Topic: Will Blockchain trigger a massive boost in our economy? - page 7. (Read 1561 times)

Bitcoin and the Blockchain platform are gaining worldwide attention. Many governments are facing inflation, and the use of Crypto is becoming the optimal solution to eliminate increase. Many banks are approaching Blockchain and accepting Bitcoin as a currency. Bitcoin is affecting the whole world, and it will soon change the economy of the whole world.

After all am I the only one who can't see huge potential of using blockchain technologies in banking system? I understand you say blockchain technologies can speed up transactions, lessen fees and etc but how? Fees are set by banks for personal interests, how can blockchain change their mind? Or how can it speed up transaction confirmation time while banks do some transactions manually? Time will be the same, otherwise transactions inside banks and with their partners are immediate.
Btw blockchain technologies can be used if we want to add an extra layer of protection to services but can't see it's potential in boosting economy.

In order to have a "massive" boost in a country there needs to be something super huge that affects all of the country like finding out you have a ton of oil in your ground everywhere in your country but I am afraid that sort of stuff is already gone, everyone already looked at their grounds and found nothing or the ones that found it already found it. Aside from that there is no way there would be a massive boost.

However, it could trigger some sort of good profitable data tracking that makes the countries finances a lot more transparent but also faster and cheaper which could maybe save them some money, it won't be a massive one but at least it would be something small that eventually gets bigger and bigger, like an interest sort of way that gets bigger the more you do not touch it.

Yes, Blockchain can trigger a massive boost in our economy. Because when we use Blockchain, we can easily import money from any other country to our country, because it works by network. So it's hassle free in terms of transfering and it will really affect a good in our economy.

in my opinion indirectly blockchain will help economic development, the ease and benefits of using blockchain can make human work easier so that it is more effective and makes people more productive at work, so that with more work, they will get more income as well. so that the wheels of the economy will spin, which previously did not have a job, now get a job because of the blockchain

I think that only in theory it will bring a boost.

I say these because many countries are covering their inflation with all kind of schemes just to look good for the new election and keep population calm about crisis. Just like when governments paid for the shit banks did on the last economic crisis.

Having a corrupt system with so many flows, won't make any blockchain adaption better.
Like with any flawed system, changing it will bring pain if not feat as well.
So, before any economy boost happens, it has to get worst before getting better.

For example, if my country would adopt blockchain technology (transparency, security) in any department of the government, that would bring up to light all the flaws in the system. No politician want to bring that to light. So we first need new people in politics, ready to dig up the dirt and start a change. And there would still be chaos. But in time that would turn in a boost in economy. Investors would have more trust to come because of increased transparency, security and stability.

It will probably not trigger anything, it will have a massive boost to our economy but be sure that the rich and wealthy will definitely use that extra for themselves and make themselves richer and not gonna share it with you guys, so when you look at the GDP it will be higher but the gap between rich and poor will be bigger too so nobody will benefit anything from this.

Blockchain was built so that not rich people could built their own financial system where everyone is equal, we have done that with bitcoin and all other currencies, rich people could at most get more bitcoins and manipulate the price but they can't ever change anything, if bitcoin goes to 1 dollars tomorrow they will lose money like all of us, not get bailed out by the government.

The idea behind the blockchain being applied to transactions revolve around every time being subjected to a public ledger, which can be seen in the internet.

For example, in the supermarket every product comes with a label with a scannable QIR code. In that QIR code contains all the information of that said product including where it came from, its origin, and all the necessary details which are relevant. Again, the very idea stems from the transparency of information on the market.

From the example above, people would be more inclined to purchase products given that all information about the said product are unalterable (which is reflected on the blockchain). This can potentially boost the economy in the long-run and eliminate the doubts and ambiguities we have.


I do believe that the blockchain may be implemented sometime in the future wherein the access to the internet would become an essential to all. Unfortunately, due to economic discrepancies between developed and underdeveloped countries, this implementation cannot be applied in the present.

- Well, the blockchain has some impetus for the economy when it is a new field, with many jobs that can create an additional source of income for many people but overall, as you say, the contribution is insignificant to the system and the economy, only a small number of people can succeed in this field, even this field has brought many failures and losses, so it cannot be called an economic trigger. To boost our economy, perhaps it will depend on the amount of knowledge that people can accumulate, based on their capacity.

I think it has always been the idea to take advantage of Blockchain technology to optimize and improve processes in all areas, years ago it was initiated through ICOs where many times it was misused by some projects where they raised funds and did not meet their objectives, Nowadays there is another panorama where more follow-up is done in order to minimize this type of acts.

