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IBM Urges Congress Caucus to Fast Track Blockchain

Developers such as IBM are urging the US government to take a lead in promoting blockchain technology in order to move the industry forward.

Recent meetings by the Congressional Blockchain Congress aimed at discussing use cases for blockchain are in line with a general consensus in Washington that blockchain has significant implications for the future and is now being taken seriously. The report from the meetings stated:

“It is imperative that government and industry work together to continue and strengthen technological and market leadership in this new area, and to address potential policy and regulatory incompatibility that may constrain  growth of the emerging digital-blockchain economy.”

A key factor moving forward according to the report is to speed up the deployment of the technology and deal with areas which might impede progress and adoption is both business and industry. An important theme emerged from the meetings which indicated that participants at the meeting felt that leadership at government level was essential along with close collaboration with the blockchain industry from Washington.

This was highlighted recently when Ohio congressman Warren Davidson invited 32 prominent representatives of the cryptocurrency industry to discuss future ICO legislation. They met to discuss measures to be introduced by the Securities and Exchanges Commission (SEC) this coming autumn after discussions between the Commission and Davidson’s office.

In the latest Washington meetings, the focus was set on digital identity, payments, and supply chain and provenance. It was clarified at each of the three meetings held by the caucus that the industry sees DLT as potentially the “next internet”.

In conclusion, the report stated that “more resources need to be allocated toward this nascent yet rapidly evolving technology, much in the way the US government-funded early research into the internet in the 1970s and 1980s”.

With Washington clearly taking more of a role in promoting blockchain technology, US congressman Tom Emmer is planning is to introduce three pro-blockchain and cryptocurrency bills to Congress entitled ‘Resolution Supporting Digital Currencies and Blockchain Technology’, the ‘Blockchain Regulatory Certainty Act’, and the ‘Safe Harbor for Taxpayers with Forked Assets Act’.

 

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