Advancing Blockchain Act would be the US Ticket for Blockchain Superiority
Governments worldwide are reaping the advantages of blockchain integration within several fields. As Dubai uses blockchain as part of its smart city initiative, citizens of Georgia communicate with the technology to register and transfer land titles. It takes three minutes to register a title. The blockchain framework behind it allows security, longevity, and transparency — qualities that go a long way in rebuilding people’s faith in their governments.
In the world, South Korea’s customs service uses blockchain for import and export of goods. The United Kingdom has piloted the technology to trace the origin and distribution of cattle meat. Switzerland has trialed blockchain identification and voting systems. China alone has recorded hundreds of blockchain projects, with $1.6 billion in governmental funds set aside for blockchain initiatives.
The list goes on and on. Governments are swiftly experimenting with and using blockchain to enhance efficiency and secure platforms and promote transparency in areas like supply chain management, titles, identification, bookkeeping, voting, energy consumption, and more. The United States, nevertheless, represents one such government that proceeds to lag behind its innovative counterparts.
Pushing forward via the Advancing Blockchain Act
The Advancing Blockchain Act is a bill proposed by Rep. Brett Guthrie, a Republican from Kentucky. It is the third blockchain bill introduced by Guthrie, following the Blockchain Promotion Act of 2018 and the Blockchain Promotion Act of 2019, which stalled. If passed, the bill would begin a complete survey of blockchain technology, assemble a report with legislative recommendations to support the growth and adoption of blockchain, address regulatory barriers and advance the U.S. as a global leader blockchain technology.
While private-sector adoption of blockchain technology has been delayed by regulatory uncertainty, government agencies have investigated it for innovative use cases. The Food and Drug Administration launched a pilot that uses blockchain for tracking and authenticity verification of subscription drugs, and the Air Force stationed a solution for supply chain security.
Should the Advancing Blockchain Act pass through Congress, a comprehensive survey on the advantages of blockchain and other nations’ successes will be conveyed to it. The report would generate urgency to offer clear regulations that will allow the U.S. to maintain and expand its blockchain industry.
Cryptocurrency firms have actively engaged with politicians and regulators for years to operate toward clarity in law and effective customer protections. The Advancing Blockchain Act is something the crypto world cannot afford to sit on the sidelines for. Without strong advocacy, this bill is expected to be denied a hearing. This bill represents a wake-up call and rallying cry for innovators in public and private sectors to come together, not only to catch up with but also to succeed against their global counterparts in the “blockchain race.”