It wouldn’t be wrong to conclude that the U.S. is behind the times with respect to leveraging blockchain technology. Although the technology is present, the nation retains an approach that could be called ‘future-oriented’.
The United States views technology as ‘technology for tomorrow.’ This approach could be the reason why the nation is far behind other nations such as China. China has deployed active measures to ensure an appropriate blockchain strategy is in place. Industry observers feel that the technology is not given enough importance among other emerging technologies.
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Efforts to connect blockchain, data, and the information environment are currently aggressively pursued by countries including China. In terms of blockchain policy, innovation, and societal adoption, China is far ahead of the United States.
The United States needs a well-thought-out, coordinated blockchain strategy together with a supportive policy to compete across all spheres of national power.
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Governing bodies need to invest more resources and time towards understanding and incorporating blockchain technology to better leverage it.
The problem is to first master blockchain technology and its applications as a nation in addition to educating more people within the US government about it. Understanding blockchain incorrectly hurts American efforts to compete across all spheres of national power and gives China the chance to influence the information environment of the future.
The United States runs the risk of being unable to compete in an information ecosystem without a solid understanding of blockchain. The consequences of misunderstanding blockchain and its role in creating the internet of the future are grave.