Distributed ledger technology (DLT), a decentralized database that can be managed by multiple participants, is one of the most innovative technologies of this generation. Blockchain technology, which is a type of DLT, is now being implemented across multiple industries and is being looked at by the regulators as a key to be at the forefront of the technology race.
On a similar note, The United States National Security Council (NSC) has named DLT as one of the most critical focus areas for the nation to maintain technological dominance against China and Russia in one of its recent reports dubbed “National Strategy for Critical and Emerging Technologies”.
The Trump administration notes DLT as one of the twenty “critical and emerging technologies” where America must stay at the top of the leader board in the battle against China, which already has a strong foundation when it comes to DLT implementation.
A part of the report reads:
“American leadership in S&T faces growing challenges from strategic competitors, who recognize the benefits of S&T and are organizing massive human and capital resources on a national scale to take the lead in areas with long-term consequences.”
The NSC strategy comprises of investing in, developing, adopting, and promoting the priority technologies. Among other areas, the regulators want to focus their efforts on AI, data science, quantum computing, weapons of mass destruction deterrent technology, and space technologies.
The report seems to just address DLT as one of the key technologies. No other information about the agency’s roadmap to achieve this goal has been provided.
A joint report published by tech behemoths like Amazon Web Services, IBM, and Deloitte among others warned that the USA is already lagging behind when it comes to the global military blockchain race with Russia and China.
“The two superpowers that pose the greatest threat to the US are both heavily investing in both the research and development of blockchain technology.” the report warned.
The Race is on
Different sectors of the US government have already started investing in blockchain technology. For instance, the U.S. department of agriculture proposed the implementation of Blockchain and DLT based solutions to trace its supply chain for organic products.
On the other hand, China has been making rapid progress when it comes to DLT. The nation curbed cryptocurrency use early on has been heavily implementing blockchain and DLT across the public sector, while also urging the private sector to join the trend.
The nation has also been rather swift with the development of the digital yuan.