Blockchain and its claim to fame, cryptocurrency, has been the source of substantial legal turmoil. Some call it growing pains for this, others cite the decrease in government control as the cause of the backlash, while others still believe it comes from a time when cryptocurrency such as bitcoin was used predominantly by underground criminals, hackers, and drug dealers.
With Dubai building their government systems on blockchain, Nevada passing laws that ban local blockchain taxation, and Danish, Chinese, and Vietnamese central banks looking into blockchain and crypto solutions, governmental exploration of these technologies is gaining quick and necessary traction.
On June 29, 2017, In the capital of Germany, in the parliamentary building, a blockchain association and government lobby group by the name of Blockchain Bundesverband assembles.
This group supports digital cryptocurrencies like bitcoin and ethereum as well as other blockchain-based projects that are innovating the internet such as the many decentralized apps (DApps) that have begun to form.
The Blockchain Bundesverband, in turn, is receiving support from major players in the cryptocurrency and blockchain world such as “Gnosis, the IOTA foundation, Blockchain Helix and Slock.it, among several others,” according to Cryptocoins News.
The association’s “previous incarnation”, according to Coin Telegraph, has existed since 2015.
Among the Blockchain Bundesverbands goals which they released on the official Bundesblock website, are to:
- Establish an innovation-friendly legal certainty regarding civil, taxation, and regulation in order to make Germany a friendly and attractive place for the growing blockchain ecosystem
- Introduce blockchain to the public sector including one tested public register using blockchain tech by 2020
- Promote blockchain education and science
- Investigate the crossover of democracy and blockchain
In a publication called t3n in a post regarding the founding of the organization, Florian Glatz who will be running for president of the organization explains that blockchain offers an opportunity for Germany to participate as a world market leader in this new technology.
Since blockchain technology is finding a home far beyond cryptocurrency and fintech, this group could succeed in making Germany very attractive for companies who plan to deal in this type of advancement.
In recent times alone, blockchain has seen attention from major companies as a solution to longstanding industry issues.
For example, Wal-Mart has been testing blockchain for supply chain and delivery. IBM paired with Maersk have also been exploring blockchain for supply chain in the trucking industry.
Beyond that, blockchain is making its rounds in the medical, insurance, chemical, information security, government, and energy industries to solve issues regarding everything from fraud to record-keeping and more.
Companies such as Stratis and IBM are even offering Blockchain-as-a-Service (BaaS) to help companies adopt this disruptive technology.
As the Blockchain Bundesverband pushes forward with their goals, perhaps we will be seeing even more blockchain tech and solutions from within Germany.
What sorts of laws do you think should be passed regarding blockchain technology? Let us know in the comments below!