Topic: Will Blockchain trigger a massive boost in our economy? - page 4. (Read 1535 times)

Blockchain has the capacity to boost an economy especially if its widely used and accepted by a certain country. One of the biggest reasons why there are failing economies is because of stolen fiats that is supposed to be used by the government for bringing the economy up, and the counterfeited goods like gold, foods, medicines and even plats. Because of blockchain's decryption and security it might stop counterfeits do their crime and keep what is supposed to be for the balance of the economy than be in dirty hands.

I think it will, if blockchain tech will be utilized by the government or by the mass it will lessen cost and I think operations will be more efficient and convenient. It will make a great change, it might take time but we will come to a point where blockchain tech will be part of our daily life.

The future is internet oriented and the Blockchain technology will lead a great impact on the countries.The governmemts can implement it in their system which will reduce the processing cost of transaction and moreover there will be transparency,speed and security due to the transactions made on a secure network on internet.The blockchain technology is admired by many governmemts and plarforms but they are against only decentralized coins on which they have no control.So we cant say that whether this technology will give boost to economies or not in future.

The usage of Blockchain technology with the government would mean a great help for the government and the community. The number of the transaction by different servicing company cost the government a lot of energy and this is where blockchain technology can help the government big time. Processing cost from energy consumed will be lessen because everything will rely on the internet alone

Yes, I think blockchain will cause a dramatic improvement in the economy. Anything that is faster, more secure, and more easily automated than existing solutions brings with it huge benefits. Smart contract platforms such as Ethereum are one aspect of this, which can trigger a huge wave of automation - one job that's often quoted as perfect for automation through ETH is mortgage broker. But there are plenty more. Any process or interaction that can be defined by clear, unambiguous rules - if A then B - can be automated (at least to an extent).

The agricultural revolution replaced hunter-gatherers by (a degree of) automation of food production - you don't have to hunt everything, just plant a seed and it will grow. The industrial revolution did the same for agricultural workers - tractors to replace horses, etc. Then computing automated a lot of white collar clerical work. But computers could only go so far. A lot of potential for automation still remains. Blockchain can be the next stage, and will improve efficiency dramatically. The question though is where do the jobs go? Traditionally with each wave of automation, new jobs are created in new areas. Difficult to see where that will happen this time.

There is a reason why most of the time new technologies are adopted first in developed countries and that is they have the infrastructure already in place, poor countries are still struggling with very important problems like poverty, lack of access to education, corruption and many other issues, even if they were to adopt the blockchain and cryptocurrencies that will do nothing for people that have no access to electricity or the Internet.

I know it is unfair but developed countries will become the early adopters and will get huge profits by developing applications based on the blockchain while undeveloped countries will only begin to use it once the technology is more mature.

I agree that blockchain can help the undeveloped countries because blockchain can open a lot of opportunities for the people who got ideas that they can make it come true through the power of blockchain technology. Blockchain technology has a lot of possibilities and potential that can change something small into something big just like it can do in economic terms of a certain country.

the government should not issue difficult regulations, many suspect they are worried if they are required to be transparent when the blockchain is adopted
economy can boost as long as the government and all parties have the spirit to support

That's certainly true, mate. However, I believe that the adoption of Blockchain technology worldwide will be quite slow than usual. Not to mention, many people still prefer using physical cash than digital money. After a decade of Bitcoin's inception, there's still a lot to improve within the Blockchain industry as there are scalability bottlenecks and other issues. Governments will continue to secretly test their own Blockchain networks in order to deploy digital currencies in the future. Some countries like Venezuela and China are already working towards launching their own blockchain networks for people to use. Venezuela's own "Petro" coin has been launched some time ago, but it didn't gain enough traction to keep going as intended. Maybe other countries will turn out to become successful in launching their own digital currencies, in order to help drive a cashless economy in the future.

Given that Blockchain technology improves efficiency and reduces costs by a long shot, it could boost our economy within a couple of years from now. Everything will depend on worldwide governments and the people using digital currencies for sure. If everything stays the same even with Blockchain on the lead, then there will be no improvement in our economy whatsoever. All in all, it's hoped that Blockchain technology improves long enough to become a rock-solid solution for the world's economy in the future. Whenever that will trigger a boost or not, it's yet to be seen. Just my thoughts

Agree, with the blockchain technology transactions will be instant ad fast compared to the old system that will take hours to credit in the system. Though the old system are catching up,they are no decentralized, another feature which this DLT or blockchain technology excel.You can view your transaction online, clear and transparent.Blockchain technology is quite secured too ad you have the freedom owning your crypto assets,portable and convenient.

