In a move that slipped a bit below the radar last week, the U.S. Commerce Department issued its first blockchain guidance report. The report, written by the National Institute of Standards and Technology (NIST), attempts to explain blockchain technology to the business set and help executives make “clear-eyed” decisions about investing in it. (NIST)
Why this is important: Guidance reports from the NIST signal both mainstream acceptance and act as a permission slip for many organizations to consider blockchain as a solution. It also shows that the U.S. government is thinking about how to use blockchain technology and not just blockchain policy. That’s a good sign for the long-term health of the industry.
Fun with government names: In the great tradition of dry government nomenclature, the blockchain guidance report, which is just a draft for now, is titled: Draft NIST Interagency Report (NISTIR) 8202: Blockchain Technology Overview.