US Blockchain Adoption Needs Gov’t Vision, Collaboration with Industry, IBM Report Says

Published on 25 September 2018 by Cryptovest Staff

An analysis from IBM research division, MIT Connection Science, and the Congressional Blockchain Caucus also called for more funding for distributed ledger technology research.

Blockchain can reduce vulnerabilities in the existing identity, payment, and supply chain systems, a report of IBM Center for the Business of Government said on Monday. Based on three roundtables between US Congressmen and crypto industry representatives during the previous 12 months, the paper outlines several common areas of discussion that can lead to the successful and useful adoption of distributed ledger technology (DLT) in the US economy.

“Strong industry consensus exists around the belief that blockchain technology will be the leading edge of the “next Internet” economy,” the report noted.

The IBM Center for the Business of Government issued the report in collaboration with the Congressional Blockchain Caucus, and Connection Science division of the Massachusetts Institute of Technology (MIT) Trust. Dr. Thomas Hardjono from MIT Connection Science is the author of the document.

Dr. Hardjono described three common topics of discussion that stakeholders should focus on if they want to build a “digital-blockchain economy.”

Key Discussion Points

  • Firstly: There is a need for stronger US government leadership and vision regarding blockchain technology as industry leaders believe this technology can reshape the current economic system as the Internet has done.
  • Secondly: The DLT industry should cooperate more effectively with state institutions and give real production examples that show how blockchain can positively impact finance, insurance, supply-chain management, and government services. Moreover, the DLT companies should “address current hype about blockchain technology that can result in misinformation for lawmakers, regulators, lawmakers, and citizens alike,” Hardjono explained.
  • Thirdly: MIT scholar called for increased spending on DLT research and tests.

IBM published the report several hours before a special cryptocurrency regulation roundtable was held on Capitol Hill.