In the battle of leadership Blockchain, the American innovation is the answer

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This is not my words. This is a quote from Chinese President Xi Jinping in 2019. In the years after that, China has definitely responded to his call.

Blockchain innovation enhancement has been formally combined in the latest five -year -old China. China has also developed the Blockchain-“one store” for companies and governments to publish Blockchain applications in the cloud. In the same manner, they are training in the workforce they need to make these efforts succeed, after they recently launched a national center for Blockchain research, aiming to train 500,000 Blockchain professionals.

This is realistic news for America, because Blockchain has the ability to transform all aspects of our society. While most of us are familiar with Blockchain because of its role in facilitating encrypted currency transactions, this is just one use of many. The basic concept of Blockchain is the creation of a notebook that is a changeable and distributor that can track and record transactions and data, all without external supervision. From the self -implemented “smart contracts” to track material charges with an unprecedented transparency, Blockchain is about to revolutionize how the world has done commercial business.

If China succeeds in controlling the basic infrastructure behind these innovations, the Chinese Communist Party will be able to exercise unprecedented influence over the global economy. When the Internet set out in the nineties, no one can imagine how much our lives change. Fortunately, the American innovators were at the forefront of that revolution – a fact that still pays profits to our country to this day.

The good news is that the leadership of China is not pre -pre -. On the contrary, it faces intense competition from the United States for all China’s investments, American entrepreneurs in Blockchain are still leading the world.

One of the questions I often ask in my league as the best democratic in the House of Representatives selection committee on strategic competition between the United States and the Chinese Communist Party is whether we can get rid of it. My answer, for many reasons, is “yes!” The United States brings many advantages, but the most important of which is our ability to innovate, embrace sabotage technology and organize these technologies in a responsible way that protects society.

This three -part formula is a recipe for American success, and Blockchain itself is suitable for this style. In fact, scientists Stewart Haber and Sakut Storta discovered the main basis for Blockchain here in America, about 20 years before it was converted into Satoshi Nakamoto into the Bitcoin Code.

American companies are also among the most innovative users of Blockchain technologies – create tools that do everything from deep control to create supply chains that can be tracked.

Our responsibility is now to continue to develop lists responsible for Blockchain, including most of them with regard to cryptocurrencies, so that the United States remains home to the deepest transparent markets around the world.

Just as we did to be prominent in traditional stocks, bonds and futures, we must build towards deep, liquid, fair and transparent markets for digital assets. For this reason she supported Fit21 last year. Our centralization of traditional financial markets is a key to our national security, and we must re -create this winning model of the encrypted currency.

The risks cannot be higher, either for the prosperity of our nation or our values.

While the beauty of Blockchain stands in its strength to clarify decentralization, China wants to turn the Blockchand goal on its head and its use of the centralization of power with the Communist Party of China. This explains the reason, even as China adopts many Blockchain uses, it tried to ban cryptic currencies that are not completely controlled.

The party is eager to use Blockchain as a monitoring tool or as a possible way to international weapons payment systems against the dollar. It is less eager to embrace the uses that can threaten its authority. Let’s use this fear of decentralization against them.

Chinese Communists do not have any answer to the strategy that has been tested and America of innovation, disruption and responsible organization. If we embrace the opportunity to lead innovation in Blockchain, and do this in a responsible way, our prosperity and security can be protected for the next generation. But if we do not do that, we will give up the field for our opponents and leave behind them.

Blockchain can be a building block for something great. It is up to us if we seize or pass the opportunity.

Raja Krishnamoorthi works as a member of the House of Representatives selection committee on strategic competition between the United States and the Communist Party of China.