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IBM Claims the US Should Lead Global Blockchain Development

Blockchain-centric development companies are turning to the United States government to take a leadership role in the facilitation of mainstream adoption according to IBM reports.


 

A report written by MIT Trust’s director, Tom Hardjono, helped summarize notes collected from a number of official congressional Blockchain meetings that were held since last year to present. These meetings are comprised of US Congress members who are also advocates of Blockchain technology. David Schweikert helped lead these meetings alongside Jared Polis, who aimed at directing conversation towards discovering and promoting important use cases for the emerging technology.

Outlining the Report

Included in the summaries were notes from three main meetings, each focused on a different aspect of the initiative including identity, transactions and the supply chain, as well as origin. The document stated that a strong belief within the industry situates blockchain tech as the cutting edge technology for the new online economy. It also pointed out the importance for both industry and government officials to work alongside one another in order to establish strength as a leader in both tech development and the greater market. It's also crucial to assess possible incompatibilities between policies and regulations that will create obstacles for the growth of a blockchain based economy.  

Overall, the report covered the key agendas across each meeting, which all came back to discovering opportunities, hastening mainstream adoption, and understanding obstacles that may prevent the deployment of blockchain based technology within companies or industries at large.

A Vision For Blockchain Development

According to Hardjono’s document, Congress members attending these meetings resolved three main themes. They concluded that the government should hold a leading position and offer a future vision, in addition to partnerships established between government officials and industry figures, and finally, there needs to be a boost in technology research and trials.  

The report claims that as it stands, a need for an impactful vision and stance of leadership within the United States government is required for the successful development of blockchain projects and the overall future of the digital economy. It stated that key industry figures strongly agree this emerging technology offers a foundation from which the future’s economy will be built upon, much like the internet has been for previous generations.

Calling for More Resources

Although the document outlined many important concepts discussed, it remained discrete regarding meeting attendees as well as failed to mention the specifics of any actual projects discussed throughout.

The report ended with a call for more resources, stating that a similar structure must be established for blockchain as it once was during the initial research stage for internet technology during the 70’s and 80’s. Such support from the government in combination with a strong sense of leadership from the United States that helped foster the rapid growth of internet technology during that time, facilitating mainstream adoption and establishing it as the very foundation of today’s online economy.




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