Bitcoin Forum

It's no secret that many governments and central banks worldwide have paid close attention to the development of Blockchain technology. The same promises to provide lower costs and greater efficiency than traditional systems. Bitcoin's success proves that Blockchain is extremely ideal for finance. Once governments start rolling in their own digital currencies, people could see a reduction in payment processor fees like never before. Not to mention, transactions will become blazing fast within a matter of seconds instead of days.

Which is why, it makes me wonder if the adoption of Blockchain technology for our current monetary system will trigger a massive boost in our economy? After all, Blockchain provides many benefits that are too hard to ignore for central banks and governments worldwide. Everything will be much cheaper and efficient than it used to be with the traditional monetary system of physical Fiat. What are your thoughts? ???

Centralized national crypto currency for each country will make the transactions more faster and will make the banking service more reliable but its not going to make much benefits like financial freedom which can be obtained only by using decentralized cryptos.

One of the main benefits of using blockchain technology especially in Government entities is that it could drastically reduce the operating
costs needed for a particular process to function if compared to using traditional methods and this could absolutely boost a nation's
economy but I doubt it will be in massive terms but at least its already a huge advantage for early adopters.

Obviously the technology will be leading here. There are a lot of technologies that can be used and I don't think the Blockchain technology will be left out. It will be the start that will leads to another technolgy that in the future will be used too. I don't think though that it will be a boost but a way to help make transactions efficient and fast.

Blockchain may increase some transparency in government but that is a big if, I doubt it will ever happen, think about it these people literally make billions of dollars combined from screwing the public and making a profit for themselves. There is no way we can convince those people to use blockchain and make everything paper thin so we can see it as well and know where our money goes, from you paying your taxes to where that money ends up, you can literally keep track of everything, they can't let that happen.

However, if we assume just for fun, then we are talking about billions of dollars of corruption all going back to people and eventually taxes will go down and services will go up, you will both pay less and still get more in return of your less taxes. That would boost the economy like crazy.

Well, the important benefits of using blockchain technology are that Government entities may reduce the operating costs needed for a particular process to function if compared to using traditional methods. Also, it is a good advantage for those people who adopt blockchain technology early. Indeed, many of those governments did not see the potential can be made by the blockchain technology, they are still having negative insight.

Agree. The cost reduction of Blockchain technology, might bring a certain level of boost to our economy. After all, one of the reasons why the world is in an economic instability is because of high fees, and inflation. The adoption of Blockchain technology for our monetary system will prove to be beneficial for everyone worldwide. Of course, the transition from physical to digital cash may take a long time to become a reality. Which is why, it may still be early to tell how beneficial Blockchain technology will be for the world's economy.

Despite the many benefits Blockchain provides, the success of our economy will largely depend on the governments themselves. It's still largely possible to experience inflation and exorbitant fees, as governments modify the Blockchain to their heart's content. Which is why, our economy might stay as is even with the adoption of a disruptive technology like Blockchain. Still though, it'll be much easier to transact with people worldwide with a digital currency instead of physical cash. The widespread use of government-issued digital currencies might put an end to corruption/fraud as Blockchain provides full-fledged transparency.

Nonetheless, only time will tell us whenever Blockchain will truly transform our economy for the better or not. As of now, we're still largely dependent on physical cash as not many people are accustomed into using a digital currency for day-to-day transactions. But as soon as Blockchain starts rolling into our economy, we might expect a drastic change within the early days of government-issued digital currencies. Just my thoughts ;D

Cryptocurrency like Bitcoin is made with a limited amount. In my opinion, if Bitcoin replaces the existing monetary system, then what happens may be slowing economic growth, unless Bitcoin is used as an asset or collateral for every new money printing.
As a monetary system, Bitcoin may be able to withstand inflation but if slow economic growth increases the risk too.

The fact that banks services would not needed anymore whenever blockchain system used widely around the world ... they (government and banks) will never ever let the blockchain ecosystem become mainstream.

Blockchain save us a lot of expenses including fee here and there due it cuts the middleman service.

Of course it's the most fair system and could bring a massive boost in our economy widely ... but banks and government really love to make money out of us , monetizing everything. What world are we living in daaaamn! Disgusting.

We don't know yet as if that is true happen. But if that happens, the government cannot control their country because the monetary system will be replaced using blockchain. But I will believe if blockchain technology has a chance to help people to get a better life because they can have a way to get a new way as the source of income. And with bitcoin, they can be able to make money.

I don't think it will trigger a boost but it would really offer easier and efficient transactions.

It might make cheaper transactions as long as the other side of the line is using the same technology.

What I am saying is that not all of the country would be using the same technology and it might just be at a country and not all of the countries.

Indirectly, blockchain could help boost the economy of a certain country. But it would not be because the central banks could make use of it. Central banks do not have significant contribution as far as improvement of the economy is concerned. They cannot increase the GDP nor the GNP of a certain country. They are acting as financial regulators or supervisors but they do not create wealth.

Blockchain will improve the economy if it is utilized in such a way as to make the services of various sectors efficient. This could boost their income and therefore affect the country's economy as a whole. Let us say the textile industry, or the agriculture industry, or perhaps the steel industry, and so forth.

