US Congress agency proposes 4 key policy changes for blockchain

Based on the request of the US Congress, US Government Accountability Office (GAO) has proposed four policy options, to aid policymakers implement blockchain technologies while effectively tackling challenges, reports CoinTelegraph.

These are as follows:

  • Standards
  • Oversight
  • Educational Materials
  • Appropriate Uses

With setting standards, GAO envisions tackling challenges around interoperability and data security. Some considerations include implementations of consensus mechanisms and establishing internationally recognised standards.

According to GAO, an oversight policy can “help address challenges with legal and regulatory uncertainty and regulatory arbitrage.” In addition, reports CoinTelegraph, the GAO recommends the issuance of educational materials for addressing challenges around limited understanding and undefined benefits and costs.

The fourth policy option, appropriate uses, talks about mitigating challenges around risks to the financial systems and undefined benefits and costs

The assesment shared by the GAO recognises the potential of blockchain in upending financial and non financial applications while it also raises concerncs about novel challenges presented by the technology like legal compliance,reliability of data.

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