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1 1 (July 23, 2019)

handle is hein.congrec/blckproac0001 and id is 1 raw text is: \ Congressional Budget Office '4 Cost Estimate July 23, 2019 By Fiscal Year, IVMillions of Dollars 2019 2019-2024 2019-2029 Direct Spending (Outlays) Revenues Deficit Effect 0 0 0 0 0 0 0 0 0 S. 553 would require the Department of Commerce to establish a blockchain working group with governmental and nongovernmental members. Within one year of enactment, the bill would require the group to recommend a working definition of blockchain technology, research topics, and opportunities for federal agencies to use blockchain. Because there is already a blockchain working group within the department, and based on information from the National Institute of Standards and Technology (NIST), CBO estimates that implementing S. 553 would cost less than $500,000 in fiscal year 2020; any spending would be subject to the availability of appropriated funds. CBO expects that the group would primarily rely on a report that NIST published in October 2018.1 The CBO staff contact for this estimate is David Hughes. The estimate was reviewed by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis. 1. According to NIST, blockchains are tamper evident and tamper resistant digital ledgers implemented in a distributed fashion (i.e., without a central repository) and usually without a central authority (i.e., a bank, company, or government). At their basic level, they enable a community of users to record transactions in a shared ledger within that community, such that under normal operation of the blockchain network no transaction can be changed once published. See Dylan Yaga and others, Blockchain Technology Overview, NISTIR 8202 (National Institute of Standards and Technology, October 2018), p. ii, https://doi.org/10.6028/NIST.IR.8202 (PDF, 755 KB). See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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