Whereas blockchain refers to software that uses a distributed digital ledger of cryptographically signed transactions that are grouped into blocks, each of which— (1) is cryptrographically linked to the previous block after validation and undergoing a consensus decision; (2) when added as a new block, makes any older blocks more difficult to modify; and (3) is replicated across all copies of the ledger within the relevant network, with any conflicts in such blocks resolved automatically using established rules; Whereas blockchain can— (1) reduce transaction costs by removing intermediaries; (2) increase the transparency of a transaction; (3) reshape value chains; (4) improve organizational efficiency through trustworthy decentralization; (5) provide individuals with greater control over personally identifiable information through encryption while conducting transparent, secure, and efficient transactions; (6) accurately capture asset ownership and location throughout the lifetime of an asset, protecting owners and improving tax compliance; (7) improve public safety and administration by providing a tamper-proof audit trail; (8) reduce the efficacy of cyber-attacks by storing data in numerous distributed copies; and (9) improve the quality of public services by providing a better customer experience and reducing transaction costs; Whereas because blockchain is an evolving technology, it requires a framework that facilitates innovation, provides for legal certainty, and respects the principle of technology neutrality while also providing protection for consumers, businesses, investors, society, and the environment; Whereas uncertainty related to the application of horizontal regulations related to data protection and taxation can inhibit the development of blockchain; Whereas blockchain has the potential to provide widespread, mainstream improvements in digital services; Whereas because the risks and challenges of blockchain are not yet known, more research and development is necessary