This bill — the Blockchain Promotion Act of 2018 — would direct the Secretary of Commerce to establish a Blockchain Working Group to recommend a definition of “blockchain technology” to Congress and evaluate the technology’s public and private sector applications. The working group would consist of heads of relevant federal agencies and representatives of non-governmental stakeholders, like blockchain researchers and consumer advocacy groups.
Within a year of this bill’s enactment, the Blockchain Working Group would submit a report to Congress with a recommended definition of the distributed ledger technology commonly referred to as “blockchain technology” and recommendations for:
A study on blockchain technology’s impact on electromagnetic spectrum policy, to be conducted by the Assistant Secretary of Commerce for Communications and Information, in coordination with the Federal Communications Commission (FCC);
A study examining the range of potential applications, including non-financial ones, for blockchain technology; and
Opportunities for federal agencies to use blockchain technology.
In the course of its work, the Blockchain Working Group may consider any recommendations in the National Institute of Standards and Technology Internal Report 8202, “Blockchain Technology Overview,” released January 2018.
The nongovernmental stakeholders involved in the working group would include information and communications technology manufacturers, software providers, service providers, and vendors; subject matter experts representing industrial sectors that could benefit from blockchain technology; small, medium, and large businesses; individuals and institutions engaged in academic research relating to blockchain technology; nonprofit organizations and consumer advocacy groups engaged in activities relating to blockchain technology; and rural and urban stakeholders.