Re: Will governments use Blockchain way beyond financial apps?
For some time, governments have been talking about launching digital currencies of their own in collaboration with central banks. Financial apps have been the primary use case of Blockchains. I mean, if governments decide to use Blockchain tech as the backbone of CBDCs. Besides finance, governments can use Blockchain as some sort of immutable registry or database for marriage licenses, driver's licenses, certificates of birth, etc. So far, countries like Russia, the US, and China are only interested in the monetary aspect of Blockchains (finance). But things could change in the future, right?
Do you think governments will use Blockchain way beyond financial apps? If not, why?
Your input will be greatly appreciated. Thank you very much.
Do you think governments will use Blockchain way beyond financial apps? If not, why?
Your input will be greatly appreciated. Thank you very much.
It is an interesting idea to utilize block chain technology across various departments of the government such as finance. I believe it is possible given the fact that block chain technological advancement is very fast and capturing all fields of life. Implementing block chain technology can make the government systems more transparent, efficient and reduce human intervention. However, the issue of security is a major concern in finance and this issue we often confront in Decentralized finance (DEFI) sector of cryptocurrencies. This issue needs focused attention of developers to enhance credibility of block chains based financial Apps.