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Blockchain in the US Government – Report

Blockchain in the US Government - Report

According to sources, the MIT Internet Trust Consortium, which is part of the MIT Connection Science, has issued a 41-page joint report with IBM, after three round table discussions on the role of Blockchain in government. The discussions put together a paper that explained the core issues that are needed, three in all – the need for leadership and vision from the US government, the need for collaboration between the industry and the government, and for increased support research and testbed deployments of blockchain technology. The leadership component suggests a “sandbox” for companies but it must be done fast as some are saying that the US has already lost its edge. We tend to disagree with this view.

In the area of collaboration, there should be talks taking place at all levels of government with reach to the private sector. There is a growing feeling that the US government must be well educated in Blockchain. This will allow the industry to grow its own culture. And the increased research. The preferred vehicle is DARPA – the Defense Advanced Research Projects Agency. There are also calls for the government to establish a working group that will ensure the study of economics for blockchain and block chain economics. There were both public and private sector attendees at the conference.

The US government and the SEC have disagreed on several core issues but in the past month, momentum seems to be driving sector and of course, the public sector. The SEC remains focused on details while a growing list of US universities and private corporations are focused on the challenges for Blockchain leadership that are coming out of China, Switzerland, Japan and other countries that are less focused on every detail of regulation.

Note that Japan has a group of 16 self-regulated exchanges while China is limiting crypto-trading but encouraging Blockchain investment. Switzerland, despite being a small country is looking to be the epicenter for Blockchain technology in the small town of Zug. More on this topic later. 

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