Will Blockchain trigger a massive boost in our economy?

[redsun114]

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.

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[shield132]

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?

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.

[kissme09]

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.

[jamesndungu1]

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.

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.

[Duzter]

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.

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.

[SquallLeonhart]

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 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.

[Abiky]

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.

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

[1Referee]

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 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.

[AmoreJaz]

Blockchain is undoubtedly a great tool to make the value of businesses soar, especially banks.
Blockchain technology will change the whole financial face of the world now, it will be the fastest money transfer technology in the world and help people save more time.

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.

[abhiseshakana]

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.

[berdpen]

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.

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.

[Brunus]

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.

[gantez]

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.

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.

[atjiat]

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 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.

[lumierre]

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.

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.

[OnceTwiceThird]

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.

[wxa7115]

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.

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.

[wxxyrqa]

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.

[mazdafunsun]

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.

[Abiky]

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.

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