What Role Does Government Play in Blockchain Technology’s Future?

As blockchain technology becomes more widely used, some researchers are recognizing that cooperation and collaboration among all stakeholders, including government, is critical to enable the technology to deliver the efficiencies it promises.

A report [PDF] from the C.D. Howe Institute by Thorsten Koeppl and Jeremy Kronick, “Blockchain Technology – What’s in Store for Canada’s Economy and Financial Markets?” identifies challenges facing policymakers and regulators.

Koeppl is an associate professor and RBC Fellow at Queen’s University while Kronick is a senior policy analyst at the C.D. Howe Institute.

It is not clear how the technology’s benefits will be realized in a way that ensures they are delivered to the economy as a whole, the authors noted at the outset of the 28-page report. The three major challenges for policymakers and regulators are:

1. Design a principle-based regulation system that provides high safety standards, legal certainty and a stable environment for transactions.
2. Ensure that the technology leads to end-user cost efficiencies rather than only a redistribution of profits among intermediaries.
3. Identify areas where government involvement is helpful, such as

Read more ... source: CryptoCoinsNews

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