Will Blockchain trigger a massive boost in our economy?

[SvonioneFromMangoCoinz]

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?

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.

[Arkann]

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.

[Kevondo]

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?

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.

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.

[Abiky]

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.

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

[LUCKMCFLY]

~snip~

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.

[Abiky]

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

[oktana]

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.

[TitanGEL]

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.

[metalglowd]

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

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.

[uneng]

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.

[Abiky]

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