Blockchain bill would spur adoption across agencies

In recent years, blockchain technology has gradually made its way into federal agency applications. However, by passing a new bill, agencies and Congress can hasten adoption by reaffirming their faith in encrypted ledger technology.

Rep. Darren Soto (D-Fla.) presented the Blockchain Technology Coordination Act, which would create a Blockchain Center of Excellence in the Department of Commerce to manage all non-defense initiatives involving blockchain technology across the federal government.

However, cryptocurrency is the most well-known application of blockchain. In addition to Soto's measure, new legislation would require the Commerce Department to investigate how blockchain can assist in the regulation of digital assets. The Consumer Safety Technology Act, for example, would mandate that the Federal Trade Commission issue a report on the potential benefits of blockchain for fraud prevention.

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