Now as the boom has been so huge, nobody wants to be left out of technology anymore, countries, artists, athletes, sports teams, artists, everyone wants to be part of Blockchain technology, either with the activation of releases of its own cryptocurrencies, all this if it leads to a breakthrough, but the competition is even greater, since the announcement of Libra by 2020, it was a chain reaction of all organizations and countries worldwide, it could be said that thanks to This will have more projects focused mostly to fulfill what they promise.

It would be better if governments, Bank, and Blockchain work together. Blockchain systems have been proven to work like banks, and with cryptocurrencies capable of impacting economic development.

To date, there have been many people getting businesses online. And of them, many are doing crypto trading. In addition, this crypto has the speed in conducting transactions and can generate great profits.
With Governments and banks working together to make regulations on crypto. I think cryptocurrencies can be safer than crimes that have existed.

Never the less, blockchain will be here. You might just get a way to be one of those lower class who got rich.

The future will still be determined by how we will start using using blockchain for good. With all the high tech AIs and sophisticated projects we have today, its not impossible to reach a certain development to help country's economy and cryptocurrencies but blockchain products that might just help production and manufacturing.

At some degree, Blockchain technology might trigger a small boost towards our economy. This is especially because fees will be much lower for Banks to send money across the world. As a result, Banks will be able to provide services to their customers at the lowest price possible, while achieving greater speeds like never before. Imagine using a pre-established Blockchain ledger like Ripple or even IOTA for worldwide transactions. Everything will settle within seconds (instead of days) for less than a penny (USD). Of course, the benefits will be greater with private blockchains as they won't have the bottleneck of existing public blockchains like Bitcoin and Ethereum. With a private Blockchain, governments and central banks could achieve greater scalability, which results in faster speeds and lesser fess than usual.

Still though, if a digital currency issued by a government experiences inflation over time, then we might not experience a boost in our economy after all. The only difference will be that everything will exist in the digital world, instead of conducting transactions with physical cash. But in terms of economic prosperity, it will greatly depend on how central banks properly control the supply of digital Fiat in order to reduce inflation as much as possible. With a high inflation (like Venezuela's Bolivar Currency), the economy will never improve in my opinion.

Nonetheless, it's hoped that the next economic instability would trigger a massive boost in Blockchain adoption. Once this happens, then our economy would stabilize once more as governments adopt the benefits of this revolutionary technology in every way. Then, depending on how costs are reduced and inflation is controlled, our economy could either improve over time or become worse. Only time will tell us the fate of our monetary system as we know it. Just my thoughts

Blockchain has done very little to shift economies around, sure a few lower class people got rich but doesn't change the system at its core as more and more billionaires gain mass amounts of power over us with their giant companies.

With all of the itemized obvious advantage you have enumerated, its obvious that when sum up together, the effect would be massive on the economy but at the same time we should not forget that for every action, there is a reaction. For example, should the implementation of blockchain leads to drastic reduction in processing fees of transactions, it automatically means dropped revenue for transactions processors which in turn means lower remittance of revenue to government and reduction in government spending. As we all know based on elementary economics, government spending is one driver of a buoyant economy and the moment government cannot spend to effect that, it means it has to borrow and that would have another effect on the economy. However, if balance can be maintained, I think the economy would be in a better place than it was prior to blockchain adoption.

The blockchain will surely revolutionize our way of life, not necessarily for the better.
No one has yet figured out exactly what the possible applications will be, and we often forget that using the blockchain in crypts is only one of the possible applications. We'll see.

Blockchain will definitely help every businesses in terms of making transactions much easier and faster than before.
But lets admit that blockchain has not been fully recognized.

He said that Bitcoin is the proof of blockchain's success, but how can it be true if Bitcoin is not scalable? You can't use Bitcoin as an example of successful blockchain application here.


Crypto news are mostly fakes and paid shilling, or just journalists making news out of nothing. No one seriously uses blockchain in real world, at best some companies are just experimenting with it, because there's a lot of hype.

I guess that it depends on several factors... BTC is a good use case, but it has proven several times that it is not able to handle escalation, at least with the current specs/network size, this is why they are patching the project with lightning network ...
There is also the matter of governmental cryptos, and Libra... blockchain can also be used to built centralized cash very similar to "digital fiat"...
most people will use what the TV and government tells them to use... and banks are already adapting....
I think blockchain has the power to change the world, but I fear that we will only fall into a digitalized version of today 

Yes, that is for sure. Like when the Internet came along, it has changed the world in 10 years and everything has become more advanced and people do not have to spend too much time reading newspapers or buying products from afar anymore.
Blockchain, too, will save time for millions of people who want to send money to any country by using blockchain technology right on their computers or phones, instead of going to the bank and waiting a few hours to make transactions. .