A detailed and comprehensive guide for policymakers on the regulation of blockchain technology has been released by the Information Technology & Innovation Foundation (ITIF). Established in 2006, ITIF is an independent not-for-profit organization that creates guidelines, information, recommendations, analysis and other relevant details on handling new technology for the policymakers. In the new publication, ITIF also embedded a set of frameworks for policymakers in order to more efficiently make the regulation of blockchain based on the systems like adoption by the public sector and technology neutrality.
The guide also has some futuristic projections relating to blockchain stating that the technology will likely be embedded into prominent applications like shared data services, crypto assets, smart contracts, tracking of authenticity, decentralized trading platforms and applications for digitalized applications. The guide also touched on the fact that ignorant lawmakers can jeopardize the progress made so far.
Based on the fact that by nature, blockchains are networks without middlemen, it is not an easy task to change or apply a retroactive editing style to the data. In fact, there is the possibility that some of the users can take advantage of loops in blockchain technology and store banned information. However, the report emphasizes that the present versions of blockchains available to the public are not the best solutions to the storage and sharing of pirated or illicit content.
As a whole, ITIF wants governments to put in more support in the legitimization of innovations in blockchain technology and also that they should adopt useful laws that do not restrict the blockchain-based applications from the initial stages. Strategies that are not well thought out can sever the development of blockchain technology in its totality. Earlier this week, it was discovered that the government of India was considering a bill that would meet cryptocurrency with a total and complete ban. The fact that the government of a country as massive as India wants to ban all forms of crypto assets outrightly is surely a cause for alarm. Such worrying development is one of the reasons why publications such as the one from ITIF should get into the hands of the policymakers.
It is believed that if the policymakers, lawmakers and those in positions of power across the globe are able to read these guidelines, the crypto world will progress faster. This is because many of the anti-crypto leanings of the policymakers are mainly due to misconceptions, misplaced fears or outright ignorance. Whatever the cause of the hostility expressed by policymakers against crypto trading, assets and, digital currencies, it is widely believed that more knowledge is needed.
With this in place, there will be a change and remarkable shift in perception on the part of the policymakers. And what this implies is that all the various crippling restrictions put in place across the globe against crypto activities will be removed. There will also be other benefits like governmental surface for the development of new blockchain technologies. All these are very crucial to the sustainability of global cryptosystem.