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.
We're still in the infancy of blockchain development and it seems like the private sector will be the one laying the future groundwork in this area. You're more likely to see companies like Visa or Paypal finding use case scenarios for these, maybe even Amazon or other shopping sites, which would really prove that they have a viable model. If these private companies can see value in utilizing blockchain solutions, then governments will hop on the bandwagon, but they are often followers rather than leaders when it comes to technology. Even for all the talk of CBDC's around now, most central banks are only doing very small scale experimental trials and tests at this stage.