Share this article
NIST Releases Blockchain Report for Business Beginners
The U.S. National Institute of Standards and Technology has issued a blockchain report aimed to assist businesses considering adopting the technology.
Updated Sep 13, 2021, 7:29 a.m. Published Jan 28, 2018, 10:20 a.m.
The National Institute of Standards and Technology – a non-regulatory agency of the U.S. Department of Commerce – has released an overview of blockchain technology, aimed to clarify the central characteristics of the technology, its limitations and common misconceptions.
The document targets beginners to blockchain, specifically organizations considering adopting the technology, and those trying to move beyond the "hype" surrounding blockchain. The authors remind readers that businesses are often tempted by new technology, but that they should be sure that the blockchain is appropriate for their operations before diving in.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"A company's IT managers need to be able to say, we understand this, and then be able to argue whether or not the company needs to use it based on that clear understanding", said Dylan Yaga, computer scientist and one author of the report.
The report identifies the most common misconceptions about the blockchain as relating to control, identity management and trust, explaining that, although the blockchain is decentralized and no central institution controls it, developers, as the creators and maintainers of the system, do exercise some level of control over the blockchain.
Likewise, blockchain lacks control over users' conduct, and only has the authority to execute "transaction rules and specifications". People, the paper says, are often mistaken in thinking that the blockchain provides a means of attributing real-world identities to those associated with private keys.
The authors also point out that there is a misconception that blockchains are a trustless systems, and say that, in fact, a great deal of trust in the technology, developers and user cooperation is necessary for the blockchain to function.
As for limitations of the system, NIST states that the immense amount of energy and bandwidth required to power the blockchain is problematic. Further, because users must manage their own private keys, losing the key comes with higher risks than losing a username or a password on centralized platforms.
The report is open for public feedback until Feb. 23rd.
Chain image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
IREN Raises $2.3B, Repurchases Debt in Balance Sheet Overhaul
The bitcoin miner extended maturities, reduced coupon costs and strengthened its capital structure.
What to know:
- IREN completed a refinancing deal involving a $2.3 billion convertible senior notes offering and a $544.3 million repurchase of existing notes.
- The new notes include $1 billion of 0.25% notes due 2032, $1 billion of 1% notes due 2033, and a $300 million greenshoe allotment.
- The transactions provided $2.27 billion in net proceeds, reduced IREN's cash coupon burden, and extended its debt maturity profile.
Top Stories
