GAO Unveils Policy Recommendations to Mitigate Blockchain Risks

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The Government Accountability Office has released four policy recommendations that could help lawmakers improve the benefits and address challenges posed by the use of blockchain technologies.

In a report released Wednesday, GAO acknowledged the potential non-financial and financial uses of blockchain, including its ability to reduce costs and accelerate financial inclusion, but noted the risks the technology poses when left unregulated.

GAO recommended that policymakers unify standards on the development, implementation and use of blockchain technologies to mitigate interoperability and data security issues and clarify existing regulations and create new rules to ensure appropriate oversight.

The agency also advised lawmakers to support the development of educational materials and training of a workforce skilled in blockchain-based products and assist in determining whether the technology is capable of achieving specific missions.

“In addition, policymakers could choose to maintain the status quo, whereby they would not take additional action beyond any current efforts,” GAO said.

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