Will Blockchain trigger a massive boost in our economy?

[armarsterling7]

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 agree with your point. Blockchain technology will be of great help to the economies of developing countries. Since the advent of the crypto market, it has brought a lot of profits so that partly makes a country's GDP increase. So I think it will not be easy for the government to give its people the freedom to use crypto. They will create their own currency and use it to help the economy develop more

[jakoylantern]

For me, yes blockchain trigger a massive boost in our economy, many people become wealthy by the help of bitcoin, many have been investing in cryptocurrency, many new companies are embracing the cryptocurrency because they see that fact that this kind of technology can help them boost and lastly the countries that accept cryptos, I'm sure they are now studying that pros and cons about cryptocurrencies.

[micher143]

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.

Agree to this, we have centralized cryptocurrency which is actually a good one, XRP is doing good actually as centralized crypto. I think centralized one will boost the economy because just like XRP the transaction using it is very fast! and besides the Government can collect tax to centralized crypto so I will go for the centralized cryptocurrency can boost countries economy.

[virasisog]

blockchain could have a much larger part to play in both public and private sectors
Blockchain technology can help professionals cut costs and increase revenue.
We can pay fast, pay less and pay more efficient than other methods.

[milesfull]

There are still very low crypto adoption in the world for this

[beej]

I think just like any innovation, it takes time and surely it will be put to the test
and be scrutinized. Blockchain is indeed quite formidable and profitable. It may
not be the massive boost as what we all may expect it to be, but it is somewhat
confident and determined to improve the economy and the people.
Blockchain offers opportunities and lucrative possibilities. It's a great help in my
opinion. We just need to convince governments for support, easier said than done.

[teosanru]

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?

Definitely yes, Blockchain is a radical technological advancement which is here to stay for long. Public Ledger technology has given the levels of security and transparency which were never even heard off before. Governments all around the world( even the ones against crypto) advocate Blockchain and have already laid down plans on implementing it to daily lives. The thing is that it is not only the most efficient way of storing information to mantain the secrecy of data but also gives a decentralized solution so that no one holds the whole power. Also smart contracts based on blockchain are a way ahead and will soon eliminate the traditional contracts and even need of escrows could vanish soon.

[Razick]

Blockchain has already produced a massive boost in our economy, and all signs show that it will continue doing so. then technology is revolutionary and is helping people all around the world to come out of poverty.

[Shenzou]

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?

The Blockchain technology has the potential to change many aspects of our lives and take it to the next level, and not just with banks and governments trying to benefit from it will help the economy but more and more companies trying to adopt it and implement it into their network will improve it, because with more and more companies promoting it and having more investments made into this technology the more it pushes for more competition winch makes the economy active and stronger than what it is today

[Yatsan]

I wonder how the government will work on this since it is a decentralized system. Undoubtedly blockchain has a number of advantages like transparency, next-level security, tracks or traceability, less cost and most importantly the efficiency of every transaction. But will the government would look over it? will the government allow an uncontrolled flow? Blockchain is still at large to study as most of the economist are not happy with these slight changes.

[plast555]

There are still very low crypto adoption in the world for this

Yes, this rate was around 0.2% last year. It can be described as very few. However, 2019 was a very fruitful year for blockchain and cryptocurrencies. I think this ratio will increase day by day.
As a result, Rome wasn't built in a day, I think everything will settle in time.

[ShooterXD]

Blockchain technology incentived the central bank of Brazil to implement it in banks when you send money in each others.

In a few days this will put to work, and the transactions will be proceed fast and in the weekends.

All this help our economy, and have much more to come.

[3x2]

Block-chain is a technical stack, it cannot boost the economy until unless it is adopted in mass. The government of Mongolia has already adopted it in their medical system to keep track of illegal pharmaceuticals. FarmaTrust has been in deal with the Mongolian government since past year , no further news has really surfaced which can be positive for block-chain enthusiasts.

[wxa7115]

I wonder how the government will work on this since it is a decentralized system. Undoubtedly blockchain has a number of advantages like transparency, next-level security, tracks or traceability, less cost and most importantly the efficiency of every transaction. But will the government would look over it? will the government allow an uncontrolled flow? Blockchain is still at large to study as most of the economist are not happy with these slight changes.

