U.S. Set to Compete with China on Global Blockchain Dominance
China may be seeing more competition in the global blockchain scene with the U.S. government making moves to improve the country’s competitiveness in emerging technologies.
US-China Tussle Goes Blockchain
The U.S. Congress is reportedly set to consider a new bill targeted at blockchain. According to Forbes, a bipartisan piece of legislation titled the “American Competitiveness Of A More Productive Emerging Tech Economy (COMPETE) Act” is already before the House with discussions set for later in September.
As part of the bill, the sponsors are calling for government support towards blockchain-focused research and development activities. Congress Bobby Rush (D-IL), one of the sponsors of the bill commented on the importance of the U.S. taking blockchain seriously, adding:
“Emerging technologies, such as quantum computing and blockchain technology, have expanded the horizons of humankind, drastically changing the way we exchange information and interact with the world around us.”
For the sponsors of the bill, America requires significant investment in novel tech-focused R&D to beat China in the race for control of the emerging technology landscape. The two countries have in recent times been embroiled in a heated economic tussle.
Authorities in Beijing continue to encourage a broad-based national blockchain strategy. According to crypto analytics service LongHash, more than 15,500 new blockchain firms have emerged in China since the start of the year. As of the time of writing, there are about 91,900 registered blockchain startups with approximately a third of that number in operation.
The COMPETE Act may be the first step in creating a national blockchain strategy much like is the case in China. Proponents of the novel tech will be looking to see if Congress can lead the way in developing a more streamlined set of regulations for the country’s blockchain scene.
Capturing the Emerging Digital Economy
Outside the US, several Asian governments including Japan and South Korea are actively promoting blockchain adoption. Even countries like India where the authorities are anti-crypto, tend to favor the utilization of decentralized ledger technology (DLT).
These policies are helping these countries stake a larger claim in the developing digital economy narrative. If novel technologies like blockchain end up being the drivers of the fourth industrial revolution then the countries already making headways in the landscape will be in the best position to dominate the market.