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A Cross-National Comparative Policy Analysis of the Blockchain Technology between the USA and China

Chu-Chi Kuo and Joseph Z. Shyu
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Chu-Chi Kuo: Institute of Management of Technology, National Yang Ming Chiao Tung University, Hsinchu City 30010, Taiwan
Joseph Z. Shyu: Institute of Management of Technology, National Yang Ming Chiao Tung University, Hsinchu City 30010, Taiwan

Sustainability, 2021, vol. 13, issue 12, 1-18

Abstract: Blockchain technology can achieve decentralization, multi-party verification, anti-tampering, anonymity, traceability of transactions and distributed ledger applications. Countries around the world continue to seek blockchain business models, technologies and applications and have different visions and policies for the development of blockchain. This study provides a comparative policy framework for the theoretical analysis of blockchain technology between the USA and China. Using the innovative policy tools proposed by Rothwell and Zegveld, these two countries are analyzed from the viewpoint of twelve policy tools. The results show that the USA and China both prefer to use “Environmental-side” policies. The USA has focused more on “Legal and regulatory”, “Public services” and “Procurement”. China has the highest proportion of policies in “Political tools”, followed by “Legal and regulatory”, while “Scientific and technical”, “Education” and “Overseas agent” come in third. Blockchain technology has developed vigorously among industries and its applications have gradually diversified. The results can provide a reference for policy planning for various stakeholders.

Keywords: blockchain; decentralization; innovation policy; national innovation systems; policy tools; legal and regulatory (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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