Why Blockchain Technology Should be Considered Critical Digital Infrastructure in the United States
While countries, such as China, have incorporated blockchain as a central part of their government’s plans for everything from domestic infrastructure to international trade, the United States government has been much slower to take advantage of the hundreds of blockchain-based solutions that currently exist today. By doing this, the U.S. has disregarded much of blockchain technology’s transformative potential in everything from national security, healthcare, to government and supply-chain logistics. Currently, the language in the Infrastructure bill as well as discussions amongst legislators and regulators has centered around blockchain technology as a source of revenue or a financial use-case, when in reality it should be discussed as critical infrastructure in the global technological race.
It is now more vital than ever before for the United States to begin investing in technological solutions to the various economic, political, and security problems threatening our nation’s future and future as a leader on the world stage. Overall, transactions, contracts, and data are the most important components of our legal, political, and economic organizations. To keep America’s technological competitiveness intact, it is of the utmost importance that our information management systems undergo a much-needed update. Blockchain can provide the necessary infrastructure for such changes, and if our government were to invest more into blockchain solutions such as cybersecurity and digital identity, we would be significantly better adept at protecting against attacks from foreign adversaries as well as improve the efficiency of government.
Over the summer of 2021, cryptocurrency and blockchain technology have been of great interest to regulators around the world and domestically. Most recently, China’s harsh and unpredictable regulatory environment this summer has pushed away both miners and brokers, moving jobs and industry to the United States. However, despite their supposed disdain for cryptocurrencies, they remain heavily invested in blockchain technology and understand its many use-cases in government and military. While a growing American industry is protecting innovators and free thinkers, Congress and regulators have not done enough to support this burgeoning industry and its revolutionary technology.
Suppose the United States does not provide measured and positive regulatory clarity to innovators in the blockchain and cryptocurrency space or invest or research the technology. In that case, we would lose our competitive edge in the international technological market, and most importantly, America’s technological infrastructure will fall behind. America would fall behind other countries that are taking the opposite approach and utilizing this technology, such as China, Russia, and Iran, among a long list of other governments currently utilizing distributed ledger and blockchain solutions worldwide. America must ensure that an industrial policy for blockchain technology promotes U.S. values and responsible innovation that benefits America as well as the rest of the global economy.
