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.
Because they don't want to provide user's data for free to everyone while hackers make efforts to get their hands on data like marriage licenses, driver licenses, and certificates of birth and IDs. Means if governments will use blockchain to store such data so no one can really tamper with it, that's fine, but the public nature of blockchain will make all the data stored on blockchain public, and thus anyone can access it. Do you think governments will use Blockchain way beyond financial apps? If not, why?
Your input will be greatly appreciated. Thank you very much.
Unless there are other ways to put a layer of security on such data but to be honest, I trust my government but will not if they are making my data publicly available to everyone. Recently, the FBR organization in my country got hacked and lost the data of how much taxes they collected and how much now, Such data they make public, but at the end of the evaluation, but if they make such data publicly available, like how much they made or from which person, each person can be allocated some special ID, which can keep them anonymous while they are making tx.
Such data if made public they won't be losing such profitable data. Now they can do corruption easily or can get away with anything.