I believe that blockchain can boost economy, its a breakthrough technology can be apply in different industries. Aside from disrupting the financial system, it will play an important role specially to those undeveloped nations and serve as a solution to their current problems and economic issues.

It all depends upon the government policies on how the government will implement on how to make the government functions transparent and thereby helping them in removing the corruption in the government sector which will boost the economy, not sure whether any government will like to have a transparency is a different story, but if any country will accept it then it will have a major difference in governance .

Poor countries should not resist to adopt technology, there so mang countries that are left behind and even have no internet connection at all. Blockchain technology is a big help, developing countries should adopt and do their part to help their people, government should do their best to stop poverty and educate people about bitcoin.

Definitely, blockchain technology will certainly have a positive impact on the economy of all states, both poor and developed. With the Internet, blockchain technology allows you to solve many problems of an economic, financial, organizational, informational and other plan at the state level and especially at the international level. For the first time, it becomes possible to combine various kinds of information on a global scale, and most importantly, it is safe to use it online. Based on the fact that the efficiency of all industries where blockchain technology will be applied will increase, this should positively affect the economy of all states, without exception.

It can be somehow a project where it simply alot allocation of funds, project proposals and budget as well projects updates. It will give ease for the government to track and monitor their activities without getting fraud and misallocafion of project it would be like any project managed by the team in ICO or IEO but this time its the government using th blockchain platform to address their economic process thru blockchain.

Inflation often causes currencies to devalue at rapid rates, making prices of items extremely expensive and costly imports. Cryptocurrencies have the potential to eradicate this problem to enhance country’s fiat currency, providing decentralized digital form of payments, and potentially offers much more secure and cost-effective ways.

Libra will probably never be released, any centralized entity that tries to create its own cryptocurrency will face lots of legal troubles and that is exactly what it is happening right now, governments realized that if Facebook releases its own coin then the market will become unstoppable as it could attract in theory hundreds of millions of people to use Libra and then other cryptocurrencies.

They cannot allow this, they are still trying to figure out how to try to take control of this market while their economies begin to slow down, so they most likely will try to come to an agreement with Facebook so they scrape their plans for their own cryptocurrency.

It will only help the bigger economies to grow. For poor countries that have yet to apply technology to their economies, they remain forever poor.
In general, Blockchain technology really only works when the country is really technology-oriented, then the world can develop together.

The prominence of a Blockchain-based economy for the mainstream world will greatly depend on governments themselves. They can choose specific rules for their liking, affecting positively or negatively their own blockchain network. If they decide to lower fees, and reduce the monetary supply of Fiat, then Blockchain will trigger a massive boost in our economy. Otherwise, everything will be more of the same. An economic collapse could happen within Blockchain-based currencies as we know it. The fact that our economy will be using such innovative technology in the future, doesn't mean that it'll be exempt from the underlying risks of the mainstream world. In other words, Blockchain technology is not perfect and still depends on human decisions to succeed.

Still though, the huge difference between government-backed blockchain networks versus public blockchain networks like Bitcoin and Ethereum, is that the former will be extremely scalable. This is due to the centralization of the network where it's easier to manage the network's resources. You could say that our economy will improve as it'll be much more efficient in the future than what it is right now. All in all, our economy will be greatly transformed by the Blockchain as we know it. Just my opinion

Based on what I have seen so far, and the explanation of the workings of Libra, it doesn't seem to be a blockchain at all, but something similar to how EOS works, but then orders of magnitude more centralized and closed.

Libra will not be available to those from countries Facebook (or any of its subsidiaries) isn't allowed to operate in. In other words, whole countries are being censored by Facebook and a bunch of moronic laws.

You can't censor anyone from utilizing Bitcoin. This is the first and only example where blockchain is actually doing its work as intended, but without the hype. I'm not looking forward to Libra at all. More centralization isn't what we need.