How Can Policymakers Support Blockchain-Based Innovation and Consumer Protection?
While the Internet has enabled many types of transactions to become digital, many of these records are still maintained by a centralized authority, such as a bank or government agency. Blockchain is a powerful technology that creates a distributed digital ledger—a database—that allows multiple parties to engage in transactions with one another without a trusted intermediary. As a result, blockchain is having a significant impact on many different industries, from improving transparency in supply chains to enabling new methods of startup financing.
ITIF, the co-chairs of the Congressional Blockchain Caucus, and a panel of experts discussed how blockchain works, its potential benefits and uses, and the policy challenges and opportunities it creates. ITIF also released a report that provides an overview of blockchain and offers a set of principles to guide policymakers’ approach to this technology.