Senate passes blockchain bill: 3 things to know

The U.S. Senate Commerce, Science and Transportation Committee approved a blockchain bill last week that aims to promote the technology, according to a CNET report and cited by Yahoo Finance.

Three things to know:

1. The Blockchain Promotion Act is bipartisan legislation that would require the U.S. Department of Commerce to form a working group that will define what "blockchain" is. The bill also has support within the House of Representatives.

2. Members of the Blockchain Working Group will also provide recommendations on the applications of blockchain, including how federal agencies can use it.

3. Members of the blockchain group will be both governmental and non-governmental stakeholders, including information and communication technology manufacturers, suppliers, software providers, service providers, vendors and subject matter experts.

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