The United States Government Accountability Office (GAO) has put together four different policies that will assist policymakers in executing the usage of blockchain technology while developing further benefits and diminishing challenges.
With the assessment of blockchain technology, the GAO has acknowledged the potential of new and developing fields, and at the same time, the organization has recognized the ability of blockchain technology to transform both financial and non-financial applications.
Although issues have been raised against the technology because there have been concerns that it can raise new problems related to the traditional system while resolving the old ones, with blockchain technology, the cost of the title registry system can be reduced while increasing the system’s speed. The title insurance can also become more trustworthy in terms of security and simpler in terms of usage.
The study has also highlighted legal compliance, uncertain benefits, data reliability and multiple non-financial implementations of blockchain. With GAO’s recommended four policies, the policymakers can implement the blockchain in the mainstream industry to look after the standard of the materials and their appropriate uses.
