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Panelists at CES 2021 Agree Widespread Adoption of Cryptocurrency Is Imminent

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Screenshot from the CES 2021 event

January 19, 2021—Leaders in cryptocurrency and digital assets alike agreed that it is only a matter of time before widespread adoption begins, during a Wednesday panel that aired as part of the Consumer Technology Association’s Consumer Electronics Show.

According to Catherine Coley, CEO of BinanceUS, individuals who have yet to adopt cryptocurrency face two main barriers: the high cost to enter the market and the technical learning curve. Coley is hoping to change that as her company lowered entry fees and boosted its support services to all.

Coley believes that Bitcoin and other digital currencies’ reputation of being risk-fraught investments is invalid, yet has resulted in a slow, but continual, rise in adoption.

Being forced to work with antiquated or even non-existent laws and regulations is a challenge the industry faces. Caitlin Long, founder and CEO of Avanti Bank & Trust, said that Bitcoin has a hard time fitting with current laws since there aren’t currently any laws to guide it, as there are for traditional financial issues.

Long believes that creating more backward-compatible legal structures will help the two forms of currency coexist better.

Despite a lack of rules for its regulation, the laws that exist can make it difficult for crypto firms to operate in, including dinging their camel score, an international rating system used by regulatory banking authorities,  causing a high-risk reputation to remain.

Crypto should be merged with the traditional world of coins and recognized as an equally competent player, said Jeanine Hightower-Sellitto, CEO at Atomyze LLC. Building blockchain-based platforms to improve efficiency, allowing titled ownership in cryptocurrency, and having scalable investors’ systems is critical, she added.

Matthew Roszak, chairman and co-founder at Bloq, Inc., says that despite being told cryptocurrency was pseudo currency, he still sees 2021 as a year be a massive rush into bitcoin. The infrastructure and narrative for it must improve, though.

Public acceptance and integration of cryptocurrency could get a huge head start if big banks and financial institutions mix crypto offerings with traditional financial products and services. Every central bank and institution has a dedicated blockchain group working on how best to handle cryptocurrency, but few want to be the pioneer at the forefront, panelists said.

Innovation

Biden Encourages House to Pass Technology Innovation Funding Bill

The United States Innovation and Competition Act would, among other things, plow money into semiconductor research and development.

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President Joe Biden
President Joe Biden

WASHINGTON, January 25, 2022 – President Joe Biden on Friday encouraged the House of Representatives to push through Senate-passed legislation that would plow more federal money into technological innovation in the country.

The United States Innovation and Competition Act, which was introduced by Chuck Schumer, D-New York and passed the Senate in June by a 68-32 margin, will put billions toward domestic research and development and manufacturing for products including semiconductors and alleviating the supply chain concerns that have hampered critical industries in recent months.

“The Biden-Harris Administration has been working around the clock with Congress, our international allies and partners, and the private sector to expand U.S. chip manufacturing capacity, bring back critical American manufacturing jobs, address the chip shortage, and ensure we are not exposed to these disruptions again,” said a White House statement on Friday, adding chip maker Intel announced a $20 billion factory outside Columbus, Ohio.

“To accelerate this progress, the President is urging Congress to pass legislation to strengthen U.S. research and development and manufacturing for critical supply chains, including semiconductors,” the statement said, adding it “would make generational investments in research and development and advanced manufacturing to help us grow critical industries and win the jobs of the future.”

The legislation, which would leverage $52 billion to entice private companies to invest in technological leadership, will also focus on developing and building new technologies in the United States, including artificial intelligence, computer chips, and lithium batteries for smart devices and electric vehicles.

The House of Representatives has passed alternative legislation, such as NSF for the Future Act and The Department of Energy Sciences for the Future Act, which together would provide funding for semiconductor manufacturing, invest $50 billion over five years in the Department of Energy’s Office of Science and National Labs, invest in the development of domestic sciences, and invest in renewable energy and research on emergent technology.

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Innovation

CES 2022: Next Generation of TVs Have Application for Remote Learning, Promoters Say

The new television broadcasting standard brings faster speeds and more opportunities for connecting tele-services.

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ATSC president Madeleine Noland

LAS VEGAS, January 20, 2022 – The next generation of television uses a combination of over-the-air broadcasting and internet broadcasting, which could serve as an opportunity for remote learning, the Consumer Electronics Show heard earlier this month.

ATSC 3.0, also known as NextGen TV, is said to offer 4K high-definition video quality, better sound, more personalized broadcasts, advertisements, and interactive capabilities by combining over-the-air broadcasting with a home internet connection, according to its promoters.

