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NIST Report Aims to Help Businesses Understand Blockchain

The National Institute of Standards and Technology has issued a draft report on blockchain in an effort to give businesses a “straightforward” description of the technology.

The nearly 60-page document titled, “Draft NIST Interagency Report 8202: Blockchain Technology Overview” includes information on the concept of blockchain, its use in electronic currency and broader applications, NIST said Wednesday.

“We want to help people understand how blockchains work so that they can appropriately and usefully apply them to technology problems,” said Dylan Yaga, a NIST computer scientist and co-author of the report.

NIST added the document discusses potential uses of blockchain in areas such as banking, supply chain management and insurance transaction monitoring.

It also covers blockchain-related subjects, including digital signatures and peer-to-peer networking.

The publication includes a section that addresses misconceptions on blockchain, an overview of technical tools used in most blockchain-based systems and related issues, the agency noted.

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