Blockchain : emerging technology offers benefits for some applications but faces challenges : report to congressional requesters.

Format:

Book

Government document

Author/Creator:

United States. Government Accountability Office, author.

Series:

United States. Government Accountability Office. Technology assessment

Technology assessment / United States Government Accountability Office

Language:

English

Subjects (All):

Blockchains (Databases)--Evaluation.

Blockchains (Databases).

Electronic commerce.

Physical Description:

1 online resource (ii, 50 pages) : color illustrations, color maps.

Other Title:

Blockchain technology assessment

Emerging technology offers benefits for some applications but faces challenges

Place of Publication:

Washington, DC : United States Government Accountability Office, 2022.

Summary:

Economies rely on central authorities and trusted intermediaries to facilitate business transactions. Blockchain is a technology that could reduce the need for such entities while establishing a system of verification. It might therefore improve a variety of financial and non-financial applications. However, the use of blockchain technologies raises a variety of ethical, legal, economic, and social concerns. This report discusses (1) non-financial applications of blockchain, including potential benefits and challenges, (2) financial applications of blockchain, including potential benefits and challenges, and (3) policy options that could help enhance benefits or mitigate challenges of blockchain technologies. GAO is identifying policy options in this report.

Contents:

Introduction.

1. Fundamentals of blockchain.

1.1 What is blockchain?

1.2 How to determine whether a blockchain would be most useful.

1.3 Blockchain operation.

1.4 Types of blockchains.

1.5 Smart contracts.

1.6 Consensus protocols.

2. Blockchain could enable a variety of non-financial applications, but these applications face challenges.

2.1 Risks and challenges.

3. Financial blockchain technologies are in use and offer several benefits.

3.1 Cryptocurrencies.

3.2 Stablecoins.

3.3 Lending and borrowing through decentralized finance.

3.4 All blockchain-based financial products face challenges.

4. Policy options.

5. Agency and expert comments.

Appendices.

Notes:

"March 2022."

"GAO-22-104625."

Includes bibliographical references.

Description based on online resource, PDF version; title from cover (GAO, viewed on May 9, 2022).

OCLC:

1305500288