Per the request of the United States Congress, the U.S. Government Accountability Office (GAO) laid out four policy options to help policymakers implement blockchain technologies while enhancing benefits and mitigating challenges.

The technology assessment shared by the GAO acknowledged the potential of blockchain technology in improving a variety of financial and non-financial applications even though it raised concerns about introducing new challenges while trying to resolve issues related to traditional systems:

“A blockchain might both increase the speed of a title registry system and lower the cost of title insurance by making title registration simpler and more trustworthy.”

However, some of the challenges highlighted in the study include uncertain benefits, data reliability and legal compliance.

Flowchart for determining whether blockchain may be useful. Source: GAO

With the above flowchart, GAO aims to help policymakers — including Congress, federal agencies, state and local governments, academic and research institutions, and industry — determine the requirement of blockchain implementation.

The GAO assessment further highlighted various non-financial implementations of blockchain technology, as shown below.

Examples of potential blockchain technology use cases. Source: GAO

While policymakers have the…

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