Many governments around the world are becoming increasingly concerned with Blockchain technology, including the U.S. In addition to the Department of Commerce, the General Services Administration has recognized potential for itself and is examining implementation possibilities.
The Ministry of Foreign Affairs in has also recently released job vacancies for their own task force on Blockchain. They are looking to actively invest time in research and development in order to stay current in the international context.
Russia two steps ahead
These safeguards are not without reason. The competition does not sleep – Russia is apparently two steps ahead. In addition to President Putin’s talks with Ethereum founder Vitalik Buterin, the Russian central bank recently announced the creation of their own cryptocurrency.
If other countries follow the Russian example, the dollar could be shaken from its throne as the worlds leading currency. At the moment the dollar is setting the tone in all financial markets, but without this status the economic superiority of the U.S. will also be called to question.
Disruptive energy can be advantageous
Blockchain technology is likely to question decades of existing orders. Nonetheless, influential countries like the U.S. should not see the new technology as a threat, but instead use the disruptive energy to their advantage.
The potential for efficient monitoring by security authorities for detection of illegal activity is just one example of how governments could reap the benefits of Blockchain.