Alan Pelz-Sharpe, founder of consulting firm Deep Analysis, said that 20 years ago, China was behind the technology curve compared to other countries in the region like Japan or Korea, but huge investments into its own R&D have closed that gap.
“China no longer relies on the U.S. for technology advances, though I am not sure many in the U.S., including the House and Senate, fully grasp that,” he said. “A case in point is BSN, China’s massive rollout of affordable blockchain infrastructure, which has truly set a high mark for other nations to match.”
Legislators seem to recognize that the U.S. is in catch-up mode due to the push for funding through legislative packages like the U.S. Innovation and Competition Act of 2021 and the push for global alliance through legislation like the Democracy Technology Partnership Act, which establishes a technology partnership among democratic countries.
“How long, though, this will take to have an impact is the question, as technology is moving at hyperspeed, and government initiatives typically do not,” Pelz-Sharpe said.