HomeAnswerNotificationsCustomize Feeds
HOMEQUESTION
Do you think governement should endorse the blockchain technology?
$0.67
4 ANSWERS

  

Blockchain is a digital decentralized and distributed ledger which is primarily being used for cryptocurrency generation. This function (cryptocurrency trading) of the blockchain is not being supported by the governments. However, governments are not against the blockchain technology. In fact they are supporting this technology and are also conducting research on it. This is the technology of the future. There are many uses of this technology. It can be used to keep land records in an immutable ledger on which the chances of fraud and misstatement will end. There are many uses of this technology and it can be used in various fields like monitoring and conducting of payment transfer, monitoring supply chains, for creating digital IDs, copyright and royalty protection, data sharing, food safety, digital voting, data backup, data mining, medical record keeping, tax regulations and collection, monitoring arms and their uses etc. This technology can be use in crime tracking and its investigation. This feature will help the governments to control crime and maintain law and order. It will also help governments to detect foreigners and illegal migrants. 

Due to such infinite possibilities, no government can afford to be indifferent toward this technology. Various real world applications are being built over this technology. So far this technology is being used to generate cryptocurrency. Governments are trying to use this feature of blockchain technology also for their advantages. They are mulling over to issue their own cryptocurrencies. Venezuela has its cryptocurrency 'petro'. India has announced to launch a cryptocurrency in March this year. Many other countries are doing the same thing. When governments will launch their cryptocurrencies, people will accept and adopt them readily. It will help governments to have full control over the money generation and its supply. They will be able to track every transaction. Tax evasion will become impossible. They may also be used for harassing and tracking the criminals. However, this can make governments tyrant and despotic.

So, no government can remain aloof of blockchain technology and cryptocurrencies. One by one they all will accept and endorse blockchain technology. However, the form of government owned and controlled blockchain applications will not be true decentralized form of blockchain.

$2.61
Reply
5 Comments

In light of the recent scandalous failure of the audit of the Pentagon ordered by the U.S. Congress, I would say the immutability of the blockchain could perhaps be of some use in government as well. The government is not a monolith. It is made up of many branches and each branch is made up of many departments and bureaus. Insofar as government spending is a public matter, there is no reason not to put all the expenses on a blockchain which should not be controlled by a single entity within the government but have a number of full nodes controlled several entities within all branches of the government. If that were done, a level of trust could be attained not possible using any other method. Also, the auditing process could be fully automated. I'm willing to bet that despite the vastness of the blockchain, maintaining it would save the U.S. taxpayer vast sums of money in the form of decreased corruption and waste in the long term.

Corruption and waste withing the government is a world-wide problem, and, on average, worse overseas. The sums in question tend to be much larger than anywhere else in the largest departments of the U.S. federal government.

$2.42
Reply

The blockchain can be used to reduce fraud in various sectors. There is no reason why governments should not allow it to be used or even promote its use in some areas such as elections. If the use of blockchain can reduce fraud that means cost savings in law enforcement and the judiciary. So, yes, it would be a good idea for governments to create conditions for the blockchain industry to flourish.

$0.45
Reply

Government Supports Blockchain, Not Bitcoin, because Blockchain gives transparency in every transaction. For example, in a money transfer service, he can know where the money came from. Who is ready to give. The data is all there. This directly can facilitate KPK's performance, As for Bitcoin, if such an application is prohibited. This is because Bitcoin does not have clear ownership origins and where the technology comes from.

$0.00
Reply