Governments are realizing that while they cannot regulate how people can transfer their bitcoin any company that decides to accept cryptocurrencies will have to deal with very strict regulations if they want to do it, so far most of the businesses that have decided to deal with cryptocurrencies are somewhat related to it, like the exchanges and casinos, but eventually more businesses will begin to accept cryptocurrencies and will have to deal with all of those regulations.

So they will indirectly control bitcoin since any company that decides to not comply with them will surely find itself very quickly in a sea of legal troubles and when they are faced with the decision of which side to take they will probably choose to comply instead of fighting the governments.

[ReiMomo]

Block-chain is a technical stack, it cannot boost the economy until unless it is adopted in mass.

You have a good point on this, adoption will make boost the economies growth and help those companies makes work easier. Blockchain technology as what I have noticed as of now is having more adoptions in almost country and I think the government wants to have developed on this technology. Make easier transactions like casinos, exchange, wallets online and even in the election machine for having transparency of votes, well, using this technology might give boost growth to the economy in the future.

[FanEagle]

There are still very low crypto adoption in the world for this

Everything is still about the future, we are gradually sowing the seed down right now by creating lots of Blockchain projects that will facilitate the use of it in the future and serve as a booster for our economy. Adoption might be low right now, but will all the blockchain technology that has been laid on ground, I believe that we will have a massive boost of adoption at one point.

This is why I am eagerly waiting for the Facebook release of their blockchain and cryptocurrency as I know that it will serve as a massive boost for the adoption of blockchain, because Facebook has one of the largest social media platform if I am right, and once they release their own chain, they will follow it up with a very high advert that will probably shake the world.

[Google+]

maybe it could happen because this blockchain technology is used to make transactions so that it can trigger the world economic conditions that are becoming more developed with the use of digital currencies, so I'm sure the world economy can develop better with payments using blockchain technology.

[BitHodler]

This is why I am eagerly waiting for the Facebook release of their blockchain and cryptocurrency as I know that it will serve as a massive boost for the adoption of blockchain, because Facebook has one of the largest social media platform if I am right, and once they release their own chain, they will follow it up with a very high advert that will probably shake the world.

Based on what I have seen so far, and the explanation of the workings of Libra, it doesn't seem to be a blockchain at all, but something similar to how EOS works, but then orders of magnitude more centralized and closed.

Libra will not be available to those from countries Facebook (or any of its subsidiaries) isn't allowed to operate in. In other words, whole countries are being censored by Facebook and a bunch of moronic laws.

You can't censor anyone from utilizing Bitcoin. This is the first and only example where blockchain is actually doing its work as intended, but without the hype. I'm not looking forward to Libra at all. More centralization isn't what we need.

[Abiky]

If blockchain will be used right then it will totally boost our economy because it will help the different states and countries to secure their data since blockchain is so secure and it will also help the countries to maintain 24/7 availability because all of the stuffs such as information and the data that they need is always in the cloud.

The prominence of a Blockchain-based economy for the mainstream world will greatly depend on governments themselves. They can choose specific rules for their liking, affecting positively or negatively their own blockchain network. If they decide to lower fees, and reduce the monetary supply of Fiat, then Blockchain will trigger a massive boost in our economy. Otherwise, everything will be more of the same. An economic collapse could happen within Blockchain-based currencies as we know it. The fact that our economy will be using such innovative technology in the future, doesn't mean that it'll be exempt from the underlying risks of the mainstream world. In other words, Blockchain technology is not perfect and still depends on human decisions to succeed.

Still though, the huge difference between government-backed blockchain networks versus public blockchain networks like Bitcoin and Ethereum, is that the former will be extremely scalable. This is due to the centralization of the network where it's easier to manage the network's resources. You could say that our economy will improve as it'll be much more efficient in the future than what it is right now. All in all, our economy will be greatly transformed by the Blockchain as we know it. Just my opinion

[ajaymukund]

It will only help the bigger economies to grow. For poor countries that have yet to apply technology to their economies, they remain forever poor.
In general, Blockchain technology really only works when the country is really technology-oriented, then the world can develop together.