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Blockchain: Novel Provenance Applications [April 12, 2022]
From the Summary: "Blockchain, generally, is a database technology that records and stores information in blocks of data that are linked, or 'chained,' together. Data stored on a blockchain are continually shared, replicated, and synchronized across the nodes in a network--individual computer systems or specialized hardware that communicate with each other and store and process information. This system enables tamper-resistant recordkeeping without a centralized authority or intermediary. There are multiple types of blockchains, and, depending on the type, recorded data may be accessible to all users or only a designated subset. All blockchains share common characteristics, including decentralization (i.e., no centralized authority), immutability (i.e., the blockchain records are unalterable), and pseudonymity (i.e., how users' real-world identities are handled). Certain blockchain types may offer greater levels of decentralization and pseudonymity than others. New blockchain applications, such as smart contracts, non-fungible tokens, and decentralization autonomous organizations, may automate processes or replace intermediaries in a variety of fields. Recent developments in blockchain governance protocols and consensus mechanisms have raised concerns about the environmental impact, oversight, and accountability of blockchain networks."
Library of Congress. Congressional Research Service
Busch, Kristen E.
2022-04-12
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Russian Sanctions and Cryptocurrency [May 4, 2022]
From the Document: "The United States has imposed sanctions against certain Russian entities and individuals in response to Russia's invasion of Ukraine--including on virtual currency transactions [hyperlink] and cryptocurrency mining [hyperlink]. Some Members of Congress and other observers have expressed [hyperlink] concern that sanctioned parties may evade sanctions using cryptocurrency [hyperlink] to transfer funds out of Russia, convert rubles to other fiat currencies, or receive payments and make purchases. Bills [hyperlink] have been introduced in the 117th Congress to prevent such evasion. This Insight focuses on various evasion techniques and potential gaps in existing regulatory oversight."
Library of Congress. Congressional Research Service
Busch, Kristen E.; Tierno, Paul
2022-05-04
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Non-Fungible Tokens (NFTs) [July 20, 2022]
From the Summary: "Non-fungible tokens (NFTs) have become popular as unique and non-interchangeable units of data that signify ownership of associated digital items, such as images, music, or videos. Token 'ownership' is recorded and tracked on a blockchain (a digital database that records data on a decentralized network of computers without the use of a central authority). In the future, supporters believe NFTs will be used as digital representations of physical items, such as a deed to a house or title to a car. NFTs are commonly used to record and represent ownership of an item, verify authenticity, and enable exchange. However, they do not necessarily reflect the legal ownership of an asset or grant copyright to a digital or physical item. NFT owners purchase only the right to the NFT's blockchain metadata or 'token,' not the underlying asset, unless otherwise specified in external contracts or terms and conditions. NFTs share many similarities with cryptocurrencies, and they are commonly bought and traded using cryptocurrency. Both NFTs and cryptocurrencies are built and tracked on blockchains, and they share much of the same customer and community base. However, cryptocurrencies are fungible, meaning interchangeable, whereas NFTs are unique and therefore nonfungible. Most users create and buy NFTs on dedicated NFT marketplaces. For a typical NFT, it is created or 'minted' on a blockchain, auctioned off or sold at a fixed price on an NFT marketplace, and 'stored' in the buyer's digital wallet. Smart contracts (self-executing contracts or lines of computer code on a blockchain) can mint NFTs or transfer them from one owner to another. In combination, blockchains and smart contracts are the backbone of the NFT ecosystem."
Library of Congress. Congressional Research Service
Busch, Kristen E.
2022-07-20
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