From the things we buy to the news we consume, from our careers to how we communicate and what we believe, there is almost no part of our lives that the internet does not affect. And the internet is undergoing its next fundamental change, writes Charles Clancy, senior vice president and general manager for MITRE Labs and chief futurist.
The third generation of the World Wide Web, known as Web3, is bringing an entirely new technology stack built on blockchain, a decentralized and distributed architecture to increase privacy, security, and transparency. This new epoch of social interconnectivity is blurring the lines between telecommunications and finance, and compounding an already complex regulatory ecosystem.
While this is creating tremendous new opportunities, the implications of Web3 are also the center of major social, economic, and national security issues. Developing a national strategy for Web3 is essential for the U.S. to preserve a democratic internet, promote public good, and mitigate potential problems.
Clancy offers strong recommendations for how The White House can lead creation of a national strategy in Web3 that engages market participants in developing an integrated regulatory framework, national security strategy, and explores application of Web3 to transform electronic government functions.