The independent non-profit has been providing guidelines and recommendations for the handling of new technology since being founded in 2006. ITIF has prepared a range of proposals for better regulation of blockchain in this new guide, basing it on principles of tech neutrality and adoption for the public sector.
‘A Policymaker’s Guide to Blockchain’, written by Alan McQuinn and Daniel Castro, in its introduction introduces blockchain as “a powerful new technology that creates a distributed digital ledger” for trusted and secure transactions without intermediaries:
“… blockchain has enabled the creation of “cryptocurrencies”, which are digital currencies created without a central monetary authority people can use to send money electronically, without banks. However, blockchain has many other uses that create opportunities for both public and private organizations to boost productivity, open new markets, and disrupt legacy business models. Policymakers should accelerate the adoption of blockchain by promoting government use of the technology and modernizing regulations to ensure policy does not hold back positive uses of the technology.”
The approach of ITIF is to encourage states to be supportive of legitimate blockchain innovation and adoption. This is best done by developing regulations that are relevant and support, rather than stifle, blockchain based applications.
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