I could think of few places where bitcoins have integrated them in and people are actually using this before it became so popular .
1. Gaming
  There are 2.2 billion gamers and the fact is that more than 50% have heard the name and more than 25% had used Bitcoin to purchase sell and do other things regarding gaming.
I have heard about some real life experiences with the friends who actually just used Bitcoins for gaming.

2. Objectionable market
Some objectionable markets worth 97$ billion Gross worth actually started using Bitcoins as a source of payment ..it's more secure and users are then less embarrassed .

There are many other places which are flourishing taking cryptocurrencies into the account ..I think it would do good only ..

Entirely depends on the country in consideration as something new coming into the economy means more taxes for the government directly or indirectly. As crypto holdings is considered as an investment and is always on the rising side of things, it does seem to be a boost for more economies around the world, just their citizens holding onto cryptos.

I would not see it make the transaction more faster because what they would still eventually create is a system that would involve the third party that bitcoin had eliminated in its written program, and if we still have to get through third party confirmation before a transaction can be carried out, then we may still be experiencing all those delays we are experiencing in the normal traditional fiat transaction.

Whatever currency these countries like china will create will surely be nothing different from the normal digital payment system that has been in existence, the only difference is that this would involve currency to be used in place of the fiat. But if they use the blockchain technology truly in a decentralized way, it would surely boost the economy.

One example of blockchain being used by the Government of Canada,

https://explorecatena.com/

I don't know if this will bring boost in the economy, but this is one use case wherein blockchain technology brings transparency. There is also one thread that I saw https://bitcointalk.org/index.php?topic=5183058.0. It tells the blockchain hiring trends, as you can see it's already slowly creeping in the most developed and developing countries.

Although adoption is very slow, but it looks like we are in the right trend and maybe down five years from now, it could significantly affect the economies globally.

Blockchain technology is beneficial not only for a single country but also for various countries. We can't deny the fact that not every country can adopt it but still, it can boost the economy of every country as a whole. It will also provide more integrity and transparency for every trasnaction since it can't be hidden and everyone can watch it.

Blockchain may trigger only grow in dark economy.
Its a good technology but not revolutionary

Blockchain could help with a lot of tracking and that could eliminate a lot of fees for everyone around the world. I mean if blockchain somehow becomes a mainstream thing for money transactions (not just bitcoin but fiat as well for tracking) then we could literally send money all around the world from our banks and pay little to no money at all.

All we need to do is get our banks use blockchain on their data storage so that when you have money on your account and send it to someone else all they would have to do is use blockchain to move money from one address to another, every bank could have their own blockchains that nobody else uses so its fast and free, also there could be nation wide one where banks of that nation uses and maybe costs a bit more.

No it's not. Bitcoin can process only 11 transactions per second, is this what you are calling ideal for finance? Also modern finance requires centralization to have KYC, regulations, money flow control and so on - how can you do this with Bitcoin-like tech? This is why blockchain that is being developed has very little in common with Bitcoin, it's just an immutable centralized database, there's nothing too interesting about it. You can see it from where we were 3-4 years ago, and where are we now - there's no maturity, no actual successful projects, just empty hype.

Depends on how it gets implemented. Banks are also trying to setup their own blockchains. That could lower cost so it's a benefit for them though I don't see any other direct benefit to the customers aside from say, faster transactions. They'll just pocket any savings as profit.  ;D

I don't understand how it would boost the economy. Blockchain is not producing anything and it's not a company that can give jobs to people.

Blockchain is a tool that can help make things more transparent but it won't make farmers produce more food and factories make more cars just because it's cheaper and faster to send money store vital information and confirm identity.

he only said blockchain is ideal  for finance not bitcoin  . blockchain can do more what bitcoin can do and it can be implemented on finance section or on almost any other industries  .

blockchain tech and bitcoin are different  . btc might be anonymous but blockchain is for all   . blockchain can be used on centralized economies  .  

alot of improvements are already witnessed   . i dont know why you cant see those  or maybe your not active and up to date about the crypto news

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. .

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  :(

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.

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.

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.

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.

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.

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 ;D

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.

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.

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.

- 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.

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.

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.

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.

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

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 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.

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.

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.

Major firms are becoming huge adopters of blockchain technology and cryptocurrencies which indicates that people all around the world are becoming participants in digital assets trading. In just a matter of years, blockchain could potentially revolutionize the world economy as we know it.

More and more large scale firms were into adoption of blockchain technology, and the change is being made from the basic elements. When we think about a country, this is quite hard to achieve, to integrate each and everything within the blockchain ecosystem will take time. Countries won't make it perfectly, few has done it. One being, Estonia. If everything is done precise then there are chances of massive boost in the economy.

Blockchain is already on, and the level that we have advanced in the internet world is enough to make blockchain succeed, it is not a solution that has to be for everyone, and that is why it should also be optional so that those that do not have solution of internet can use it in the other way round.

The world is getting more and more corrupt and being destroyed, all our systems are just the way they are, and we are all confused on some certain technologies and how they should function properly for us, in this aspect of blockchain, the internet is actually not the issue that should delayed the implementation, but the issue is the knowledge of it, many people don’t really have the advanced knowledge of blockchain technology and that is why it seems like we are not growing in it.

Agree. Wealthy people will always look for ways to remain in power/control over any economic system. While Blockchain technology promises a certain level of fairness, centralized ledgers do not fulfill such purpose. In this case, our economy would remain the same way as it is right now with only small improvements that are hardly noticeable. It's largely possible to increase costs (fees) within any Blockchain-based network at will. Governments might maintain an inflationary digital currency, as they virtually "print" more money over time. A few tweaks here and there, will make this possible.

But who knows? Perhaps, Blockchain technology would improve to a degree where it's highly inexpensive and scalable for the whole world to use. If successful on government-issued digital currencies, then it might boost our economy in the future. Everything will depend on supply and demand for sure. A key difference between public blockchains and private ones, is their level of stability within the mainstream world. I believe that public blockchains like Bitcoin and Ethereum will continue to experience price volatility, while a privately-owned blockchain by the government won't have such issues. In the end, we'll conduct our transactions within diverse Blockchains living in cyber space. Physical cash will no longer exist, as everything will be performed digitally. Hence, it's likely that our economy will improve in ways that we've never imagined. Just my opinion :)

If we're talking about scalable blockchains, then we by definition talk about centralized networks.

The downside of Bitcoin and Ethereum is that on-chain scaling is just not a viable option moving forward, especially with the number of transactions they already generate on a daily basis, hence the reason that both are working towards a future where second layers will be where most of the transactional activity will take place.

If we're talking about scalable blockchains/networks within crypto, then EOS pops up, TRON, XRP. They have already shown that the speed and cost of transacting is not a problem, mainly because they don't aim to be decentralized. Not being decentralized grants you the freedom to scale into oblivion, and that's what these networks will do if the demand asks for it.

Goverments will most likely follow the governance model of EOS and tweak certain aspects for even more control.

with that being said, blockchain technology is indeed needed in these current times! the benefits are overwhelming if put into good use! there are hesitations but if they look closely, those businesses will save huge amount of money in operations alone. i guess they should seriously consider studying blockchain technology and its significant impact on their respective businesses.

Blockchain is more than just cryptocurrency but has greater value because it can be applied in every business case. The most interesting part of the blockchain is transparency and losing intermediaries in a transaction. If the application is maximized, blockchain can save costs, time, energy & eliminate the possibility of recording errors that sometimes occur in traditional banking transaction processes. But it must be remembered that to produce efficiency it also requires capital or a very large cost. The technology is expensive, especially blockchain technology related to digital assets.

Can it be a big push? in my opinion, it will not, why? because the current generation is still dominated by traditional generations. Especially to participate, they are reluctant to listen to explanations about cryptocurrency and blockchain.

Besides blockchain only validates transactions but does not guarantee the correctness of the transaction. We take the example of cross-border trading transactions using bitcoin as a means of payment. Blockchain can validate the buyer pays to the seller but the blockchain cannot guarantee that the seller actually sent the item.

It depends. If you are living in a developed country it doesn't make much difference for you.
But i think Crypto make a lot of benefits for developing countries that most of you are neglecting because you can`t sense it unless you are living in one of them.

There are some better alternatives to BTC that tackle with these issues. (i mean transaction time and fees) You can check out NANO for example.

Periodically there is someone who confuses value with money: the fact that bicoin grows in "value" has no effect on the economy, unless of course a state has invested in this sense, which is very unlikely.
Then, obviously, if a citizen becomes rich, it is good for everyone, but this hardly has any effect on the national economy.

I think in the area of checks too, it could make monies that are suppose to be embezzled in traditional fiat will be safe with blockchain because every transaction can be traced to a wallet so every one knows that money was moved.

I believe that in any case, the well-being of citizens can directly affect the country's economy.  First of all, pay attention to the fact that people who have certain means have the opportunity to buy things, food and pay for any services, which makes it possible for the business to work and pay taxes.  The whole cycle of finance will be aimed at the fact that the level of the economy in the country will increase.  Based on this, I believe that even if cryptocurrency users earn money illegally on the cryptocurrency market, it will still benefit the state.

Blockchain will be used globally. The information appeared that Verizon is going now to this technology to create "virtual" SIM cards. The usual SIM will be replaced with the virtual one, which will be protected by blockchain-based encryption.  The device in the mobile network will create a user account to store  these virtual SIMs (several of them are also OK) and select the network services that will be connected with his account.

Using blockchain we can start new era where transaction more faster and better than using manual payment, we can take short time for every transaction we make.

Not necessarily, it is true that the adoption of the blockchain could in theory improve the speed and efficiency of many of the systems that we are currently using but this is not necessarily going to bring any boost to the economy, what this is going to do is that private companies are going to become more efficient and the shareholders will obtain more profits than ever but the blockchain has the potential of making many jobs redundant and if a company doesn't have to pay person for a job then they won't do it and they will fire him.

Right now we are in a very interesting point in history in which computers can replace many of the human jobs that we take for granted and this process is only going to accelerate and the blockchain could help that process to move even faster.

It seems to me that still using the blockchain for all government institutions, and not just for the banking system, gives a lot of advantages, including functionality, security and simplicity.  In any case, this has a positive effect on the development of the country's economy.  I believe that under good conditions the quality of labor improves and this affects the development of the economy, and the same situation with state systems that operate thanks to the blockchain is much more productive, which also brings very good results in the economy.

Few things to consider with this topic.
There already are system in place which allows almost instant transactions to be made between banks in EU.
Nothing would get much cheaper, the transaction fee for VISA network is up to 3%. The crypto processors who supplies the apps for ecommerce asks similar percentage.

Exactly. Centralized blockchains are more scalable than decentralized ones because of the way they're designed. Most of these blockchains don't depend on miners to work as intended (like XRP, XLM, and even IOTA). By eliminating miners, you could experience an upsurge in transaction performance. Also, the short block times greatly contributes towards higher transaction capacity. It's the perfect model for worldwide governments to adopt for their own digital currencies. This all a matter of sacrificing decentralization in exchange for higher transaction throughput. A cryptocurrency can be extremely secure but terribly slow in transaction processing time (like Bitcoin). On the other hand, a cryptocurrency could be lightning fast but highly insecure (like it's the case with most DAG-based cryptos like IOTA and NANO).

Despite these facts, governments will make use of a Blockchain network that will prove to be the most efficient one for them. One of the best candidates for this is EOS, due to its asynchronous scalability design with a fee-less structure. Governments could easily fork the EOS blockchain to create one of their own. Whenever this will boost our economy or not it's yet to be seen, as Blockchain technology is still in its infancy. I'm afraid that our economy will remain the same, as governments maintain the inflationary supply of their Fiat currencies.

Nonetheless, it's no secret that governments will adopt Blockchain technology for their own benefit. As they test different solutions, they'll launch their own digital currencies for the mainstream world to use. After all, our economy will improve or remain the same depending on the measures governments take for their national currencies. If they decide to charge little to no fees for each transaction, then it could bring greater demand causing our economy to gain traction like never before. But if they don't, then our economy will remain likely the same with the only difference that everything will be transacted within the digital world instead of the physical one. Just my opinion :)

  I agree with your point. Blockchain technology will be of great help to the economies of developing countries. Since the advent of the crypto market, it has brought a lot of profits so that partly makes a country's GDP increase. So I think it will not be easy for the government to give its people the freedom to use crypto. They will create their own currency and use it to help the economy develop more

For me, yes blockchain trigger a massive boost in our economy, many people become wealthy by the help of bitcoin, many have been investing in cryptocurrency, many new companies are embracing the cryptocurrency because they see that fact that this kind of technology can help them boost and lastly the countries that accept cryptos, I'm sure they are now studying that pros and cons about cryptocurrencies. :)

Agree to this, we have centralized cryptocurrency which is actually a good one, XRP is doing good actually as centralized crypto. I think centralized one will boost the economy because just like XRP the transaction using it is very fast! and besides the Government can collect tax to centralized crypto so I will go for the centralized cryptocurrency can boost countries economy.

blockchain could have a much larger part to play in both public and private sectors
Blockchain technology can help professionals cut costs and increase revenue.
We can pay fast, pay less and pay more efficient than other methods.

There are still very low crypto adoption in the world for this

I think just like any innovation, it takes time and surely it will be put to the test
and be scrutinized. Blockchain is indeed quite formidable and profitable. It may
not be the massive boost as what we all may expect it to be, but it is somewhat
confident and determined to improve the economy and the people.
Blockchain offers opportunities and lucrative possibilities. It's a great help in my
opinion. We just need to convince governments for support, easier said than done.

Definitely yes, Blockchain is a radical technological advancement which is here to stay for long. Public Ledger technology has given the levels of security and transparency which were never even heard off before. Governments all around the world( even the ones against crypto) advocate Blockchain and have already laid down plans on implementing it to daily lives. The thing is that it is not only the most efficient way of storing information to mantain the secrecy of data but also gives a decentralized solution so that no one holds the whole power. Also smart contracts based on blockchain are a way ahead and will soon eliminate the traditional contracts and even need of escrows could vanish soon.

Blockchain has already produced a massive boost in our economy, and all signs show that it will continue doing so. then technology is revolutionary and is helping people all around the world to come out of poverty.

The Blockchain technology has the potential to change many aspects of our lives and take it to the next level, and not just with banks and governments trying to benefit from it will help the economy but more and more companies trying to adopt it and implement it into their network will improve it, because with more and more companies promoting it and having more investments made into this technology the more it pushes for more competition winch makes the economy active and stronger than what it is today

I wonder how the government will work on this since it is a decentralized system. Undoubtedly blockchain has a number of advantages like transparency, next-level security, tracks or traceability, less cost and most importantly the efficiency of every transaction. But will the government would look over it? will the government allow an uncontrolled flow? Blockchain is still at large to study as most of the economist are not happy with these slight changes.

Yes, this rate was around 0.2% last year. It can be described as very few. However, 2019 was a very fruitful year for blockchain and cryptocurrencies. I think this ratio will increase day by day.
As a result, Rome wasn't built in a day, I think everything will settle in time.

Blockchain technology incentived the central bank of Brazil to implement it in banks when you send money in each others.

In a few days this will put to work, and the transactions will be proceed fast and in the weekends.

All this help our economy, and have much more to come.

Block-chain is a technical stack, it cannot boost the economy until unless it is adopted in mass. The government of Mongolia has already adopted it in their medical system to keep track of illegal pharmaceuticals. FarmaTrust has been in deal with the Mongolian government since past year , no further news has really surfaced which can be positive for block-chain enthusiasts.

Governments are realizing that while they cannot regulate how people can transfer their bitcoin any company that decides to accept cryptocurrencies will have to deal with very strict regulations if they want to do it, so far most of the businesses that have decided to deal with cryptocurrencies are somewhat related to it, like the exchanges and casinos, but eventually more businesses will begin to accept cryptocurrencies and will have to deal with all of those regulations.

So they will indirectly control bitcoin since any company that decides to not comply with them will surely find itself very quickly in a sea of legal troubles and when they are faced with the decision of which side to take they will probably choose to comply instead of fighting the governments.

You have a good point on this, adoption will make boost the economies growth and help those companies makes work easier. Blockchain technology as what I have noticed as of now is having more adoptions in almost country and I think the government wants to have developed on this technology. Make easier transactions like casinos, exchange, wallets online and even in the election machine for having transparency of votes, well, using this technology might give boost growth to the economy in the future.

Everything is still about the future, we are gradually sowing the seed down right now by creating lots of Blockchain projects that will facilitate the use of it in the future and serve as a booster for our economy. Adoption might be low right now, but will all the blockchain technology that has been laid on ground, I believe that we will have a massive boost of adoption at one point.

This is why I am eagerly waiting for the Facebook release of their blockchain and cryptocurrency as I know that it will serve as a massive boost for the adoption of blockchain, because Facebook has one of the largest social media platform if I am right, and once they release their own chain, they will follow it up with a very high advert that will probably shake the world.

maybe it could happen because this blockchain technology is used to make transactions so that it can trigger the world economic conditions that are becoming more developed with the use of digital currencies, so I'm sure the world economy can develop better with payments using blockchain technology.

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.

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 :)

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.

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 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.

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.

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.

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 .

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.

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.

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 ;D

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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 ;D

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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 :)

This is undeniable, one of the reasons why lots of economies per country are through a recession is because of the loss they are suffering through counterfeits. Counterfeits are sometimes being caused by those who are already inside the government doing an inside job for their own interests or by other external culprits. If blockchain start to get in the way be used to avoid counterfeits because of the technology it provides, the economy could boost up for they can keep all the money worth over millions that they are losing annually.

yes I agree with you adopting blockchain will drive the country's economy for the better. because by using the blockchain the transaction process will be more transparent. so that we can avoid the financial crisis because of dishonesty. then using blockchain transactions will be faster, cheaper and safer. so do not be surprised if most banks have now adopted blockchain technology.

Blockchain technology is a revolution that may help survive the global economic crisis. I think we should keep an eye on the improvement being made in bitcoin and other altcoins cause who knows? Maybe it will be the currency we will be using in the next few years. Another thing also is the fact that banks are not being enough anymore to regulate the money of everyone in the world so it is necessary that we switch into blockchain technology for the better.

Yes. The blockchain technology could solve that counterfeit because the blockchain technology has its transparent system where people can check anytime to verify if the officials of the government are doing their job and to know if they are stealing something or not. I am a fan of blockchain technology since I discovered it and I hope that in the next few years, all major countries will migrate into blockchain system.

It certainly has the potential to do so. Speeding payment processes, automating auditory structures, etc. In summary, it'll boost cost-effectiveness, transaction speed and safety. The current problem any crypto project is facing right now is scalability and reach. The economy can only improve so much if the adoption volume still remains in a niche.

Well, I don't think Banks will be going anywhere since they still want to be largely dominant within the mainstream world. They could simply adopt Blockchain technology for their own benefit if they desire. With many governments showing a deep interest in Bitcoin's revolutionary technology, it seems to me that it's the way of the future for our economic system. Whenever it'll improve our economy or not, that's up to debate since governments and central banks will determine the economics of their digital currency. Blockchain may promise greater efficiency and transparency over worldwide transactions, but it's limited to how far developers are willing to let it go. In this case, the developers will be the governments and central banks themselves where they could dictate their own rules for the global blockchain network.

Still though, if people adopts decentralized payments in mass, there could be a slight possibility that Blockchain would trigger a massive boost in our economy within the future. Everything will depend on demand (and certain other factors) in order to experience a boost in our economy. Even if our economy stays the same, it would operate in a much faster and cheaper manner than before. With this, physical cash will cease to exist as our world enters a new era of fully-digital payments. Only then, it'll be possible to send payments across borders (with Fiat) if governments allow it. Time will tell us what exciting things Blockchain will bring to our economy as it reduces corruption/fraud and maximizes efficiency in every way possible. Just my thoughts ;D

Blockchain is a breakthrough technology to transact because it is safer, faster and efficient. Different from banks where slower and less transparent.
If countries want to adopt a blockchain perhaps the economy will have a good impact on it as China recently launched their currency, where the Chinese government also ordered a blockchain option for the country.
If many countries are willing to follow as China is likely blockchain will be known by the public and impact on the cryptocurrency ecosystem.

yes you are right by using the blockchain financial transactions will be easier, safer, faster and cheaper. and in my opinion this blockchain technology can be applied in all sectors not only finance. with the use of the blockchain the data transaction process will be more transparent. therefore many countries have now adopted the blockchain and even some countries have begun to use the blockchain to make their own cryptocurrency.

 I have always had a positive view of blockchain when applied to today's industries. Although it is quite difficult to operate, when people master it, I believe that everything will be resolved very quickly in the future.
Things that save time are often greatly appreciated in the future. That is why I always believe that this technology will never die.

Perhaps Blockchain could make a difference in economic status of one country. Just like you have mentioned Blockchain technology make transactions more faster and cheaper basically, more efficient. Remember every second and every minute corresponds a huge amount of money, time is all matters. If every each country will use Blockchain for any transaction they could save a lot of time and there's a chance for them to boost their economy.

Blockchain is a disruptive technology. It not only has utility in finance sector but in many other too.
Blockchain can make transactions and record keeping seamless and trustworthy. Banks lose a lot because of the corruption inside their system only. Blockchain can completely eliminate that. A lot of cost is involved in paperwork and increased human hours to maintain records in supply chain management. Blockchain can help  in easing that process.
There are many more sector from medical to insurance where blockchain is really helpful.
So yes. it will ultimately add to the economy.

blockchain using cryptocurrency was created using technological developments and times and we also know developing countries technology and economies that use the blockchain and cryptocurrency economic system and I'm sure along with the development of technology and the era of blockchain and cryptocurrency will be needed and used of course

We should not be too excited that the governments are showing interest in Blockchain Technology as we all know they never wanted this and if they did, know they are using it for their own personal gain which destroys the term known as “Decentralisation”.

If all of the country adopt the regulation of the blockchain technology then it would be really good to increase the economic growth of every country that is properly regulating the blockchain technology, and through the use of this a very massive impact to the economy of a one country can occur because of the advance technology and monetary system that they have. If all of the country start to adopt the blockchain technology then probably it would become the center of the crypto someday.

How can they destroy the decentralization that exists on the Blockchain system? I think Blockchain technology will always be decentralized, which cannot be used as centralization. The government's use of the Blockchain system I think is a step forward for the world of Crypto.

Completely agree with you, mate. The many benefits that Blockchain technology provides,  is enough reason for our economy to improve in the future. While everything will depend on government's actions, there's still the possibility that our economic system will improve as fees will become cheaper and transactions blazing fast like never before. It's been proven that Blockchain technology is extremely beneficial not only to finance, but also other areas such as healthcare, transportation, proof of ownership, and more.

Most recently, China has shown interest in developing a digital currency using Blockchain technology. China's president has made some positive comments about Blockchain technology a while ago. This shows us that countries are slowly but surely adopting Blockchain technology for their own benefit. If used at a large scale, we'll get to experience a world where everything is much cheaper and faster than ever. Of course, people would need to get used to the new Blockchain economy in order to experience a substantial boost in the same. But we'll get there as awareness is spread worldwide by crypto enthusiasts and governments alike.

Nonetheless, time will tell us if Blockchain technology will be able to truly boost our economy or not. If it stays the same, then people won't notice the difference. They'll be simply interacting with digital Fiat currencies as they would with ordinary credit card transactions. With a lot of demand into government-backed digital currencies using Blockchain technology, the economic system could benefit itself in many ways. Just my opinion :)

It's a hard question.
No one knows exactly where the blockchain development will take us.
Perhaps towards freedom, perhaps towards the most frightening of dictatorships.
Useless to ask too big problems: let's try to make money with what we have available.

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

The majority of countries in the world, especially those who prohibit the cryptocurrency, say they do not reject the blockchain because the blockchain with all its positive supremacy is something that cannot be avoided. But you were right, the government may be scared to adopt a decentralized blockchain because it can't be fully controlled by the government. Based on this consideration, the government prefers to choose permissioned/private Blockchain instead of permissionless blockchain.

In the era of the Industrial Revolution 4.0, the role of technology took over the majority of economic activity. Blockchain's advantages in tracking, organizing, and distributing information are expected to optimize marketing processes and distribution chains. The tracking system will improve transparency in the production chain from upstream to downstream. These solutions can improve supply chain efficiency. So the government will rely on the development of digital technology in the future to improve the quality of development planning and development itself.

The government itself is preparing for the application of blockchain technology with several programs including improving the quality of digital services (maximizing internet connectivity and mobile phone penetration) for efficiency and driving economic growth. Simultaneously improving the quality of human resources is also needed so that they are ready to compete. Modernization (upgrade) in all fields, especially the productive sector, in order to encourage the development of financial technology. If the digital economic climate has been formed, innovation is needed between the government, business people & the community to encourage collaboration between start-up companies and program sustainability.

Blockchain itself is a powerful concept that can be implemented in different ways to increase the security of systems. Governments will be using it to create centralized coins. Anything that is decentralized in nature does not go hand by hand with the authorities. Blockchain can be used to get rid of corruption also which will ultimately solve economical issues like inflation. But this depends on government.

Or maybe government is not afraid of what blockchain could give to them and is trying to fully understand how to understand the situation where blockchain is the vital role of the present economy. Government has this privilege not to disclose every information they have to avoid unnecessary conflicts considering internal affairs, and that maybe the reason why blockchain is still on process of adoption.


Yeah, I'm slowly seeing the upgrades now, and possibly we could make this faster if private companies cooperate with the government. But there are still problems with the digital system like breached or hacked, in fact there are still exchanges that are having problem with their security (even the top ones). So maybe we could assure the security first before leveling up.

Blockchain technology is an ideal tool for saving a struggling economy. On the other hand, there's no hard evidence yet that it will surely trigger massive boost towards the economy of a certain country. Though the absence of hard proof can be observed, we should still consider that it is being produced aleady by some countries and the world, therefore we should analyze how it affects their economy to formulate a system that might work in the future with collaboration of blockchain technology.

Agree. Everything will depend on governments themselves whenever they would allow their own Blockchain-based digital currency to become deflationary or all the other way around. I guess that nothing will change in Fiat's total supply, once governments do the switch to the digital realm. The only difference will be that people won't be using physical cash anymore (aside from the fact that payments will settle in seconds at a very low cost). While Blockchain technology promises to fight corruption and fraud with the use of transparency, this could easily be counteracted by worldwide governments. Such entities could design a Blockchain of their own that obfuscate government-sensitive transactions while the rest is viewable by anyone else. With a Blockchain-based economy, governments would gain control over their citizens' transactions.

Whenever Blockchain will trigger a massive boost in our economy or not, it's yet to be seen. It may be too early to talk about this since governments are still in their initial stages of designing a Blockchain-based digital currency. I believe that if Bitcoin has become widely successful within the mainstream world, then government-issued digital currencies will be the same. If that happens, then our economy could experience a boost like never before because of popular demand from people within the mainstream world. But one thing for sure, is that if you've been a long-time crypto holder or enthusiast, you've already become an early adopter of a revolutionary technology that's bound to change our world for the better. And that's what matters on top of everything. Just my opinion :)

It is already happening like most developed countries have already started adopting blockchain technology and few federal banks across the globe are into beta testing on blockchain applications. Like experts predicted blockchain is the first thing, to get mass adopted and then cryptos. An efficient system always result in boosting economy on its own reasons. When blockchain will be used, for example, for tracking records and preventing counterfeiting, we can see less corrections on a country level. I guess it is too early to speculated about the level of economy growth due to blockchain adoption. Let's wait and enjoy the developments due to blockchain adoptions along the way it will be happening.

There's no guarantee that the fees you pay or transaction will reduce when the government starts rolling out their own cryptocurrencies, you're not sure about that yet as segwit must be a temporary solution for the scaling problem of bitcoins. I am not sure that governments are really going to do such a thing. I'm thinking maybe they are just going to rely on the upgraded versions of Moneygram, Western Union and the rest of them, just like Ripple is trying to work with banks. I'm guessing something like that.

And that's exactly why some countries are banning cryptocurrency while others invest on research so that they can launch their own cryptocurrency.
In my opinion, the government is recognizing this good side of cryptocurrency in their perspective that's why they are studying as to how will they integrate and modify it in a sense that it would align with the ideals of the government also that would enable them to exercise their sovereignty if that's what they chose to label their centralized mindset.
Though I'm curious about this projects they have on mind though as I recall correctly that coke had used the blockchain technology to sped up their services and I think that's the point. Blockchain technology speeding up the interaction of one body to another would yield to positive economic growth since time is money.

In some countries that are already highw developed blockchain might represent additional trigger for further boost and growth of economy. Also, for some less developed economies that might be new opportunity if they will know how to use it.
However, knowledge and awarness about blockchain are still rather low and like with all new emerging things there is also some resistance present. And some people still think that blockchain is related only to cryptocurrencies, which is not true, so they don't understand the full  potential.

As you say, blockchain can only drive but that is not certain because even if the technology is relevant to the fields and supports the government, the government still knows that this technology does not have their patent, they can only use it but cannot hold it completely. In addition, the level of population accepting blockchain technology is too low, know how to use and want to use it is lower when the risk is very difficult to solve, the loss will be the responsibility of the individual, and everyone's economy will grow steadily even without blockchain

I couldn't agree more. Developed countries will lead of this system revolution. Cryptocurrency might look risky to adopt but not the technology behind it, blockchain. I already see Germany as the first leader country with their new approved law applicable next year that enables their banks to provide crypto-related services and that includes asset management.Negative interest rates would probably not that high when it is already running. Crypto advisors evenly favored to it saying it could've be done last year to see the growth today.

Obviously transaction fees won't be out of the regularity because it is part of the regulation including taxes. In the end of conversation banks are still a business by government that generate taxes for their employees and society. What I think of the version is that they will provide their own but I guess it will just be similar from the existing ones.

Blockchain is considered as one of the best tools and has the support of many developed countries such as China, Canada, Japan and some other European countries. This shows that the value of blockchain technology is huge and it needs to be exploited and learned more. In more than 10 years, I think blockchain will soon penetrate our economy and help the economy move faster and develop more than ever.

Of course, many cryptographic enthusiasts have high expectations, but nevertheless, I would not associate the popularity and the future of blockchain with cryptocurrency only.  The fact is that blockchain can be used in other directions too, which today is very actively happening.  Some countries already have experienced analogues of using blockchain technology to store information and important data in various areas of human life, such as the quality of utilities or even patient’s medical data.

All those countries that are a way too advanced from rest of the world, cherish technology innovations the most and support creativity in this domain. Blockchain can secure and improve any sort if existing system. Besides, bitcoin has played a significant role in the success of this technology.  All the tech companies from all over the world are also working on implementation of blockchain in their products.

That's certainly true, mate. Everything will depend on how governments will allow their own Blockchain system to behave within the mainstream world. If the total supply of digital Fiat currencies remain the same with an inflationary model, we won't be able to experience a massive boost in our economy anytime soon. The only benefit would be increased transaction speeds and the ability to send money across borders. In the case of fees, central banks may collect a higher-than-usual portion of people's money per transaction to sustain their operations. It would be the same situation we're facing nowadays, where Banks live off customer's fees.

