A more thorough explanation:

The National Institute of Standards and Technology (NIST) is a government agency that works to promote innovation and industrial competitiveness in the United States. It is part of the Technology Administration, which is responsible for developing and implementing policies related to technology and innovation.

NIST provides a wide range of services to businesses, including research and development, testing and certification, and technical assistance. For example, NIST develops and maintains standards for measuring time, temperature, and other physical quantities. It also provides guidance on cybersecurity and other technology-related issues.

One example of NIST's work is the development of the Advanced Encryption Standard (AES), which is used to protect sensitive information such as financial transactions and government communications. NIST also provides testing and certification services for products that use AES, ensuring that they meet the highest standards of security.

Another example of NIST's work is its support for the development of new technologies, such as 5G wireless networks and quantum computing. NIST provides technical assistance and research funding to help businesses and researchers develop these technologies and bring them to market.