Blockchain should be “America First” – BTC Millennial
ABSTRACT: The blockchain and digital asset space have evolved from an obscure niche to being the discussion of governments, and central banks. Countries are competing to be the leader that best utilize the blockchain. However, very little has been said about the blockchain from the United States (U.S) executive office.
President Donald Trump has pledged to put “America first.” We assess the “America first” policy, and why the blockchain should be part of the American agenda. Primarily to deter the threat of China, who heavily invested in the blockchain space.
America First Policy
President Donald Trump has pledged to put America’s interest first in everything from jobs, trade, and space. As of today, the results are as follows; The U.S is at historically low unemployment. The United States-Mexico-Canada Agreement (USMCA) and the trade war with China have been favorable to the U.S markets. There are also plans for the creation of a military Space Force that will allow the U.S a higher degree of defense.
However, “America first” policy has yet to include blockchains. Blockchain should take precedence, or the U.S may risk coming in 2nd after China. China has the 2nd highest Gross Domestic Product (GDP) and has heavily invested in blockchains, and started deploying them on a systematic scale. The growth potential in GDP as a result of blockchains is astronomical. The GDP between the U.S and China has been shrinking for decades, and proper accounting of blockchain revenues may further chip at the U.S lead.
Primary Clash U.S & China
The introduction of Bitcoin pitted the U.S against China from the start. China dominates Bitcoin Mining, the process of creating new bitcoins. While the U.S leads in Bitcoin infrastructures such as Blockstream and their development of the lightning network, this duality on Bitcoin (BTC)s blockchain hasn’t come without disagreements.
Bitcoin split in 2017 creating Bitcoin Cash. The split occurred as a result of American infrastructure companies, and Chinese mining giants did not agree on the direction Bitcoin should take. They clearly showed their competitiveness by resolving the conflict with a split.
Chinese Blockchains
There is a lot of innovation coming from China in the blockchain space. Several China-based blockchains are competing with that of the U.S TRON, NEO, are seen as two of China’s rising stars.
Neo is labeled the Chinese Ethereum. Neo plans to create a smart economy that will allow for the digitization of everything. Tron has made headways by purchasing BitTorrent, an American company that is also the largest peer to peer file sharing system in the world, and digitizing it.
Conclusion
America first needs to apply to blockchain since Foreign Blockchains are a threat. Slowly but surely, the digitization of assets, companies, and records will continue. The world creates a large amount of data and Blockchains will allow for scalability, while allowing global access and participation.
However, not setting the standard will pose a risk to America’s data and financial systems. Chinese espionage has always been an issue such as Chinese conglomerate Huawei bugging their phones.
Thus, America first policy should extend to Blockchain if America wants to stay number one. America has to set the standards. It is the best safeguard to prevent manipulation and dependency from foreign countries in an ever-increasing globalized world.
Disclaimer: BTC Millennial provides autonomous perspective based research. The articles may extend a reader’s supplemental knowledge and insight. However, they are not endorsements, nor should they be used as a point of reference for financial decisions.
Published at Sat, 27 Jul 2019 11:35:01 +0000
Bitcoin Pic Of The Moment
Bitcoin’s lightning network is gaining a lot of traction. Feel free to use the image but kindly provide link back to cryptodost.io
By Cryptodost on 2019-03-09 10:31:21
