Post
Topic
Board Economics
Re: Blockchain Not Just About Bitcoin
by
Hydrogen
on 27/04/2018, 23:50:54 UTC
Blockchain not just about bitcoin and virtual currency, at least this is happening in my country (Indonesia), the latest news that the General Directorate of Taxes provides taxation services by adopting blockchain technology. They believe that blockchain technology can be a more transparent taxation solution in Indonesia.

That is an interesting train of thought. I think they might be right on that although a big part of it will depend upon details of implementation and whether it will be possible to use things like VPNs, proxies or TOR to anonymize certain aspects of transactions to some degree. Of course there is plenty of theft, fraud, money laundering and market manipulation in regulated markets. An introduction of blockchain technology could actually decrease the amount of fraud and crime in regulated markets as many things would be logged and transparent for the world to see.

Have banks really deployed blockchain technology en masse? I think that article confuses small scale test runs of blockchain technology utilized by banks for full scale support. It is doubtful banks have embraced or rolled out blockchain technology this quickly.