“U.S. Blockchain Implementation Act” passes the Senate
On the 5th, the U.S. House of Representatives Energy and Commerce Committee passed a bill promoting blockchain technology and distributed ledger technology (DLT) with a vote of 46 to 0. The bill will now be debated in the House of Representatives.
The bipartisan bill, the Deploying American Blockchains Act, was co-authored by Representative Lisa Blunt Rochester (D) and Congressman Larry Buchshon (R).
The bill aims to “direct the Secretary of Commerce to take steps to advance the capabilities of the United States with respect to the deployment, use, application, competitiveness, etc., of blockchain technology and other distributed ledger technologies.”
It also includes a mandate for the Secretary of Commerce to lead a “blockchain implementation program” that will help the U.S. take leadership in the introduction and use of related applications and tokens.
It also provides for the development of policies and recommendations regarding such technologies. Specific areas mentioned include tokenization, decentralized identity, cybersecurity, artificial intelligence (AI), fraud prevention, regulatory compliance, e-commerce, healthcare applications, and supply chain applications.
What is distributed ledger technology?
A technology that allows all users to manage and monitor ledgers, which have traditionally been centralized in many fields, rather than integrating them into one.
▶️Virtual currency glossary
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Hoping to maintain U.S. competitiveness
U.S. industry groups the Blockchain Association and the Digital Chamber of Commerce have also expressed support for the bill.
Cody Carbone, director of policy affairs at the Digital Chamber of Commerce, said the bill would also help compete internationally.
This bipartisan bill will help maintain U.S. leadership in blockchain development. This is something that is desperately needed.
Because, for example, China currently owns 84% of all blockchain patents. Now is the time for the United States to strengthen its efforts in this area.
Blockchain Association CEO Kristin Smith also issued the following statement:
It is important that the United States leads the development and deployment of blockchain technology.
Blockchain technology has world-changing uses, and this bipartisan bill will advance our nation’s competitiveness in the nascent blockchain space.
As for the latest application status, according to GlobalData, there were 1,401 blockchain-related patent applications worldwide in the third quarter (July-September) of 2023, of which the United States accounted for up to 58%. Second place was South Korea with 9%, and third place was China with 4%.
Recently, major companies such as US payment giant PayPal and Sony Interactive Entertainment have been filing patent applications related to NFTs (non-fungible tokens).
connection: US payment giant PayPal files patent application for NFT purchase and transmission system
connection: Sony files patent for NFT transmission between game platforms