Federal Government Weighing Blockchain for Cybersecurity, Rep. Abraham Tells Hearing
The federal government is exploring how blockchain technology could potentially address cybersecurity weaknesses, Rep. Ralph Abraham, R-La., said Wednesday during a House Science Committee' Oversight and Technology subcommittees' hearing. Technology Subcommittee Chairwoman Barbara Comstock, R-Va., said blockchain technology has extensive…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
applications beyond cryptocurrency exchanges, including identity authentication and verification, supply chain risk management and digital rights management. Chris Jaikaran, cybersecurity policy analyst at Congressional Research Service, said the General Services Administration and Department of Homeland Security are analyzing blockchain as a means for more efficient government business. Congress can provide oversight to federal agencies considering regulatory uses for blockchain technology, he said. IBM Vice President-Blockchain Technologies Jerry Cuomo said blockchain has the “potential to vastly reduce the cost and complexity of getting things done across industries and government.” Walmart Vice President-Food Safety Frank Yiannas said his company and IBM did two “proofs of concept” successfully demonstrating that blockchain technology can provide viable solutions for tracking and verifying food from origin to the store. Aaron Wright, professor at the Cardozo School of Law, said China, Japan and the EU have increased experimentation with the technology. They explored “whether blockchains can secure and manage critical public records, including vital information, identity, and title or deeds to property, and whether blockchains can improve government procurement and taxation processes,” he said in prepared testimony.