But it also could be used as a vehicle to deliver learning materials.

Madeleine Noland, president of the Advanced Television Systems Committee, from which the technology gets its name, said NextGen TVs will enable greater distance learning during school closures caused by the COVID-19 pandemic. “We’ve learned that broadcast is the most efficient way to get a lot of information to a lot of people. It’s highly scalable,” she said. “Folks solving distance learning problems learned that all information, classes, lectures, and videos could be broadcast. After its broadcast, we can use mom’s cellphone to send the data back.”

Noland said families can take advantage of the opportunity to use the technology in the wake of the pandemic

The discussion about NextGen TV’s features were part of a larger conversation about the future of television and its role in our society during the COVID-19 pandemic. “The television [can be] a portal to social engagement,” said Noland. “In the future we’ll see televisions helping to improve the quality of life,” especially in areas of health and wellness, she added.

Latest technology will need demand for broadcaster adoption

Currently, the only way to get 4K HDR content is through streaming services such as Disney+ and Netflix. The new ATSC standard establishes a new technical framework for how TV signals are created, broadcast, and received.

To deploy the new standard, TV manufacturers work with broadcasters to ensure that the technology can be deployed widely to audiences across the U.S. Although manufacturers have increased their adoption of ATSC 3.0, manufacturers must be able to create demand from consumers for broadcasters to begin using the technology, the conference heard. Consumer technology companies Sony, Samsung, LG, and Hisense announced the implementation of the new TV standard across their TV product lines at CES.

Right now, ATSC 3.0 reaches nearly half of all American viewers, with stations in 46 U.S. markets are offering next generation TV service using ATSC 3.0.

ATSC said in a press release during CES 2022 that the consumer television industry is projected to ship 4.5 million NextGen TV products equipped with ATSC 3.0 this year. The Consumer Technology Association said that 2021 sales of NextGen TV tripled their original forecast: manufacturers shipped 3 million NextGen TV products last year.

ATSC president Madeleine Noland told CES 2022 participants how NextGen TV will upgrade the television experience. “You’re familiar with the emergency notifications that rolls across the screen?” she asked. “It’s going to go even deeper. [Next Gen TV] will show where the evacuation centers are and tell people what to do––it will be available over the air.”

The NextGen TV will also personalize ads based on viewer’s interests, where previously this was limited to internet and online video viewers. “When a consumer doesn’t want an ad, they can be shown something else instead of the one they’re shown, but it would be shown over the internet,” Noland added.

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Innovation

ITIF’s Atkinson Urges Strategic Policies for U.S. Technological Superiority

Panelists argued that the federal government needs to institute policies for growth in strategic technology industries.

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Rob Atkinson, president of the Information Technology and Innovation Foundation

WASHINGTON, January 12, 2022 — Panelists on an Information Technology and Innovation Foundation event warned Tuesday about China’s rise as a technological superpower that requires the U.S. to step up or get usurped.

Rob Atkinson, president of the ITIF said as other countries like China advance in technology, America becomes more susceptible to falling behind. What’s required, he said, are policies that make space for adequate production and innovation for key industries, like chip manufacturing, inside the country.  “Policymakers need to accept that while market forces should continue to guide non-strategic industries, for strategic industries government needs explicit sector-based strategies implemented through industry-led public-private partnerships,” according to a January 3 article by Atkinson on the ITIF website.

Past are the days that the federal government focused almost solely on defense and weapons and now is the time for it to focus on leading in sectors including drones, autonomous systems, artificial intelligence, quantum computing, biotechnology, energy storage systems, lasers, optical equipment, space technology, machine tools, shipbuilding, and advanced wireless systems. The article notes the Senate did pass the U.S. Innovation and Competition Act, which provides money for technology research over five years, but it now awaits House votes.

Atkinson’s thesis became a point of discussion at an ITIF event on Tuesday.

“We need to make sure these industries are competitive,” said Mike Brown, director of the Defense Innovation Unit under the Department of Defense. “The US is in the position to have breakthroughs in technology that are going to allow prosperity both economically as well as national security.

“China is using all instruments of national power to allocate capital, determine what industries are strategic and replace us as the technology superpower,” said Brown.

When Erica Fuchs, a professor at Carnegie Mellon University, suggested possible collaboration between America’s technology industry and China’s, Atkinson said he was “skeptical of the fact that we ever learn much from China. I think it’s 95% the other way.”

A majority of the panelists agreed that China aims to displace America in the race to technological advancements, and that there will be consequences if they do. “If China does displace us, our standard of living is going down,” Brown said.

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