I came across an article online that is quite interesting and it goes thus;
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
Corruption a major problem in developing economies which hinders the growth of nation cannot be overcomed till its backed by the government whatever methodology you apply. So if we can trace government transactions in blockchain we could have a eye on them but still there is probability that it erodes the limits and follow some other methods to do so.But one aspect is that it is decentralized currency and not controlled by any financial agency so one can transfer btc to some address without any questioning and it can give a boost to corrupt people as money is base for all evils.So till now btc don't seems helping in this matter. Quote
"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
