Blockchain 2019: U.S. Legislators Introduce New Bills Defining “Blockchain Technology”

Recently, members of the Senate Committee on Commerce, and the Science and Transportation introduced “Blockchain Promotion Act of 2019” to the U.S. Senate and House of Representatives floor. The bills are designed to establish a working group of stakeholders across the federal government and private industry in order to define “blockchain technology.” Senators Todd Young (R-Ind.) and Ed Markey (D-Mass.), and Congresswoman Doris Matsui (D-Calif.), Vice Chair of the House Energy and Commerce Communications and Technology Subcommittee, and Congressman Brett Guthrie (R-Ky.), both members of the House Energy and Commerce Consumer Protection and Commerce Subcommittee, are sponsoring the blockchain technology bills.

According to Sen. Young in Homeland Security, US Today, Feb 26, 2019: “Blockchain has the potential to be a catalyst for sustained economic growth across all industries and will benefit from American leadership.” Young continued that a working group is a “commonsense step that helps position the U.S. economy for success.” Blockchain technology is already a success in many fields, such as logistics, cybersecurity, cryptocurrencies, identification/border technology, IoT and AI to name a few. While the technology is still in its early stages of research, understanding and implementation, some U.S. government agencies have rolled out pilot programs, while others have not.

The U.S. Representatives introduced parallel bills. Rep. Matsui said, “Opportunities to deploy blockchain technology range from greatly increased transparency, efficiencies and security in supply chains to more-opportunistically managing next generation broadband networks.”

The Importance of Public-Private Partnership

The implications of these bills, if passed, hold far reaching results. As technological advancements further develop, defining “blockchain technology” and how it’s implemented on a federal government level is essential in order to adequately assimilate the industry into daily life across the nation. Furthermore, establishing relationships between the public and private sectors is important for the survival of blockchain technology. One of the first steps toward cultivating public-private partnerships is to keep all parties informed about the changing nature and landscape of blockchain technology.