Blockchain Can Change How Governments Operate, Says Cardano Founder

Charles Hoskinson has emphasized on how blockchain and crypto can bring evolution in the world, including government level operations.

Revolutionizing Worldwide Governments and Societies

Founder of Cardano and CEO of IOHK, Charles Hoskinson recently shared his thoughts on how blockchain and crypto can help bring global market revolution, especially in terms of governments around the world running their operations. A report from Yahoo Finance mentioned that Charles Hoskinson thinks that blockchain tech can significantly change the future, giving rise to superior forms of government services globally, enabling them to be become compatible with each other.

Furthermore, Charles mentioned that in order to operate a global society, power and control over resources and decisions should not be in the hands of a singular body, since the main purpose of cryptocurrencies and blockchain in the first place is to help resources be handled publicly and if those same resources are to become digital, let them be open and work to develop businesses over them and with the basic infrastructure not in control.

Promoting Transparency

Hoskinson reassured the negatives of a centralized system, highlighting that because a singular body has control over the rules and regulations, they are not promoting competitiveness and are also against the consumers, basically hurting traders and leading to market collapses. In terms of the global structure of the coming times, Charles wishes that government services should be incorporated into a structure in which there is complete transparency.

Taking more on transparency, Charles thinks that a world build on transparency would help people to see clearly on the government’s tax revenue and sources, providing clarity over the moving money. This will lead to minimal levels of fraud, wastage, abuse and lesser concentration of power. Speaking on power, Charles stated that if the ledger is genuinely accessible, then both the poorest person and the even the President of the United States will have equal rights over it.

Concluding his thoughts on the matter, Charles said that this kind of system of transparency has never been implemented in the history of humans. Additionally, Hoskinson also talked about how “trolls” on Social Media platform Twitter have been spreading false rumors about Cardano’s upcoming Vasil hard fork, saying that it would bring a negative impact on the smart contract functionality of the Cardano network.