As reported by CoinTelegraph, members of the U.S. Congressional Blockchain Caucus and IBM argued the use cases of blockchain technology for payments, supply chains as well as ID systems.
A report, recently written by IBM called “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain” initiated in collaboration with the U.S. Congressional Blockchain Caucus.
The report reviews a wide range of discussions between the U.S. Representatives Jared Polis and David Schweikert, technical director at the Massachusetts Institute of Technology (MIT) Thomas Hardjono as well as the vice president for blockchain technology and CTO at IBM Jerry Cuomo.
MIT and IBM hosted three gatherings with members of the Congress, debating the necessity for government funding of blockchain reform and regulators. Thus, they will be able to oversee the test results of different solutions state by state – before they bring the technology to the market.
Cuomo stated that specialists could analyze blockchain all day long but at the end, it must be designed also for the public use. He said ‘time for the [U.S.] to start acting’ on blockchain technology adoption in daily life. “Blockchain is ready for government, let’s get government ready for blockchain,” he continued.
Representative Polis, who also earlier suggested to make the Colorado state a ‘national hub for blockchain innovation in business and government,’ told that the state has only started to see ‘the promise of blockchain technology,’ which passes over tokens and digital currencies.
He uttered his thoughts about the blockchain technology, the value of designing the best legal groundwork for modernization and blockchain technology application due to the high possible life quality enhancement for Americans. He also mentioned that blockchain might approach the issue of trust in centralized institutions.
Additionally, Polis addressed the importance of crypto taxation. “We want to make sure that people using cryptocurrencies won’t pay taxes for buying a cup of coffee or a magazine,” he stated. Yet, IBM CTO Cuomo commented that was ‘a really big question’ as they not yet completed ‘small dollar amounts’ when later on asked about tax holidays for crypto startups.
Representative Schweikert stated during the phone call, that medicine and social project sectors would gain the most advantage from blockchain technology solutions. He also added that particular encryption patterns should be elaborated very well to protect data.
Begging of the week, Blockchain Caucus member and U.S Congressman Tom Emmer declared that he will propose three bills in order to support the growth of digital currencies and blockchain technology, along with practice a secure field for taxpayers with ‘forked’ digital assets.
Author: Berna Bayindir
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