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07/15/2022

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Blockchain Has The Potential To “Radically” Transform How Governments Operate.

As it expands exponentially, the blockchain and crypto industry opens up numerous opportunities to change the world as we know it, including how governments operate, according to Cardano (ADA) founder Charles Hoskinson. According to Hoskinson, blockchain technology has the...

Blockchain Has The Potential To “Radically” Transform How Governments Operate.

As it expands exponentially, the blockchain and crypto industry opens up numerous opportunities to change the world as we know it, including how governments operate, according to Cardano (ADA) founder Charles Hoskinson.

Blockchain Has The Potential To "Radically" Transform How Governments Operate.Blockchain Has The Potential To “Radically” Transform How Governments Operate.

According to Hoskinson, blockchain technology has the potential to “radically” transform the future, improve government services around the world, and make them interoperable – exactly what he intends to do, according to Yahoo Finance’s Brian McGleenon on July 14.

In an interview with Yahoo Finance’s ‘The Crypto Mile,’ he stated:

“In a global society, you don’t want one actor to have complete control over critical things and resources. The point of cryptocurrencies and blockchain technology is to take those resources that should be a public good, and if they’re digitizable, get them into a situation where they’re completely open, and basically then build businesses on top of that. But the underlying infrastructure is no longer controlled.” 

He emphasized that in a centralized system, “one person basically gets to decide those rules, and oftentimes, those become very anti-competitive and they actually become anti-consumer,” resulting in “hurting people or exposing people to a lot of market failures.”

In response to the host’s question about the future global structure, Hoskinson stated that he does not see the nation-state disappearing, but rather “lots of government services [being] put into a structure where they have radical transparency.”

Blockchain Has The Potential To "Radically" Transform How Governments Operate.Blockchain Has The Potential To “Radically” Transform How Governments Operate.

In such a world, according to Hoskinson, all of a government’s tax revenue could be open source, and anyone could look into it to see where the money is coming from and where it is going. This could have a number of positive implications:

“At the end of the day, you have less friction, less fraud, less waste, less abuse, more transparency, and ultimately, less consolidation of power. (…) If it’s truly a permissionless ledger, the poorest person, the most vulnerable person has equal access as the president of the United States does.”

Finally, he stated that ” in human history has that been the case.”

Meanwhile, Hoskinson recently chastised Twitter trolls who claimed that the planned Vasil hardfork would have a negative impact on the Cardano network’s smart contract functionality.

It was reported in early July that the network had taken the necessary steps to ensure the smart contracts are compatible with the upgrades, eliminating the need for rewriting.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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