Blockchain: Emerging Technology Offers Benefits for Some Applications but Faces Challenges
Print
Blockchain combines several technologies to provide a tamper-resistant record of transactions between parties without a central authority, such as a bank. Although cryptocurrency is the best known use, blockchain has potential non-financial uses. For example, it could be used to manage supply chains, create less hierarchical organizations, and document real estate title transfers. This report also highlights potential benefits and challenges of blockchain. Data privacy, energy consumption, and regulatory uncertainty are key concerns. We present policy options for oversight, standard-setting, and more.