Will Blockchain trigger a massive boost in our economy?

[TheCoinGrabber]

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. 

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[pixie85]

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.

[shoreno]

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?

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  .

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,

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

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.

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

[befriendmywater]

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. .

[dentolas]

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 

[hatshepsut93]

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  .

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.

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

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.

[Genamant]

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.

[Semosuchi Tesongrato]

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.

[audaciousbeing]

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?

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.

[Indamuck]

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.

[Abiky]

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.

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

[enhu]

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.

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.

[nabilapimpo]

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?

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.

[LUCKMCFLY]

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?

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.

[conected]

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.

- 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.

[qwertyup23]

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.

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.

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.

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.

[beerlover]

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.

[mindmastering]

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.

[nur rochid]

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.

- 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.

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

[jeraldskie11]

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.