IBM Report: The US Need to Take a Leadership Role on Blockchain, Crpytocurrencies
A newly published report from IBM suggested that developers and companies are looking for US government to help spur the adoption. The report was written by Thomas Hardjono, the director of the MIT Trust: Data Consortium and the author went onto claim that US need to be more active in terms of Blockchain usage and adoption.
In terms of digital identity, payment, provenance and supply chain, IBM said US needs to be on the forefront when regulating Blockchain and cryptocurrencies as they said the Blockchain will be next big thing in the internet economy. They stated:
“It is imperative that government and industry work together to continue and strengthen technological and market leadership in this new area, and to address potential policy and regulatory incompatibility that may constrain growth of the emerging digital-blockchain economy.
Currently there is a need for greater vision and leadership across government regarding the development of technology for a digital-blockchain economy, and the U.S. role in this future economy,” the report stated. “Industry leaders believe this technology will be core to the future of the economy as a whole, just as the Internet has become.”
IBM said more resources need to be allocated toward this nascent technology but they also added there’s a specific room for growth for Blockchain and other emerging technologies in the future. IBM gave an example about how US was become the leader of the internet economy back in the 1970’s as they said they need to apply similar rules to Blockchain in order to retain their leadership status across the world.
In fact, we can argue that there are a lot countries including Malta and Singapur are leading the race for mass adoption but it’s safe to say many investors and entrepreneurs are currently waiting for America’s stance on Bitcoin and Blockchain.
Never mind Malta and similar countries, developed countries like Japan and South Korea are also working extremely hard to become a leader in the industry, while United States’ long-term competitor China also working very hard to lead the way in Blockchain economy.
The report finished by the words below as IBM stated:
It was this support from [the] government, combined with a shared vision for a U.S. leadership role in initial internet communications technology, that allowed the internet to flourish with broad adoption and become the foundation of the digital economy today,”