The Information Technology & Innovation Foundation released recommendations for policymakers on how to regulate blockchain technology on April 30.Founded in 2006, ITIF is an independent nonprofit institute that provides policymakers with information, analysis and recommendations for handling new technology.
In its new guide, ITIF included an array of proposals for policymakers to better regulate blockchain based on principles like technology neutrality and public-sector adoption.
The guide predicts that blockchain will likely factor into major applications such as cryptocurrencies, shared data services, smart contracts, decentralized marketplaces, authenticity tracking, and digital identity applications.
It also adds that uninformed lawmaking threatens to hamstring development.
Data-use regulations in particular can affect blockchain deployment.
Some of the E.U.'s provisions, the guide explains, are inconsistent with the tamper-proof nature of blockchain transactions.
As blockchains are peer-to-peer networks without intermediaries, it is difficult to edit or retroactively change data.
It is possible that some users could exploit the technology to store prohibited information, but the report stresses that "Current versions of public blockchains are not optimal solutions to storing or sharing illicit or pirated content."
Generally, ITIF encourages governments to make more effort to support legitimate blockchain innovation and adoption by developing relevant regulations that do not limit blockchain-based applications out-of-hand.
Reflexive measures run the risk of cutting off blockchain development outright.
ITIF Releases Guide to Regulating Blockchain for Policymakers
gepubliceerd op May 1, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.