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.
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.
Curious about blockchain and how it’s used? In our latest blog post, we dive into blockchain’s many uses and how to address emerging policy challenges. Find out more: https://t.co/ae21mF7IMg pic.twitter.com/F5puP4VIUJ
— U.S. GAO (@USGAO) March 24, 2022
The GAO assessment further highlighted various non-financial implementations of blockchain technology, as shown below.
While policymakers have the…