National Telecommunications and Information Body Invites Suggestions for Blockchain Policy

National Telecommunications and Information Administration Blockchain Policy Cryptocurrencies Cybersecurity

The National Telecommunications and Information Administration is inviting suggestions from stakeholders for shaping blockchain policy, in a bid to help entrepreneurs make better use of the emerging technology.

A division of the U.S. Department for Commerce, the administration released a notice of inquiry earlier this week that asked for contributions around cybersecurity, privacy, information free-flow and emerging technologies.

It is expected that submissions will inform the policy response from NTIA, as it seeks to create better conditions for entrepreneurs to put the technology to better use.

David Redl, the administrator of NTIA, said the intention was to help the agency support the “internet-enabled economy.”

“We want risk-taking American entrepreneurs to have access to global markets for their digital products and services. We expect that in the coming years, our focus will increasingly be on artificial intelligence, automated workforces, blockchain technologies and more. We want to know how we should participate in international discussions of these issues.”

The move could be particularly significant given the NTIA’s role in advising the president on issues around telecommunications and information. While the NTIA has no formulated policies around blockchain technology to date, the matter is already being taken seriously at more senior levels of government.

Most notably, the Department of Commerce has previously discussed how blockchain technology could be used to handle digital copyright ownership, a key battleground for businesses and creators.

Speaking at the 2018 State of the Net conference, Redl flagged blockchain as one of the most important emerging technologies for industry, and advised that the NTIA will help ensure the administration makes “the right choices” around supporting and developing the technology.

Following the notice of inquiry, NTIA will now begin accepting submissions for relevant stakeholders, including from those working at the frontline of the cryptocurrency and blockchain industries.

With blockchain thought to hold the potential for significant cost savings and efficiency gains across a number of industries, the news of the NTIA’s support in the development of policy relating to blockchain will be considered another step forward for industry in embracing the potential of the technology.