Copy link
Increase text size
Decrease text size
Link copied

Columnist explains how governments give blockchain a wrong definition

Tue, 03 Mar 2020, 08:42 am UTC

Preston Byrne, a columnist for CoinDesk’s new opinion section, explains the poor definition states give to the blockchain technology.

Byrne is a partner in Anderson Kill’s Technology, Media and Distributed Systems Group. He also offers an expert opinion on software, internet, and fintech companies. He also writes about the legal topics, not legal advice, in the crypto space in his biweekly column, “Not Legal Advice.”

According to Byrne, most states have the wrong definition of blockchain technology. Vermont and California have the “least-bad definition” saying that blockchain was a “mathematically secured, chronological, and decentralized ledger or database.” He gave their definition a solid C minus. According to him, their definition hits the high notes but it was poorly drafted.

Byrne added that Arizona’s definition was worse because it defined blockchain technology as a “distributed, decentralized, shared and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless…protected with cryptography, is immutable and auditable and provides an uncensored truth.”

He questioned the inclusion of “uncensored truth” in its definition which only made it confusing. Also, he stressed that not all blockchains are ledgers just as not all databases are ledgers. Byrne gave Arizona’s definition a D minus.

Meanwhile, he gave Connecticut, his home state, a solid D for its poor definition which Byrne described as “both duplicative and incorrect.” He noted that giving the wrong description makes it problematic.

“Well, the problem with a sloppy and overbroad definition is that sloppy definitions lead to sloppy and overbroad application on businesses that the drafters didn’t intend to capture,” Byrne wrote.

“Summing up, state legislatures have proved only one thing with bills that define “blockchain” incorrectly: that they don’t understand the technology. Accordingly, they shouldn’t be writing laws that regulate it.”

Byrne suggested that if states want to promote blockchain technology, they need to be guided by those who have a technical understanding of what they are trying to enact, who comprehend the commercial issues involved in the deployment and who are knowledgable to speak about the matter.

“If the current laws on the books are any indication, the states have a lot of work to do,” he concluded.

Meanwhile, the richest men in the world including Jeff Bezos, Bill Gates, Mark Zuckerberg, and Warren Buffett have shared their thoughts about blockchain and crypto. Most of them approve blockchain technology but not cryptocurrency.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 02:10:14
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .,............................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $13,721.10 (+1.29%)
  • Ethereum (ETH) $387.04 (+1.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.73 (-0.04%)
  • Chainlink (LINK) $11.25 (+1.38%)
  • Bitcoin (BTC) $13,721.10 (+1.29%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft