Blockchain & Government: Will Mass Adoption Of Blockchain End Corruption And Render Governments Useless? Blockchain News TodayBlockchain technology gives back the power to the people and while it might appear as a threat to governments around the world, this may not necessarily be the case. Blockchain technology allows for data management in ways that no other known technology can. However, for law and order to continue, the government agencies need to remain functional.
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Over the years, blockchain has been applied in different industries and has been rumored to bring the kind of development that will render the government useless. This is especially so in developing countries. This doesn’t mean that the technology comes without its disadvantages. To illustrate, if Georgia fully adopts blockchain technology for tracking private ownership of property, this will pave a way for unparalleled economic growth. This is because things like corruption will be minimal and there will be increased transparency thanks to the use of a public ledger. The technology can also be applied in countries that are facing economic problems like Venezuela. This is because of the transparency the blockchain provides.
Why The Blockchain Can’t Kick Out The Government
A public ledger is an effective tool but even if it can grant the people more power, it may give the government a more friendly environment to manipulate the people. A corrupt government that adopts blockchain technology can decide to fork the chain to replace the information on the distributed ledger in their favor. The information will be transparent but it will be what they want the masses to see.
Does this mean that blockchain technology should be thrown out of the window entirely? Well, not necessarily. Blockchain is still effective in other ways especially as a payment method. The government has little or nothing to do with how cryptocurrencies. They cannot tell a person or an establishment not to accept cryptocurrency as a payment method. The only thing they can do is ban cryptocurrencies from the country making it difficult, but not impossible, for it to be used. This isn’t the case when blockchain is applied to something like land ownership. This is because the government is the only group with the power to enforce the ownership. So, if they decide not to use blockchain or use a different blockchain to manipulate the process, there is nothing anyone can do.
The bottomline is that blockchain technology is great but it still isn’t going to overtake the government. Well, at least not yet. It is effective for keeping track of private property and it has the force to drive economic growth. However, simply implementing blockchain is not going to eliminate corruption within the government.