Blockchain Promotion Act of 2019

The American Congress has passed a blockchain-related bill named S. 553, wherein it brings into effect the Blockchain Promotion Act of 2019. I read quite a few messages on social media calling it historic and headed over to the Congress website to read the whole bill.

You can read the bill here if you want to. I am describing it for you anyway, so it is okay if you stick around.

The preamble of the bill bursts the bubble of expectation that the messages created. This is a job that could have been entrusted to the team over at websters. The purpose of the bill is "to direct the Secretary of Commerce to establish a working group to recommend to Congress a definition of blockchain technology, and for other purposes."

So, at best this can be called a fact-finding mission, and at worst it can be called a bureaucratic checkbox.

OiX has been talking to government officials in other parts of the world and they already have a fairly good idea of what blockchain technology is and how ti can benefit their efforts. I must admit, I am reminded of the Kodak story every time I see the U.S. grappling with Blockchain technology.

In fact, the only impressive thing about the whole bill is that it identifies the stakeholders of this process quite accurately and wisely.

Another mandate that the bill gives the team is to identify the opportunities for Federal agencies 10 to use blockchain technology. This will ensure that companies like Microsoft and Amazon are able to sell their wares by promoting use cases where they can sell Azure and AWS backed by DLT.

Am I excited that some steps are being taken, I sure am. Do I think it is enough? It surely isn't.

Blockchain Promotion Act of 2019
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