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: Sen. Wicker, Roger F. [R-MS]
Target Audience
Population: Users, developers, and researchers of distributed ledger technology
Estimated Size: 5000000
- Distributed ledger technology (DLT) impacts industries such as finance, supply chain, healthcare, and others relying on secure and efficient record-keeping.
- The global blockchain technology market is rapidly growing and expected to reach substantial market sizes in the coming years.
- Many global businesses, governments, and institutions are exploring or have implemented DLT in their operations.
- The legislation targets the research and development of DLT, which will likely influence future deployment and use worldwide.
Reasoning
- The policy will primarily benefit individuals who are directly involved in the research and development of distributed ledger technology (DLT), such as researchers, developers, and companies in the tech sector.
- It is important to include individuals who are tangentially impacted, such as workers in industries that may integrate DLT in the future (finance, supply chain, etc.).
- The budget limitations suggest the focus will be on research and early-stage implementation rather than wide public deployment.
- Some individuals in the general population might not feel any impact, especially those not involved in tech-heavy sectors.
Simulated Interviews
Blockchain Developer (San Francisco, CA)
Age: 35 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- I think the national strategy will create more opportunities for developers like me. It might lead to more funding and collaborations.
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 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 6 |
University Researcher (Austin, TX)
Age: 28 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- This policy might direct more grants towards my research area, which is definitely a positive for my career.
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 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Finance Manager (New York, NY)
Age: 42 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- I'm hopeful this policy will expedite our bank's transition to using blockchain, making operations smoother.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 6 | 7 |
Software Engineer (Seattle, WA)
Age: 30 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- I don't see immediate impacts from this policy for me. Blockchain is still a niche part of our operations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 5 | 6 |
Small Business Owner (Miami, FL)
Age: 45 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- If the policy results in affordable blockchain solutions, it could benefit small businesses like mine.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 5 | 5 |
Health Informatics Specialist (Boston, MA)
Age: 50 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 11/20
Statement of Opinion:
- I'm interested to see if this policy will impact healthcare data management with blockchain solutions.
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 | 8 | 6 |
| Year 20 | 7 | 6 |
Student (Ann Arbor, MI)
Age: 22 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 13/20
Statement of Opinion:
- The national strategy might increase opportunities for internships and projects in blockchain.
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 | 8 | 6 |
| Year 20 | 7 | 6 |
Healthcare Administrator (Cleveland, OH)
Age: 33 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 9/20
Statement of Opinion:
- Blockchain could revolutionize how we secure patient data, but this feels like it's still a way off.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Supply Chain Analyst (Denver, CO)
Age: 29 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- I'm excited about the research on blockchain applications for supply chain. This policy might accelerate its adoption.
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 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Accountant (Raleigh, NC)
Age: 55 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- While blockchain seems interesting, I don't see how it will change my work directly in the near future.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 6 | 7 |
| Year 20 | 6 | 6 |
Cost Estimates
Year 1: $30000000 (Low: $20000000, High: $50000000)
Year 2: $32000000 (Low: $21000000, High: $53000000)
Year 3: $34000000 (Low: $22000000, High: $56000000)
Year 5: $38000000 (Low: $24000000, High: $62000000)
Year 10: $45000000 (Low: $29000000, High: $71000000)
Year 100: $96000000 (Low: $62000000, High: $150000000)
Key Considerations
- The rapid pace of technological development could influence future costs and savings.
- Coordination among multiple agencies may present challenges and affect the timeline and efficiency of the strategy's implementation.
- Public-private sector partnerships are critical to the success of research and development efforts.