Will Blockchain trigger a massive boost in our economy?

[wxa7115]

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.

Libra will probably never be released, any centralized entity that tries to create its own cryptocurrency will face lots of legal troubles and that is exactly what it is happening right now, governments realized that if Facebook releases its own coin then the market will become unstoppable as it could attract in theory hundreds of millions of people to use Libra and then other cryptocurrencies.

They cannot allow this, they are still trying to figure out how to try to take control of this market while their economies begin to slow down, so they most likely will try to come to an agreement with Facebook so they scrape their plans for their own cryptocurrency.

[TGD]

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.

It can be somehow a project where it simply alot allocation of funds, project proposals and budget as well projects updates. It will give ease for the government to track and monitor their activities without getting fraud and misallocafion of project it would be like any project managed by the team in ICO or IEO but this time its the government using th blockchain platform to address their economic process thru blockchain.

[senin]

Definitely, blockchain technology will certainly have a positive impact on the economy of all states, both poor and developed. With the Internet, blockchain technology allows you to solve many problems of an economic, financial, organizational, informational and other plan at the state level and especially at the international level. For the first time, it becomes possible to combine various kinds of information on a global scale, and most importantly, it is safe to use it online. Based on the fact that the efficiency of all industries where blockchain technology will be applied will increase, this should positively affect the economy of all states, without exception.

[samcrypto]

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.

Poor countries should not resist to adopt technology, there so mang countries that are left behind and even have no internet connection at all. Blockchain technology is a big help, developing countries should adopt and do their part to help their people, government should do their best to stop poverty and educate people about bitcoin.

[uray]

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?

It all depends upon the government policies on how the government will implement on how to make the government functions transparent and thereby helping them in removing the corruption in the government sector which will boost the economy, not sure whether any government will like to have a transparency is a different story, but if any country will accept it then it will have a major difference in governance .

[ecnalubma]

I believe that blockchain can boost economy, its a breakthrough technology can be apply in different industries. Aside from disrupting the financial system, it will play an important role specially to those undeveloped nations and serve as a solution to their current problems and economic issues.

[clickerz]

Definitely, blockchain technology will certainly have a positive impact on the economy of all states, both poor and developed. With the Internet, blockchain technology allows you to solve many problems of an economic, financial, organizational, informational and other plan at the state level and especially at the international level. For the first time, it becomes possible to combine various kinds of information on a global scale, and most importantly, it is safe to use it online. Based on the fact that the efficiency of all industries where blockchain technology will be applied will increase, this should positively affect the economy of all states, without exception.

Agree, with the blockchain technology transactions will be instant ad fast compared to the old system that will take hours to credit in the system. Though the old system are catching up,they are no decentralized, another feature which this DLT or blockchain technology excel.You can view your transaction online, clear and transparent.Blockchain technology is quite secured too ad you have the freedom owning your crypto assets,portable and convenient.

[Abiky]

I believe that blockchain can boost economy, its a breakthrough technology can be apply in different industries. Aside from disrupting the financial system, it will play an important role specially to those undeveloped nations and serve as a solution to their current problems and economic issues.

That's certainly true, mate. However, I believe that the adoption of Blockchain technology worldwide will be quite slow than usual. Not to mention, many people still prefer using physical cash than digital money. After a decade of Bitcoin's inception, there's still a lot to improve within the Blockchain industry as there are scalability bottlenecks and other issues. Governments will continue to secretly test their own Blockchain networks in order to deploy digital currencies in the future. Some countries like Venezuela and China are already working towards launching their own blockchain networks for people to use. Venezuela's own "Petro" coin has been launched some time ago, but it didn't gain enough traction to keep going as intended. Maybe other countries will turn out to become successful in launching their own digital currencies, in order to help drive a cashless economy in the future.

Given that Blockchain technology improves efficiency and reduces costs by a long shot, it could boost our economy within a couple of years from now. Everything will depend on worldwide governments and the people using digital currencies for sure. If everything stays the same even with Blockchain on the lead, then there will be no improvement in our economy whatsoever. All in all, it's hoped that Blockchain technology improves long enough to become a rock-solid solution for the world's economy in the future. Whenever that will trigger a boost or not, it's yet to be seen. Just my thoughts

[wxa7115]

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.

Poor countries should not resist to adopt technology, there so mang countries that are left behind and even have no internet connection at all. Blockchain technology is a big help, developing countries should adopt and do their part to help their people, government should do their best to stop poverty and educate people about bitcoin.

There is a reason why most of the time new technologies are adopted first in developed countries and that is they have the infrastructure already in place, poor countries are still struggling with very important problems like poverty, lack of access to education, corruption and many other issues, even if they were to adopt the blockchain and cryptocurrencies that will do nothing for people that have no access to electricity or the Internet.

I know it is unfair but developed countries will become the early adopters and will get huge profits by developing applications based on the blockchain while undeveloped countries will only begin to use it once the technology is more mature.

[styca]

Yes, I think blockchain will cause a dramatic improvement in the economy. Anything that is faster, more secure, and more easily automated than existing solutions brings with it huge benefits. Smart contract platforms such as Ethereum are one aspect of this, which can trigger a huge wave of automation - one job that's often quoted as perfect for automation through ETH is mortgage broker. But there are plenty more. Any process or interaction that can be defined by clear, unambiguous rules - if A then B - can be automated (at least to an extent).

