Topic: Will Blockchain trigger a massive boost in our economy? - page 3. (Read 1563 times)

That's certainly true, mate. Blockchain's transparency would be an effective countermeasure against corruption and fraud. However, governments could decide to implement privacy features into their own digital currencies as well. If they take this path, then everything will be the same as it is now, where people cannot know with full depth the transactions conducted by the government that would involve corruption or fraud. Also, it's important to note that governments could determine their own network fees if they wish. Blockchain tech may promise greater efficiency, lower costs, and even transparency, but it's subject to the rules imposed by its developers. In other words, governments could manipulate their own Blockchain system as they desire, adding or eliminating certain features of the same.

Whenever Blockchain technology will trigger a massive boost in our economy or not, it's yet to be seen. Everything will depend on how many investors are interested in the new digital economy, to see a substantial boost over time. Ordinary people would also need to adopt digital payments for the full transformation to take place anytime soon. Being 10 years since Blockchain technology was created, there's still a lot to learn and improve in order to make the ecosystem bigger and stronger than ever.

Nonetheless, it's safe to say that Blockchain technology is here to stay. It seems that it'll be widely adopted by central banks and governments within the future. By investing into cryptocurrency, you're investing in your future as this is the trend of tomorrow. We as crypto enthusiasts are early adopters of Blockchain technology since it hasn't been widely implemented in the mainstream world yet. Once Blockchain takes over the world, we'll be the first ones to greatly benefit from its success. Just my opinion

    Bitcoin prices definitely depend a lot on this demand and supply principle. The more is the demand of people about this mighty coin, the more it is going to increase in price in short time. At present, even the prices are down of bitcoin but if all investors start buying bitcoin, I am pretty sure that soon it will be seen in pump phase leaving all economically satisfied.

Kind of agree, blockchain doesn't really suit well if it's used for government. Its decentralized nature is quite the opposite to what these so called government expect. They want to keep in hand of your data while blockchain won't allow that. Sometimes centralized system is also important and for this case government will need such a thing to be able to control their economy. Blockchain is not a magical things that could turn a wrecked economy into something massive just because it is implemented. quite opposite if some cryptos are taking over a country economy that means the economy will crumble because the money is escaping from there.

Why do you know corporations and governments don't work with blockchain systems? Many sources have reported that this blockchain system may work in some transparency but it is too difficult to manage and fix, besides, many other technologies allow governments and corporations to better handle their data, that is why blockchain does not appear more in the fields. Activating the economy is only ideal for those who hold bitcoins and prefer to make rumors about blockchain technology to enhance the value of bitcoin, actual efficiency is very poor

I can’t wait for the moment when state structures and various corporations working with data start using blockchain in their work.
This will be especially useful for countries with a high level of corruption, where officials steal money from ordinary people on a massive scale.
Blockchain can solve this problem and deprive thieves of their feeders, which in turn should free up a significant amount of capital that will give the economy a boost.

Within the state, blockchain is really capable of bearing a lot of useful things. However, blockchain is a system without intermediaries, so if the state completely switches to blockchain and cryptocurrencies it loses compulsory fees from the population, which will call into question the very functioning of the state’s infrastructure. That is, they will have to build relationships with people in such a way that they themselves want to put part of their funds into the infrastructure development fund.

Many institutions love the idea of the blockchain what they do not like is the idea of bitcoin above it, many companies are working on their own private blockchains, but this defeats of the purpose of the blockchain which is to be a public ledger in which every transaction is visible to everyone, governments are also doing their own research and are exploring the possibility to release their own cryptocurrency but with the difference that it will be a centralized coin.

And while I have no doubt that some governments will release their own coins in the future I will never use them since it is likely those coins will be even worse than their fiat since they will know who is the owner of every address and they will know every single transaction you have made.

Do you know how traditional banks work today, the bank also takes advantage of transaction costs. I had thought that the effectiveness and efficiency of blockchain technology would be more beneficial for users. then why is blockchain technology still not adopted by banks. If the digital currency to be made by the government conceptualizes itself as a stable coin, fluctuations are no longer a problem.

At that time, my opinion was that the bank wanted to continue to benefit from the current transaction fees that apply to traditional transactions. Same as miners who want to get paid a higher transaction fee/gass.

