A US Congress agency has recommended four key blockchain policy options.
GAO’s goal is to assist policymakers, such as Congress, federal agencies, state and local governments, in ensuring that blockchain implementation is seamless.
The United States Government Accountability Office (GAO) laid out four policy options to help policymakers implement blockchain technologies while enhancing benefits and mitigating challenges at the request of the United States Congress.
GAO hopes that the above flowchart will assist policymakers, such as Congress, federal agencies, state and local governments, academic and research institutions, and industry, in determining the need for blockchain implementation.
While policymakers have the right to keep things as they are, the GAO recommended four policy options to help with the decision-making process that surrounds mainstream blockchain implementation: standards, oversight, educational materials, and appropriate uses.
GAO hopes that by establishing standards, it will be able to address issues such as interoperability and data security. Implementing consensus mechanisms and establishing internationally recognised standards are two examples of considerations.
An oversight policy, according to the GAO, can “assist in addressing challenges with legal and regulatory uncertainty and regulatory arbitrage.” Furthermore, the GAO recommends the distribution of educational materials to address issues such as limited understanding and undefined benefits and costs.
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