Whenever worldwide governments will use Ripple or another centralized blockchain, it's yet to be seen. Ripple may have obtained a lot of partnerships with Banks, but it's not a guarantee that it'll be the blockchain of the mainstream economy within the future. Governments could simply roll their own Blockchain solutions, in order to deliver digital currencies to their citizens. Since we're still early for a full-fledged Blockchain economy, we cannot say for certainty that Blockchain will have a boost in our economy whatsoever. We just have to wait and see what happens over time, as governments devise ways to implement digital currencies of their own within the mainstream world. Just my thoughts ;D

You are right in what you affirm, in fact the blockchain wave has been taking it from China to other countries to optimize its processes, now the US is studying the possibility of launching the digital dollar, whose recommendation was given by the Fed, as the Negative interests are a big problem now, and apparently they cannot continue to make up these figures, one way to be able to obtain liquidity quickly is through the cryptocurrency launch, because they obtain liquidity quickly and can cover the debt.

And it is curious because they want to take it to the field of political elections, because they have done some tests where they have achieved certain vulnerabilities that must be improved, some are doing alternate Blockchain chains to seek anonymity, which consists in moving from one block to another side and making tracking impossible.

In Spain it has had a lot of adoption in processes up to feeding such as the case of egg control, where the entry, exit and in which box has been transported appears, as in other areas they are developing many improvements with blockchain.

And we cannot forget what is coming for 2020, a serious stablecoins war, especially from China and Facebook Pound, China has shown its interest in blockchain with Pro-Cryptocurrency apps and advertising and doing some FUD to Bitcoin.

Without a doubt, there will be a stablecoins war in the upcoming years. Facebook's Libra cryptocurrency has triggered worldwide governments to start launching digital currencies of their own. We now have China, France, and even Russia working on their own digital currency solutions for the world. With the huge benefits Blockchain technology provides to our economy, it's expected that it'll boost the same within the future. But everything will depend on governments themselves since they alongside central banks will be in-charge of the new digital economy. These centralized entities could simply charge the same fees as they do now, with the minor benefit of transactions getting confirmed in just seconds instead of days.

Of course, we cannot discard the possibility of serious investors joining the new digital economy in the future. If there's a lot of demand for digital "Fiat" currencies, then we could experience a boost in our economy like never before. Blockchain technology not only improves finance, but also healthcare, transportation, and many other areas important to society. It's the technology of the future, and people who don't join this revolution now, would miss out big time on reaping all the rewards once government-backed digital currencies become a hit within a couple of years from now.

Nonetheless, Blockchain tech boosting our economy or not, might not matter after all. What's matters is that Blockchain will be a part of our daily lives just like Satoshi once predicted. If it wasn't by Bitcoin's success, governments and central banks wouldn't have gained attention to its underlying technology. Within a few years from now, expect our entire economy to be based on Blockchain technology itself. Just my opinion :)

blockchain will encourage alternative opportunities for the new system, because some related things will replace things more easily.

I also think about expanding to increase sectoral employment opportunities. every stable government coin will be directly related to this sector, so I think every economic sovereignty will be stronger because it focuses on the domestic blockchain ecosystem and can be mapped to continue to develop.

Yes it can! The economy of the Venezuela got crashed because of their financial crisis where their fiat money doesn't have value any more but the good thing is they regulated the bitcoin and their economy is now start to recovering. The blockchain technology can really boost the economy of a country because of its advantages and functions.

Agree with you, technology or without technology the economy will keep in it's path, because what happen right now is the technology itself still not evenly distributed, so only a few people who knows about blockchain can use it and make it profitable to them, while others ? they still need to hustle with their hard daily work, and they don't even have to bother to think about blockchain. To boost our economy, all communities need to take a part of it, not just become the audience.

I don't think so, because the centralized financial systems of our countries are expensive on purpose. They aren't interested in reducing costs and maximizing its potential, as there are many people who live and earn high wages from this precarious system.
It's hard to change this *system*. It's more likely blockchain will be absorbed by this mainstream system than it will reduce costs and boost economies.

We'll see. So far, we're in the early stages of Blockchain adoption among governments and central banks alike. There's still much to learn and improve in order to use Blockchain as the replacement of our entire economic system. Governments will either decide if they want to reduce costs using Blockchain technology or leave everything as is. The most likely situation will be that governments will simply launch their own digital currencies using Blockchain technology but leave the supply and everything else as it is today. They'll be the ones experiencing the benefits of Blockchain technology instead of the end-user. After all, Blockchain technology gives the government the ability to control transactions at will. It's easier for them to freeze someone's assets this way than with the traditional monetary system of today. Surveillance will be also increased over one's transactions like never before.

If by any way Blockchain technology boosts our economy in the future, it'll be a blast. But it looks very unlikely this will happen as governments will continue "printing" their own money. Supply would continue to increase over time causing inflation just like it is right now. Governments won't let their Blockchain system to be deflationary like Bitcoin, because Fiat would become extremely valuable like Gold and would serve more as a store of value than a currency for everyday transactions. In all ends, Blockchain technology has boosted our crypto economy (not the mainstream economy) in ways that we've never imagined. Just my thoughts ;D