US National Strategy: Embracing DLT and Digital Identity, Impact and Concerns

Futuristic city with DLT infrastructure, digital identity in neon lights, prominent AI, communication, biotech elements, soft evening glow, cyberpunk art style, dynamic tech development mood, US leadership in emerging technologies, interconnected smart networks, cybersecurity concerns.

The United States government has set its sights on a tech-driven future, with the White House releasing the national standards strategy for key and emerging technologies on May 4th. Within this strategy, eight technology sectors were identified as having significant potential for economic impact going forward. While several of these sectors, such as artificial intelligence, communication and network technologies, biotechnology, and semiconductors, were expected, it was the inclusion of distributed ledger technology (DLT) and digital identity infrastructure that truly caught the attention of the crypto community.

DLT serves as the backbone of blockchain technology, enabling concurrent access, record validation, and record updating across a networked database. This technological breakthrough allows users to see any changes made to a database, along with the identities of those responsible for those changes, thus reducing the need for data auditing, ensuring data reliability, and limiting access to only those who require it.

The primary objective of the national strategy is to bolster the United States’ leadership in the development of international standards regarding such emerging technologies. In pursuit of this goal, the American government has been actively forging synergies with the private sector to promote and establish global standards for these burgeoning tech sectors. A pertinent example of this cooperation is the telecom and communications standard development, with initial proposals for 3G coming from Qualcomm Technologies in the 1990s, and proposals for LTE drafted by major Japanese mobile phone provider NTT Docomo in the 2000s.

The national strategy implies that technologies like DLT and digital infrastructure will increasingly impact and be widely deployed in the economic sector. Areas that stand to benefit the most from active testing and implementation of these technologies include automated and connected infrastructure, such as smart communities and the Internet of Things (IoT). Furthermore, DLT in particular holds promise for the construction of cybersecurity and privacy-centered features and services.

While the United States’ focus on emerging technologies like DLT is undoubtedly a positive development, a few points of skepticism remain. For instance, the degree to which these technologies can coexist alongside existing systems, particularly in the realm of cybersecurity, requires further examination. Moreover, the potential implications of a shift toward digital identity infrastructure on personal privacy warrant caution.

Ultimately, the national strategy demonstrates the United States’ commitment to fostering innovation and technological advancements. As emerging technologies like DLT continue to garner international attention, it will be fascinating to observe how they shape both the economic landscape and the world at large.

Source: Cointelegraph

Sponsored ad