How lawmakers around the world are trying to create a ripe environment for technological advancement

Lawmakers technological advancement:

Last year, a study showed that over 40% of the world population—approximately 3.8 billion people—use technology. The number is growing, and experts predict that come next year—2020—the field of technology will offer a $4 trillion revenue opportunity.

With that in mind, governments are doing all they can to foster a conducive environment for technological advancement and interest. Take China, for example, according to the World Economic Forum, China had 4.7 million new STEM (Science, Technology, Engineering, and Mathematics) graduates in 2016. India had an equally high number with 2.6 new STEM graduates.

The lawmakers in China and India have played a key role in encouraging students to focus on these fields in a bid to corner the global market on tech dominance. Consider two more examples discussed below.

lawmakers blockchain hub

1. Taiwan—lawmakers are trying to turn the region into a blockchain hub

Taiwan is on a mission to become the world’s foremost expert on blockchain technology. According to congressman and legislature Jason Hsu, he intends to make Taiwan, the world’s next crypto nation and blockchain island.

To that end, he has already introduced a number of initiatives key among them being digital economy laws, initiatives surrounding autonomous vehicles, and cybersecurity legislation. At the moment, he is focused on blockchain legislations.

In particular, Jason has set up a bipartisan alliance whose main goal is to support the blockchain industry. Moreover, he has organized self-regulatory organizations (SRO) for crypto and blockchain.

The SROs are working together to come up with guidelines that will govern the exchange of cryptocurrency, including a well-defined taxation model. The guidelines will also encompass several neighboring Asian countries, particularly Japan, Korea, Singapore, and Hong Kong.

2. Finland—A leader in New Media literacy

Finland is yet another country whose lawmakers are determined to turn into a tech giant. In a recent study, experts ranked Finland as European leader when it comes to New Media literacy.

New Media literacy is a person’s ability to utilize and consume new media tools such as digital technology to write, read, compute and solve problems at high proficiency levels in a bid to help both the individual and society at large.

According to the Organization for Economic Cooperation and Development, New Media literacy is a vital skill for 21st-century students because it helps in instilling critical thinking.

During the 2018 world economic forum, Jean-Pierre Bourguignon, the European Research Council President echoed the importance of New Media literacy when he said that one of the most effective ways of fostering critical thinking is via improved news literacy. Instructors and teachers ought to teach children how to employ doubt intelligently and to understand that uncertainty can be measured and quantified.

Essentially, by equipping students with the skills needed to understand the current tech environment and consume new media intelligently without getting bogged down by things such as fake media, then it gives the students an upper hand when they start utilizing the new technology to come up with solutions for the world.

Verdict

From the two examples discussed above, it is clear that governments are doing two key things to help their countries stay ahead of the curve when it comes to technological advancement.

One, the governments have invested in education and in fostering local talents in a bid to elevate the overall interest in tech innovation as well as giving the students the tools to excel. Finland is a good example of this with its program for New Media literacy.

Second, the governments are attracting foreign tech talents by making entrepreneurship accessible and easy in the country. In the Taiwan example, Jason Hsu has heavily involved Vitalik Buterin—the Ethereum co-founder in helping the country come up with appropriate laws for blockchain.

Vitarin has also noted he is interested in what the country is doing and chances are high he might invest in the country when blockchain takes off.

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