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United States and its problems with Blockchain

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The Blockchain industry could be having trouble developing correctly in the United States. This due to the strong regulations that do not allow the good development of technology.

Blockchain technology is increasingly used by a wide variety of companies. The potential of this technology has proven to be able to meet the demands of more than one sector. That is why many consider it one of the technologies of the century. Even LinkedIn ranked it as one of the main skills that would be requested this 2020.

But, despite all this, Blockchain still has some problems for adoption. And not because of lack of demand, but because of the uncertain and restrictive regulatory landscape of the United States.

The main reason why US investors do not yet trust Blockchain is because of the uncertainty of what will be considered a security according to regulatory standards. And this is only one of the elements that are not entirely clear in the regulations.

Even according to a survey conducted by Blockchain association, it was revealed that 91% consider that «Unclear regulations and guidelines» They are an important barrier to the success of technology.

Worst of all, several industry members do not have much hope that this will change. Even one of the representatives in Parliament, Warren Davidson, said:

“We may not see any action in this regard in the next five years, unless there is a fundamental momentum.”

Delays in innovation Blockchain

The headquarters of several of the world’s leading innovation companies are located in the United States. The famous Silicon Valley is full of them. However, unclear regulations regarding Blockchain may represent a delay in the innovation path of this nation.

And the consequences of this can go far beyond the technological and commercial field. Already American competitors, due to regulatory problems, are having many obstacles to adopt technology. What discourages them to bet on what many have called the “technology of the decade.”

But not only would it affect its traders, but it could even affect its position internationally. Currently, technology plays a very important role in the political sector. In fact, even today we are talking about digital wars. That is why falling behind in this sector could carry political costs.

Russia already noticed this and made its first movements. According to reports, an agent of the country’s FSB (successor of the KGB) said that “The Internet belongs to Americans, but Blockchain will belong to us.”

And Russia is not the only one. China is also making efforts to be the leader in this technology. Even its president, Xi Jinping, urged his people to seize the opportunity that Blockchain offers.

Therefore, in the United States the blockchain should be taken more seriously, both for technological and commercial and political reasons.

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I am a student of International Studies, interested in new technologies and their impact on the world. Faithful believer that tenacity is the basis of success.

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