The Blockchain Promotion Act passed in the USA

The Blockchain Promotion Act passed in the USA

The Blockchain Promotion Act passed in the USA. More innovation on the go. When it comes to innovation and the latest technology, the United States does not want to lose sight of it. The same applies to the blockchain. A long time after taking small steps toward adopting technology, the US Senate Commerce, Science and Transport Committee just gave the green flag to the Blockchain Promotion Act.

The goal is to provide more clarity about blockchain usage and the laws that will apply to the blockchain industry.

Blockchain Working Group

According to sources, the bill also proposes the creation of a working group on the blockchain. Members of the group work closely with both public and private organizations implementing innovations through the blockchain.

After a year of research, these representatives will provide information about the blockchain, which will help Congress officially identify the technology. In addition, they will be responsible for exchanging ideas about research that may be required in the field of blockchain. Team members will represent communities of software vendors, industrial sectors, business owners of all sizes and academics.

It is expected that the report will also be asked to conduct a proper study of the influence of distributed ledger technology on electromagnetic spectrum policies, potential applications in the financial field, and other areas besides any potential federal use cases.

Blockchain – Blockchain, initially a chain of blocks, is an ever-growing list of entries called blocks, which are connected and protected by cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. In its structure, the blockchain is resistant to data changes.