Blockchain can also give way to the creator and developers to develop on a system which is secured and also better compare to others. Blockchain could boost an economy because it will become the new way of starting a company and it will make the transactions and data more convenient because it is always in the cloud and there will be no fraud since most of the things are transparent.

the economic condition of a country will never be able to influence the blockchain transactions or the price of bitcoin, it all depends on demand and depends on supply, the country's economic conditions can only move when the country can develop.

Obviously, most of the developed countries monetary authority are trying to observe this blockchain system very closely, Not only that but also some countries also creating it's digital currency which is the digital version of their currency so they are also adopting this technology, in this sense, Blockchain has a potential future if you can manage it properly, But in the current context, in my opinion is that, Cryptocurrency is not a good shape, it has a lot of barriers and negative sides whose are the main reasons to get flourish more and more around the world, I think only regulation could bring a good result regarding this issue and people always find the safe zone so at first, you have to give an attention to the legal or proper regulation system then it could bring a massive change in the global economy.

I don't think blockchain will give a country's economic boost. economic improvement is influenced by many things. blockchain is just a technology created to make it easier for us to make transactions using blockchain transactions will be faster and cheaper also does not require a third party. and also transparent all parties can see the data. blockchain makes it easy to transact.

Aside from that if the government decides to implement blockchain into their system there would be a more transparent government running that country. The more transparent the system is the less likely that country will have corruption taking place. This is one of the most important points of having a digital public ledger where all activities and transactions are being monitored by everyone, you can't really have any room of illicit activities especially if everyone has access to it.

This depends on how people adopt Blockchain technology for mainstream finance. Right now, most people are accustomed to physical cash than anything else. If governments want to bring the era of digital payments, they would need to slowly integrate the Blockchain into the existing economic system. A lot of tests need to be done, as Blockchain still has some inherent flaws. It may provide cheaper & faster transactions worldwide, but its capabilities will depend on its operators (in this case governments and central banks) for sure. If governments decide to leave the current inflation rate for their national currency, then there wouldn't be much of an improvement in a Blockchain-based economy.

But who knows? Maybe there will be a slight improvement in our economy, as transactions worldwide are performed in a much more efficient manner than today. But in order to experience a full-fledged Blockchain economy backed by governments worldwide, we'd need to wait some time before the technology matures enough for the mainstream world to use. All in all, both crypto and Fiat will live alongside each other for years to come. Just my thoughts

Yeah! Blockchain technology independently of cryptocurrencies has too much potential. Even governments across borders are supporting blockchain technology for its safety, security, reliability and what not. But the problem is with cryptocurrencies, governments just can't stand such currencies. Therefore, there is a sort of mixed response towards blockchain implications.

I think so because this time blockchain technology plays a big role in our economy for now especially in Government where it can reduce the operating cost in a particular payment process so I think it's one of the reasons why it can boost our economy. There are different companies now embracing blockchain technology because it can make a good service to their company and it also helps to boost the economic growth to make payment processor more reliable services. Even the country of China they are now starting using blockchain technology own their own.

I think there's a good chance that it will level the playing field a bit, and help poorer countries. We are already seeing a degree of this with the internet and freelance job boards - people from poorer countries can easily undercut bids from people in richer countries and still make a good income. This is a good thing, and makes the global job market much more accessible. Blockchain should help this further.

Implementing blockchain technology means more transparency to everything it is implement and the market is open for many projects to appear in the private sector as well as from the government sector, for any country to take advantage of any technology they need to be aware of that and have some development program, if not they can hire experts from other countries or invite private investors.

Indeed, these types of technologies just like the cryptocurrency and other forms of digital inventions can really give benefits to the governments. In my own opinion, the transparency will be the biggest factor for the government if they will transition themselves into cryptocurrency because people will cooperate more and they will trust the government more because they can see if their government is honest or not.

Not only the worldwide financial system will get much more efficient and transparent causing corruption to drop significantly and probably a lot of arrests as well, but you forget the enormous potential of the blockchain technology in all the other industries.  Take for example the supply chains - from fishing to food and products distribution they could all be tracked using a blockchain solution. That will result in less theft and the costs will dramatically decrease because there shouldn't be so many intermediaries.