Bill Overview
Title: National R & D Strategy for Distributed Ledger Technology Act of 2022
Description: This bill provides for a national strategy and research and development regarding technologies related to distributed ledgers (e.g., blockchain or Bitcoin). A distributed ledger is a ledger that is shared across and synchronized between a set of distributed nodes (i.e., devices or processes) in a network that store a complete or partial replica of the ledger and meet other requirements. The Office of Science and Technology Policy must develop a national strategy for the research and development of distributed ledger technologies and their applications, including applications of public and permissionless distributed ledgers. The office must coordinate with the National Science and Technology Council and other relevant federal agencies, as appropriate, on the strategy. The national strategy shall include plans to support public and private sector investment and partnerships in research and technology development for societally beneficial applications of distributed ledger technologies, and an identification of additional resources, administrative action, or legislative action recommended to assist with the implementation of such strategy. The National Science Foundation shall make competitive awards to institutions of higher education or nonprofit organizations (or their consortia) to support research, including interdisciplinary research, on distributed ledger technologies and their applications. The National Institute of Standards and Technology may carry out an applied research project to study and demonstrate the potential benefits and unique capabilities of distributed ledger technologies.
Sponsors: Rep. Waltz, Michael [R-FL-6]
Target Audience
Population: People involved with and benefitting from distributed ledger technologies
Estimated Size: 15000000
- Distributed ledger technology impacts multiple sectors like finance, supply chain, health, energy, etc.
- The development of a national strategy for distributed ledgers will influence tech and finance professionals in the blockchain industry.
- Both public and private sectors investing in this technology suggest broad economic involvement.
- IT professionals, data analysts, and researchers will be directly impacted as they are involved in the development and support of DLTs.
- Legal professionals may be impacted as legislation around blockchain and cryptocurrencies evolves.
- Distributed ledger technologies have the potential for widespread adoption globally.
Reasoning
- IT professionals in the blockchain industry are directly impacted since these technologies relate to their field of work.
- Some legal professionals could see impacts due to changing legislation regarding distributed ledger technology.
- The policy's impact spreads across sectors like finance, supply chains, health, and energy, affecting various professionals.
- Technological hubs like Silicon Valley have a large presence of people involved in blockchain and distributed ledger technologies.
- The U.S. is a leader in technology and finance, suggesting that distributed ledger technology policies will have noticeable effects.
Simulated Interviews
Software Engineer (Silicon Valley, CA)
Age: 28 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- The policy increases opportunities for research and development in my field.
- Increased investment might lead to more projects and job stability.
- I'm hopeful it will foster innovation and better practices across industries.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Finance Professional (New York, NY)
Age: 42 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- This policy could stabilize some of the regulatory environment around cryptocurrencies.
- More institutional interest might arise due to research and projects funded by the policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Research Scientist (Seattle, WA)
Age: 35 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Increased funding for research could lead to more breakthroughs and collaborations.
- I'm excited about the interdisciplinary research that might come from this policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Legal Consultant (Chicago, IL)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- The evolving legal landscape is a double-edged sword; more work but also more complexity.
- I'm cautious about legislation impacting cryptocurrencies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Data Analyst (Austin, TX)
Age: 24 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- The policy promises to refine blockchain's role in supply chains, possibly making my job easier.
- Hopeful that better tech can mean less waste and more efficiency in supply chains.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Healthcare Administrator (Boston, MA)
Age: 45 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Blockchain poses a potential revolution in handling patient health records securely.
- I believe this could address persistent issues of data breaches in healthcare.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Logistics Manager (Dallas, TX)
Age: 38 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- Distributed ledgers could potentially transform logistics through enhanced transparency.
- It may lead to better tracking and accountability in cargo shipments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Cryptocurrency Enthusiast (Los Angeles, CA)
Age: 27 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- Policy might bring mainstream acceptance of cryptocurrencies.
- High hopes for less volatility in the markets with better regulation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 7 |
Retired (Miami, FL)
Age: 60 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- I worry about privacy and security in these advancing technologies.
- It's overwhelming but I recognize the potential benefits in financial security.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Accountant (Denver, CO)
Age: 31 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 8/20
Statement of Opinion:
- I'm interested to see how this policy changes the financial aspects of tech companies.
- I anticipate more projects and regulations around financial technologies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Cost Estimates
Year 1: $10000000 (Low: $8000000, High: $12000000)
Year 2: $11000000 (Low: $9000000, High: $13000000)
Year 3: $12000000 (Low: $10000000, High: $14000000)
Year 5: $13000000 (Low: $11000000, High: $15000000)
Year 10: $15000000 (Low: $12000000, High: $18000000)
Year 100: $500000 (Low: $250000, High: $750000)
Key Considerations
- The volatility and rapid development of blockchain technologies may pose challenges in accurately forecasting long-term economic impacts.
- Legislative and regulatory changes could affect the impact of distributed ledger technologies on the economy and governmental revenues.
- International cooperation or competition may influence the success of domestic R&D efforts.