Will Blockchain trigger a massive boost in our economy?

[Abiky]

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?

[mersal]

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.

[Decksperiment]

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.

[FlightyPouch]

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.

[el kaka22]

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.

[Ryker1]

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.

[Abiky]

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

[cahbagus555]

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?

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.

[EdenHazard]

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.

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.

[ethereumhunter]

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?

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.

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.

[Janation]

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.

[Periodik]

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.

[fiulpro]

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 ..

[13abyknight]

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.

[RealMalatesta]

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.

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.

[Jating]

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.

[Polar91]

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.

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.

[Lance203sin]

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

[davinchi]

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.

[hatshepsut93]

Bitcoin's success proves that Blockchain is extremely ideal for finance.

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.