In this article I discuss the US government allocating a large about of money for research efforts in blockchain technology and how this might impact the crypto markets.
$700 billion dollars in government funding
Interesting news Cryptonauts!
The U.S. President has recently signed a military bill that allocates $700 billion dollars in funding for a research project on blockchain technology.
According to CoinDesk, the U.S. Senate called the Department of Defense to look into the potential of blockchain technology and distributed applications in early September.
The bill is part of the Modernizing Government Technology Act (MGT Act), and it's intention is to deepen the goverments' involvement in the IT sector.
The research will focus and access how this technology is used for "criminal activity and malicious networks" and whether this technology can be beneficially utilized by the Federal Government and U.S. infrastructure.
Results coming in Spring 2018
The results are planned to be handed over to the Congress in about 6 months. The research and verdict will be issued by the Department of Defense, however federal agencies and other parts of the government will weigh in on the decision.
What will they find? Will we see the the White House getting in on the new tech?
Conclusion
As many eyes turn to blockchain technology, I have so far read about companies, banks, universities and now governments getting involved. Crypto is moving and it is moving fast.
The big players have to make a decision on how to position themselves: Watch this "bubble" float by and be left behind or get involved and figure out how it works and how it can be used.
The smart move is to actually develop d-apps yourself and get a real feel of how this disruptive tech works under the hood.
This latest news from the U.S. shows the government not actively endorsing the technology publicly, but getting involved behind the scenes like so many others.
Don't kid yourselves, the banks are doing it too. Exciting times ahead.
Information sources:
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- Nick ( @cryptonik ) -
700 billion? What the hell are they going to spend the money on? This is like the trillions missing from the Pentagon.
Well at least we know some researchers are getting rich. Either that or research is code for buy Bitcoin.
They just wanted to learn about Bitcoin, but then they looked into what currencies are and discovered that the traditional monetary system is a fraud! Now they are pulling funds to investigate the Federal Reserve...haha.
Impressive number right? But then again their defense spending is always blown way out of proportion. I think this is part of the bigger pictures where everyone is actually getting involved, but not publicly. Especially the banks: Ripple and R3 are a fine example. Rumors have it Goldman Sachs busy too. Of course they would most likely build a centralized blockchain, but they want to be in the game when the mainstream catches up. It is then up to us to be smart, and choose the truly free and decentralized solutions.
Agreed they are going to try and do crypto but centralized.
Interesting!
thanks!
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