Editor’s Note: Cross-posted from the Regulatory Cybersecurity/FISMA Focus forum.
From: The Regulatory Review
Blockchain could provide essential data on the effectiveness of regulations.
Blockchain technology could be used to change the Code of Federal Regulations (CFR) from static documentation of regulations into a dynamic source of reliable information on regulatory impact. With a simple search, anyone could determine how long permit approvals take, which firms or industries are most affected, which regulations require the most paperwork, and any data available on the benefits of regulation.
A blockchain is simply a distributed ledger of any type of information—not just financial types like Bitcoin—known as a “block.” In an important respect, it is similar to a Google Doc in read-only mode. All of the members of the chain can view the block, but, once created, the blocks cannot be changed without consent of the majority of members of the chain. Unlike a Google Doc, however, all members of the chain hold copies of the blocks, so that there is no single storage source that is susceptible to hacking or tampering.