CompTIA, the US-based and world-leading IT industry trade association has released a handy guidebook titled Harnessing the Blockchain Revolution: CompTIA’s Practical Guide for the Public Sector.

The guide offers several chapters that take an in-depth look at blockchain technologies and their benefits. In the opening, the guide is considerate enough to note that the technology has been “viewed through the lens of virtual currencies”.

Technology in focus

It describes the monetary value and market hype of digital currencies as factors that overshadowed the underpinning technology, and it appears now governments, policy makers, institutions and industries are becoming aware of distributed ledger technology.

The guide cites a May 2018 Deloitte survey that found that the blockchain industry was in “breakout moment” and soon this nascent industry would be exploding into corporate and daily life.

The piece is incredibly bullish on the tech, acknowledging that blockchain use cases in most sectors of public and private industries. The guide, however, gives focus to the public sector and makes a few suggestions on what public sector leaders should consider before adopting the technology.

A prudent approach

“Adopting the right procedures”, “scalability”, “workforce considerations”, “regulatory issues” and “law enforcement considerations” are the facets that CompTIA believes are most critical to the success of a public sector blockchain project.

CompTIA makes recommendations for a federal blockchain stakeholders advisory group, writing, “To facilitate the maturation of blockchain technology, CompTIA recommends that Congress create a working group of federal stakeholders to provide recommendations to Congress on how to plan and encourage the growth of blockchain technology.”

This entity would be composed of “industry, academia, non-profits and trade associations” which would examine various facets of a blockchain technology ecosystem, similar to that of the G20s Financial Stability Board (FSB).

Safe testing environments

It also calls for federal and state governments to create regulatory sandboxes for the technology, facilitating a steady pace of innovation testing, so that developers can experiment in a controlled environment, without worrying about what legal or regulatory hammers will come crashing down on them.

Other countries such as the United Kingdom have successfully utilized the regulatory sandbox method and are witnessing promising results.

In tandem with the publishing of the report, CompTIA hosted an event in Washington DC that will give focus to how blockchain will inform future practices of businesses and state governments.

At the event, the Congressional Blockchain Caucus will be present to discuss matters, as well as blockchain experts and Congressman David Schweikert, who has previously expressed fears over stifling regulators and the wider societal benefits of blockchain technology.

 

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