This headline from Coindesk website: https://www.coindesk.com just struck my attention and I read it.
I noticed how large is the amount being allotted in order for a deep study to the Blockchain Technology.
A staggering $700 Billion is such a huge amount.
Here is an excerpt of the Headline:
A $700 billion defense bill passed by the US Senate includes a mandate for a blockchain study to be conducted by the Department of Defense.
Then I noticed that the whole amount is not only intended to the Blockchain Study but a part of it. I looked into the details of the said Bill and I got some information from the website of Senator Deb Fischer.
https://www.fischer.senate.gov/
Here is part of the report from the website:
Senate Approves FY 18 Defense Authorization Bill
Bipartisan Legislation Includes Provisions to Strengthen Missile Defense, Military Readiness, Cyber Posture
WASHINGTON, D.C. – This evening, the Senate passed the Fiscal Year 2018 National Defense Authorization Act (NDAA), legislation that lays out the policy and priorities for our military. Congress has passed this bill every year for 55 years. U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Armed Services Committee and the chairman of the Subcommittee on Strategic Forces, released the following statement after the Senate passed the bill by a vote of xx to xx:
“Whether answering the threats from turbulent regions of the world or providing help here at home, our military has a tough job to do. The bipartisan vote in the Senate today proves this legislation is a strong product that will provide our men and women in uniform with the resources they count on to carry out their missions. The Senate’s FY 18 NDAA contains provisions to improve our military’s readiness, strengthen missile defense, and stay ahead of the challenges of tomorrow, all of which are critical to keeping the American people safe and secure.”
The Senate’s FY 18 NDAA represents the combined efforts of members from both sides of the aisle. It was approved unanimously by the Senate Armed Services Committee. In June, all 27 of the committee’s members voted to approve the bill out of committee.
Key provisions of the Senate’s FY 18 NDAA
Restoring Military Readiness
Authorizes over $30 billion to address unmet requirements identified by the military services and our combatant commanders, and provides additional resources to address emerging threats.
Increases the size of the active-duty force above President Trump’s request by 6,000.
Staying Ahead of the Threats of Tomorrow
Authorizes more than $500 million in additional funding to support the Department of Defense’s Third Offset Strategy and improve U.S. military technological superiority, including:
Nearly $300 million to enhance the development of hypersonic – and directed –energy weapons. These were two key areas of focus when Senator Fischer chaired the Emerging Threats and Capabilities Subcommittee last Congress.
And here is the Provision for the Cybersecurity Prioritization:
Prioritizing Cybersecurity
Adds more than $700 million for cyber-related requirements, including:
$220 million to improve readiness and training for cyber forces.
$20 million to bolster efforts begun during Senator Fischer’s tenure as chairman of the Emerging Threats and Capabilities Subcommittee to improve the resiliency of weapons systems to withstand cyberattack.
Requiring the Department of Defense to undertake the first-ever Cyber Posture Review, which will evaluate the military’s policy and capabilities in the cyber domain.
Therefore the allotted amount for the Cybersecurity Study is $700 Million and not $700 Billion. A clarification on my previous understanding
Still the $700 Million amount is such a big amount for the project. And this will be implemented in the coming year 2018.
Now, what will be the impact of this bill to the Crypto world? Will it leads to the melt down of Decentralization and banishment of the Blockchain technology? Or will it boost the Cryptocurrency Market as a whole? Will it affect Steemit and the Steem and SBD?
These questions in my mind, lead me to look at the definition of CYBERSECURITY and http://www.webopedia.com got my attention and here is it's definition:
Cybersecurity refers to the technologies and processes designed to protect computers, networks and data from unauthorized access, vulnerabilities and attacks delivered via the Internet by cyber criminals.
From the definition of the word Cybersecurity I could understand a bit now of the intent of the Bill. This is to protect the Cyber space from the infiltration of the Cyber criminals. ( That at least to my personal understanding.)
Another part or provision of the Bill is :
" to improve our military’s readiness, strengthen missile defense, and stay ahead of the challenges of tomorrow, all of which are critical to keeping the American people safe and secure.”
This will lead us to another topic which time constraint us not to tackle this time.
I know some Steemians out there are well versed about the Cybersecurity topic, and I invite you to butt in with your ideas on the comment thread below.
I you like what I wrote, please resteem, follow and upvote; A million thanks to you from @joshvel
This is good because it means that govts. are taking crypto more seriously. We will need regulatory movement at some point for more mainstream adoption. So even security regulations are well received in my book.
Thanks for dropping by @invicid and for your comment. Following you now...
Crazy times and new high coming soon, strong long X100
https://www.bitmex.com/register/HJfZyC
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Don't know if it's good or bad. With government, any move they make is bad. So I wouldn't hold my breath. #COF
Thanks for the input @geechidan, I respect your opinion on this matter.