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(Kitco News) - It has been a busy week for the White House on the blockchain front as the Biden administration's Tuesday proposal for a 30% tax on cryptocurrency mining was followed by recommendations for international standards around distributed ledger technology (DLT) on Thursday.
“Standards development underpins economic prosperity across the country and fortifies U.S. leadership in the industries of the future at the same time,” the White House wrote. “Bolstering U.S. engagement in standards for critical and emerging technology spaces will strengthen U.S. economic and national security.”
According to the report, entitled U.S. Government National Standards Strategy for Critical and Emerging Technology, DLT and data identity infrastructure are one of eight critical and emerging technologies (CET) sectors that will have a significant economic impact in the near future.
The report said that DLT, the technology that underpins blockchain, is helping transform the current data model as it permits concurrent access, record validation and record updating throughout a networked database in a highly secure fashion.
This means that any participant on the network can see what other participants are doing on the network at any time, lowering the need for auditing data and ensuring data reliability.
The other areas included in the list of CETs are artificial intelligence and machine learning; semiconductors and microelectronics; communication and network technologies; biotechnology; positioning, navigation and timing services; clean energy generation and storage; and quantum information technologies.
The report also highlighted specific applications of CET that will impact national security and the global economy. These include automated and connected infrastructure; biobanking; automated, connected, and electrified transportation; critical minerals supply chains; cybersecurity and privacy; and carbon capture, removal, utilization and storage.
“In an era of rapid technological transformation and global scale, standards will continue to define and drive the markets of the future,” the White House wrote. “Standards for CET carry strategic significance. The United States will work with all nations committed to an open and transparent standards system to lead the way in these new arenas - just as we did with previous internet, wireless communications, and other digital standards.”
To achieve the goal of helping drive the creation of international standards for the eight CET sectors, the White House has developed four objectives: investment, participation, workforce, and integrity and inclusivity.
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On the investment front, the two lines of effort will be to “Increase R&D funding to ensure a strong foundation for future standards development,” and “Support the development of standards that address risk, security, and resilience.”
To help increase participation, the White House has recommended three lines of effort. “Remove and prevent barriers to private sector participation in standards development; Improve communications between public and private sectors on standards; and Enhance U.S. Government and like-minded nations’ representation and influence in international standards governance and leadership.”
To get the U.S. workforce up to speed on the latest developments in CET, the Biden Administration intends to “invest in educating and training a cadre of professionals that can effectively contribute to and drive technical standards development.”
And to achieve the objective of integrity and inclusivity, the government will “Deepen standards cooperation with allies and partners to support a robust standards governance process,” and “Facilitate broad representation in standards development.”
“The changing international dynamics around standardization for CET require the United States to reaffirm and strengthen its private sector-led approach to standards development rather than abandon it, as many autocratic nations would like to see,” the White House wrote. “These strategic investments will create new economic opportunities for U.S. industry, protect the integrity of international standards systems, and lead to CET standards that are durable and benefit communities both at home and abroad.”
