies, who can use blockchain, and non-governmental stakeholders. The non-governmental participants include information and communication technology producers, suppliers, software developers, service providers, vendors, and experts.

Within one year of its establishment, the working group must submit a report to Congress recommending a definition of blockchain.

Where blockchain is used for a wide range of new industries, including cryptocurrency, it can be difficult to establish a clear definition of the emerging technology. However, it is clear that US lawmakers are excited about the prospect of a ledger (technology) that offers maximum transparency and is almost impossible to manipulate. One of the more outspoken supporters of blockchain is Sen. Ed Markey, Massachusetts (D).

“Blockchain is an exciting new technology with a lot of potential,” he said, adding, “This legislation will help to better understand applications for this technology and explore opportunities for its use within the federal government.”

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