The agricultural revolution replaced hunter-gatherers by (a degree of) automation of food production - you don't have to hunt everything, just plant a seed and it will grow. The industrial revolution did the same for agricultural workers - tractors to replace horses, etc. Then computing automated a lot of white collar clerical work. But computers could only go so far. A lot of potential for automation still remains. Blockchain can be the next stage, and will improve efficiency dramatically. The question though is where do the jobs go? Traditionally with each wave of automation, new jobs are created in new areas. Difficult to see where that will happen this time.

[Astvile]

The usage of Blockchain technology with the government would mean a great help for the government and the community. The number of the transaction by different servicing company cost the government a lot of energy and this is where blockchain technology can help the government big time. Processing cost from energy consumed will be lessen because everything will rely on the internet alone

[SummerBliss]

The future is internet oriented and the Blockchain technology will lead a great impact on the countries.The governmemts can implement it in their system which will reduce the processing cost of transaction and moreover there will be transparency,speed and security due to the transactions made on a secure network on internet.The blockchain technology is admired by many governmemts and plarforms but they are against only decentralized coins on which they have no control.So we cant say that whether this technology will give boost to economies or not in future.

[Ailmand]

I think it will, if blockchain tech will be utilized by the government or by the mass it will lessen cost and I think operations will be more efficient and convenient. It will make a great change, it might take time but we will come to a point where blockchain tech will be part of our daily life.

[panganib999]

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?

Blockchain has the capacity to boost an economy especially if its widely used and accepted by a certain country. One of the biggest reasons why there are failing economies is because of stolen fiats that is supposed to be used by the government for bringing the economy up, and the counterfeited goods like gold, foods, medicines and even plats. Because of blockchain's decryption and security it might stop counterfeits do their crime and keep what is supposed to be for the balance of the economy than be in dirty hands.

[ChrisPop]

Not only the worldwide financial system will get much more efficient and transparent causing corruption to drop significantly and probably a lot of arrests as well, but you forget the enormous potential of the blockchain technology in all the other industries.  Take for example the supply chains - from fishing to food and products distribution they could all be tracked using a blockchain solution. That will result in less theft and the costs will dramatically decrease because there shouldn't be so many intermediaries.

[7788bitcoin]

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.

Implementing blockchain technology means more transparency to everything it is implement and the market is open for many projects to appear in the private sector as well as from the government sector, for any country to take advantage of any technology they need to be aware of that and have some development program, if not they can hire experts from other countries or invite private investors.

[styca]

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.

Implementing blockchain technology means more transparency to everything it is implement and the market is open for many projects to appear in the private sector as well as from the government sector, for any country to take advantage of any technology they need to be aware of that and have some development program, if not they can hire experts from other countries or invite private investors.

I think there's a good chance that it will level the playing field a bit, and help poorer countries. We are already seeing a degree of this with the internet and freelance job boards - people from poorer countries can easily undercut bids from people in richer countries and still make a good income. This is a good thing, and makes the global job market much more accessible. Blockchain should help this further.

[ReiMomo]

I think so because this time blockchain technology plays a big role in our economy for now especially in Government where it can reduce the operating cost in a particular payment process so I think it's one of the reasons why it can boost our economy. There are different companies now embracing blockchain technology because it can make a good service to their company and it also helps to boost the economic growth to make payment processor more reliable services. Even the country of China they are now starting using blockchain technology own their own.

[taiwww]

I think it will, if blockchain tech will be utilized by the government or by the mass it will lessen cost and I think operations will be more efficient and convenient. It will make a great change, it might take time but we will come to a point where blockchain tech will be part of our daily life.

Yeah! Blockchain technology independently of cryptocurrencies has too much potential. Even governments across borders are supporting blockchain technology for its safety, security, reliability and what not. But the problem is with cryptocurrencies, governments just can't stand such currencies. Therefore, there is a sort of mixed response towards blockchain implications.

[Abiky]

Yes, I think blockchain will cause a dramatic improvement in the economy. Anything that is faster, more secure, and more easily automated than existing solutions brings with it huge benefits. Smart contract platforms such as Ethereum are one aspect of this, which can trigger a huge wave of automation - one job that's often quoted as perfect for automation through ETH is mortgage broker. But there are plenty more. Any process or interaction that can be defined by clear, unambiguous rules - if A then B - can be automated (at least to an extent).

The agricultural revolution replaced hunter-gatherers by (a degree of) automation of food production - you don't have to hunt everything, just plant a seed and it will grow. The industrial revolution did the same for agricultural workers - tractors to replace horses, etc. Then computing automated a lot of white collar clerical work. But computers could only go so far. A lot of potential for automation still remains. Blockchain can be the next stage, and will improve efficiency dramatically. The question though is where do the jobs go? Traditionally with each wave of automation, new jobs are created in new areas. Difficult to see where that will happen this time.

This depends on how people adopt Blockchain technology for mainstream finance. Right now, most people are accustomed to physical cash than anything else. If governments want to bring the era of digital payments, they would need to slowly integrate the Blockchain into the existing economic system. A lot of tests need to be done, as Blockchain still has some inherent flaws. It may provide cheaper & faster transactions worldwide, but its capabilities will depend on its operators (in this case governments and central banks) for sure. If governments decide to leave the current inflation rate for their national currency, then there wouldn't be much of an improvement in a Blockchain-based economy.

But who knows? Maybe there will be a slight improvement in our economy, as transactions worldwide are performed in a much more efficient manner than today. But in order to experience a full-fledged Blockchain economy backed by governments worldwide, we'd need to wait some time before the technology matures enough for the mainstream world to use. All in all, both crypto and Fiat will live alongside each other for years to come. Just my thoughts