26 April, 2018
Blockchain technology has made some big strides in the past few years, but it just made a rather significant new one. For the first time, the U.S. Congress has recommended blockchain for government use.
On March 13, Congress released their annual Joint Economic Report, with an entire section dedicated to blockchain. “Government agencies at all levels should consider and examine new uses for this technology that could make the government more efficient in performing its functions,” the report stated. “Blockchain technology has the potential to help the economy function more efficiently and securely.”
Although the 2018 Economic Report from the Joint Economic Committee doesn’t go into detail on how government agencies are meant to improve their functions by using blockchain tech, it does contain references on how blockchain could be utilized. Specifically, blockchain can reduce mountains of paperwork, manage and prevent errors in data, and generally speed up processes.
“From applications ranging from management of the electrical grid and utilities to how companies manage global supply chains, the potential for blockchain is truly revolutionary,” the report said.
It certainly seems that way. It’s no secret that the U.S. government is a little behind the times when it comes to technology, especially with something as esoteric as blockchain. But when you break it down, the two are actually a match made in cyber heaven.
Governments oversee a dizzying amount of sensitive information, such as birth records, social security numbers, criminal records, your favorite color… Needless to say, a cyberattack and subsequent leak would be disastrous. Enter blockchain technology. As a secure and swift way to transfer data, it would lessen the potential for breaches. According to the report, blockchain has “proved largely resistant to hacking.”
The world of blockchain is still largely shrouded in mystery—at least in the eyes of many politicians. However, it’s hard to ignore the benefits of the technology. Including blockchain tech in its Joint Economic Report may seem like one small step for the U.S. government, but it was a giant leap for crypto-kind.
Image via Wikimedia Commons.