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Author Topic: Will a government sponsored blockchain ever work?  (Read 1622 times)
g2com
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November 28, 2016, 05:58:48 AM
 #1

Bitcoin and blockchain technologies are much hyped at the moment.  Big players, including banks and even governments are venturing into this market. However Bitcoin's decentralized nature is against the monopoly of those big powers. What can be the use cases and situations when a government launches its own cryptocurrency?
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November 28, 2016, 07:48:23 AM
 #2

This is divided opinion on some articles that i read on net and what i have read here on forum.

Some say it is good some that is bad other that it wont happen this is in progress but will it come to be reality is something completely different.
Some government in some countries are trying to implement application areas for the blockchain, Other are truing to create there own crypto.

From what i have read so far i found i will share. Estonia established an e-residency program, Sweden is planning to place real estate transactions on the blockchain so that all parties involved in the transactions – banks, government, brokers, buyers and sellers and they also planning to create there own cryptocurrency, United Kingdom (UK) is exploring the use of a blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex, and subject to potential fraud or abuse.

This is only something that i have found and i believe that we will see this in motion but not that soon, perhaps in 10 or 15 years this will be in bigger use but for now it will be like it.



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g2com
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November 28, 2016, 08:05:04 AM
 #3

This is divided opinion on some articles that i read on net and what i have read here on forum.

Some say it is good some that is bad other that it wont happen this is in progress but will it come to be reality is something completely different.
Some government in some countries are trying to implement application areas for the blockchain, Other are truing to create there own crypto.

From what i have read so far i found i will share. Estonia established an e-residency program, Sweden is planning to place real estate transactions on the blockchain so that all parties involved in the transactions – banks, government, brokers, buyers and sellers and they also planning to create there own cryptocurrency, United Kingdom (UK) is exploring the use of a blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex, and subject to potential fraud or abuse.

This is only something that i have found and i believe that we will see this in motion but not that soon, perhaps in 10 or 15 years this will be in bigger use but for now it will be like it.

To governments, the only benefit from blockchain I could imagine is its anti-tampering feature. Governments want to control currencies and other records so it makes little sense for them to switch to decentralized system.
btccashacc
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November 28, 2016, 08:30:54 AM
 #4

Bitcoin and blockchain technologies are much hyped at the moment.  Big players, including banks and even governments are venturing into this market. However Bitcoin's decentralized nature is against the monopoly of those big powers. What can be the use cases and situations when a government launches its own cryptocurrency?
This is interesting, as we can see government will not adopt bitcoin for many reasons like you've just said "decentralized nature" is a huge problem for them to get in to bitcoin, however there is a possibility for them to make their own cryptocurrency, but at this moment i could see they are starting to digitize their currency but still used a traditional system, i might say that they only could adopt the blockchain so it is like they just transform the traditional system to the blockchain technology without creating a new cryptocurrency.
Red Fish
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November 28, 2016, 04:40:42 PM
 #5

At the moment Bitcoin is used by people only. Banks can enter in this market, if they see that more and more people are using Bitcoins. Currently Blockchain have more than 8 millions users. For all world market it is nothing, cuurent world population is 7.5 billions - http://www.worldometers.info/world-population/. Governments also do not need Bitcoin, they works in domestic & international politics, why they need something complicated, like Bitcoin.
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November 28, 2016, 04:53:39 PM
 #6

This is already discussed several times before also, all those government sponsored blockchain or crypto can only be;
1. Centralized
2. With unlimited supply (High inflation)
3. Can go under Pure manipulation by big banks
4. It will have no any difference than current normal digital payment system

kalpit
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November 28, 2016, 05:03:38 PM
 #7

Yes, they can work. But it would be a lot different from normal blockchains.

Few points which government would consider that case-

1. They have to create unlimited supply.
2. They can collect taxes directly from transactions.
3. It would be centralised to some extent.
4. They cannot use mining to generating new coins. They have to generate new coins in exchange of Fiat.

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g2com
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November 29, 2016, 01:49:35 AM
 #8

Ok, let's discuss this from a different perspective. So if the government start issuing its own cryptocurrency token, this will inevitably be in conflict with Bitcoin. Citizens will have to make choice between a centralized government issued digital token or a decentralized token. Which side wins?
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November 29, 2016, 02:11:20 AM
 #9

Ok, let's discuss this from a different perspective. So if the government start issuing its own cryptocurrency token, this will inevitably be in conflict with Bitcoin. Citizens will have to make choice between a centralized government issued digital token or a decentralized token. Which side wins?

Without a doubt, Bitcoin. The government breaks most things it's involved in, and they would destroy this centralized token (as they currently are with the dollar). The fact that we have a government agency for every single aspect of human life is an extreme problem, we are a free nation and the majority of citizens want a limited government.

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November 29, 2016, 07:00:41 AM
 #10

This is divided opinion on some articles that i read on net and what i have read here on forum.

Some say it is good some that is bad other that it wont happen this is in progress but will it come to be reality is something completely different.
Some government in some countries are trying to implement application areas for the blockchain, Other are truing to create there own crypto.

From what i have read so far i found i will share. Estonia established an e-residency program, Sweden is planning to place real estate transactions on the blockchain so that all parties involved in the transactions – banks, government, brokers, buyers and sellers and they also planning to create there own cryptocurrency, United Kingdom (UK) is exploring the use of a blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex, and subject to potential fraud or abuse.

