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US Congress acclaims Blockchain as ‘Truly Revolutionary’


Apr 05, 2018 Posted /  351 Views


US Congress acclaims Blockchain as ‘Truly Revolutionary’

US Congress acclaims Blockchain as ‘Truly Revolutionary’


 

US Congress acclaims blockchain technology, and broadcasts report presenting optimistic views on Blockchain Technology, correlating it to the Internet in the late 1990s.

 

Back in the late 90s, people and companies who turned down on the internet tormented for their decisions. The companies which adopted the internet transformed the way how they interacted with the businesses.

 

In the 2018 Joint Economic Report, US Congress published a 334-page report concerning the country’s Macroeconomic Outlook, Tax Reform laws, Infrastructure and varied topics. A discussion on the Blockchain was one of the main features of the report.

 

The report discussed various other sectors in which the technology may be utilized. They see its potential in digitally maintaining the storage of medical records by health care providers, patients, and policymakers.

 

The report proclaims the potential for blockchain to be, ‘truly revolutionary.’

 

Additionally, it focuses on the need for regulation of securities as in ICOs and the taxes for these virtual currencies.

 

The report on blockchains concluded with four main recommendations:

 

  • Policymakers and the public should become more familiar with digital currencies and other uses of blockchain technology, which have a wide range of applications in the future.

 

  • Regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction.

 

  • Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.

 

  • Government agencies at all levels should consider and examine new uses for this technology that could make the government more efficient in performing its functions.


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Tags: US Congress blockchain USA Blockchain blockchain technology US Congress acclaims blockchain technology Macroeconomic Outlook Tax Reform laws US Government

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