Trump Invests $700 billion in Blockchain Study

Earlier today he signed a military bill authorizing blockchain research studies

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Earlier today, the President of U.S, Donald Trump signed a $700 bln military defense bill regarding an order for a blockchain cybersecurity research study.

The bill is calling for the Department of Defense to research potential defensive and offensive cyber applications of blockchain technology as well as other distributed database technologies.

According to the latest version of the text, the research study will be an evaluation of efforts by criminal networks, extremist organizations and foreign powers to find the use of such technologies. At the same time, the study will investigate methods of utilizing blockchain technology from the Federal Government.

It’s going to be the biggest reaserch study on blockchain.

Congress is expecting the results of this research in the next 6 months. The Department of Defense has the responsibility for the study as it is not the first time exploring such applications. However, other federal departments and agencies will probably take part in the final product.

The senior vice president at IT Industry Council in Washington, Trey Hodgkins talked about the topic. He stated that blockchain is definitely one technological capability that Congress has to invest some money. This way agencies can have some flexibility to launch their studies.

Also read: Korean Bank Takes Advantage of R3’s Blockchain Technology

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