This is only something that i have found and i believe that we will see this in motion but not that soon, perhaps in 10 or 15 years this will be in bigger use but for now it will be like it.

To governments, the only benefit from blockchain I could imagine is its anti-tampering feature. Governments want to control currencies and other records so it makes little sense for them to switch to decentralized system.

The benefit of a decentralized system, will be that it would increase the security. We have already seen government sanctioned hacks between countries, so a decentralized system will make it harder for countries to hack their financial systems.

The most important benefit for them are actually the control that a system like this, would grant them. They will have total control over the flow of money, if it was a private <permissioned> Blockchain, where they control the development. They can manipulate the amount of currency in circulation without public consensus and they can follow all transactions. < They do not have this with fiat cash >

Let's hope this never happens and it stays public.

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November 29, 2016, 09:27:14 AM
 #11

This is divided opinion on some articles that i read on net and what i have read here on forum.

Some say it is good some that is bad other that it wont happen this is in progress but will it come to be reality is something completely different.
Some government in some countries are trying to implement application areas for the blockchain, Other are truing to create there own crypto.

From what i have read so far i found i will share. Estonia established an e-residency program, Sweden is planning to place real estate transactions on the blockchain so that all parties involved in the transactions – banks, government, brokers, buyers and sellers and they also planning to create there own cryptocurrency, United Kingdom (UK) is exploring the use of a blockchain to manage the distribution of grants. Monitoring and controlling the use of grants is incredibly complex, and subject to potential fraud or abuse.

This is only something that i have found and i believe that we will see this in motion but not that soon, perhaps in 10 or 15 years this will be in bigger use but for now it will be like it.

To governments, the only benefit from blockchain I could imagine is its anti-tampering feature. Governments want to control currencies and other records so it makes little sense for them to switch to decentralized system.

The benefit of a decentralized system, will be that it would increase the security. We have already seen government sanctioned hacks between countries, so a decentralized system will make it harder for countries to hack their financial systems.

The most important benefit for them are actually the control that a system like this, would grant them. They will have total control over the flow of money, if it was a private <permissioned> Blockchain, where they control the development. They can manipulate the amount of currency in circulation without public consensus and they can follow all transactions. < They do not have this with fiat cash >

Let's hope this never happens and it stays public.

to be honest i hope so to still we us individual can change much from any perspective and like @devthedev mentioned in post above "The government breaks most things it's involved in", this line is 100% true maybe in just maybe in few governments its not but this is main problem



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November 29, 2016, 11:24:00 AM
 #12

Bitcoin and blockchain technologies are much hyped at the moment.  Big players, including banks and even governments are venturing into this market. However Bitcoin's decentralized nature is against the monopoly of those big powers. What can be the use cases and situations when a government launches its own cryptocurrency?

That's can be centralization network system which you will charge by their tax's, easy to manipulate and your activities will be tracked. So what's the different from bank. And I'm not sure they will success with it.

Even if their bank collapse, I'm sure they will using bitcoin as well to solve it, even just for a while. Remember Greece case.
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November 29, 2016, 02:07:39 PM
 #13

I believe the only way for it to work is by kicking all the old people out of office (100% of them) and replacing them with people who understand today's technology. I mean, tell your 75-year-old grandfather about bitcoin or blockchain. What is his reaction? The reaction will be the same as the old people in office that run the government.

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November 30, 2016, 06:33:21 AM
 #14

I believe the only way for it to work is by kicking all the old people out of office (100% of them) and replacing them with people who understand today's technology. I mean, tell your 75-year-old grandfather about bitcoin or blockchain. What is his reaction? The reaction will be the same as the old people in office that run the government.

Dude, you have a distorted view of the structure of governments. These "old" people have young advisors in advisory committees that study the impact of every decision that needs to be made. The older leaders are just the face of these decisions.

Do not underestimate the intelligence and experience of "older" people. They have walked the road, got the t-shirt and ran the marathon many times before. ^smile^

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November 30, 2016, 01:40:46 PM
 #15

It could work. Probably will be slightly changed and adjusted to the governments and banks need. They saw their opportunity to have use of it and they will noz let that go.
More techicaly concious and developed countries will go first and others will follow.

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December 01, 2016, 01:55:11 PM
 #16

It most definitely can.
I was working on a project recently and I saw that the Nritish Government were actually conducting a study on the benefits of blockchain technology. They were interested in seeing if it could be used beneficially for government policy and they invited people to submit their thoughts.
Using something like the blockchain for an electoral system could solve a lot of common flaws existent within the current electoral system. The list goes on and hopefully one day we'll see one being implemented!
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December 01, 2016, 03:19:18 PM
 #17

At the moment Bitcoin is used by people only. Banks can enter in this market, if they see that more and more people are using Bitcoins. Currently Blockchain have more than 8 millions users. For all world market it is nothing, cuurent world population is 7.5 billions - http://www.worldometers.info/world-population/. Governments also do not need Bitcoin, they works in domestic & international politics, why they need something complicated, like Bitcoin.
He's talking about blockchain technology, not Bitcoin. Have you even read the original post?
And btw, banks can't just enter in that market (Bitcoin), most governments have issued warnings to banks to not do that.

Blockchain technology itself can be very useful for governments, I think it will be the future of currency, the idea of having an open ledger is something that governments are very much in favor of.

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