The US government is now looking for more insights regarding the utilization of blockchain technology in the commerce industry. Led by a group of congress representatives, the bill (H.R.8153) was brought forward to the government on September 1st, 2020.
The main objective the bill seeks to meet is to present a comprehensive overview of the status of the blockchain technology, how it secures its users, among other benefits.
The secretary of commerce in conjunction with the Federal Trade Commission are the bodies in charge of giving full insight into the report, as earlier directed by the US Congress.
A Brief Understanding of Blockchain Technology
Blockchain technology comprises a group of immutable data that is open to the public. Blocks are the names given for the data or records, while the chain is the public ledger database. Ideally, blocks contain various information including, the time, date, and the amount used for purchase.
The network also has miners who are responsible for forming new blocks via solving complex algorithms. After successfully mining the blocks, a miner automatically receives a reward.
Another interesting feature is the nodes which are present to store a copy of the blockchain. Additionally, nodes perform verification activities through the public ledger spread across a variety of nodes.
Opinions from the Congress Representatives
The US Representative Darren Soto, earlier this year persuaded the Treasury Department to make use of the Distributed Ledger Technology and Blockchain. It is due to the current crippling economy facing the world now in regards to the Covid-19 pandemic.
Two representatives, Brett Guthrie and Doris Matsui endorse the bill by Soto. In May 2020, Guthrie proposed a bill named the Advancing Blockchain Act that sought for a similar study on the Blockchain technology.
The authorities responsible for the research were the Federal Trade Commission and the Secretary of Commerce. Furthermore, the research aims to find out the industries that use blockchains, and utilize that information to make implementations on its usage on a national scale. However, the bill seemingly flopped and never made it through the committee
The Future of Blockchain Technology
Blockchains boast as one of the most innovative features in the crypto world. Its decentralized and transparent nature makes it stand out in various industries. Security is the main priority in the blockchains since users can trade valuable assets and tokens easily.
Besides, the emergence of Decentralized Finances built on blockchains is gaining popularity as they provide custody services. Blockchain innovation can handle a load of data on behalf of large companies.
It may not be certain about the future of blockchains, but they give remarkable benefits to everyone utilizing it portraying the next generation immutable network.