Will Blockchain trigger a massive boost in our economy?

[Harlot]

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.

Aside from that if the government decides to implement blockchain into their system there would be a more transparent government running that country. The more transparent the system is the less likely that country will have corruption taking place. This is one of the most important points of having a digital public ledger where all activities and transactions are being monitored by everyone, you can't really have any room of illicit activities especially if everyone has access to it.

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[barabarian1]

I don't think blockchain will give a country's economic boost. economic improvement is influenced by many things. blockchain is just a technology created to make it easier for us to make transactions using blockchain transactions will be faster and cheaper also does not require a third party. and also transparent all parties can see the data. blockchain makes it easy to transact.

[Murat]

Obviously, most of the developed countries monetary authority are trying to observe this blockchain system very closely, Not only that but also some countries also creating it's digital currency which is the digital version of their currency so they are also adopting this technology, in this sense, Blockchain has a potential future if you can manage it properly, But in the current context, in my opinion is that, Cryptocurrency is not a good shape, it has a lot of barriers and negative sides whose are the main reasons to get flourish more and more around the world, I think only regulation could bring a good result regarding this issue and people always find the safe zone so at first, you have to give an attention to the legal or proper regulation system then it could bring a massive change in the global economy.

[cryptoknightt]

I don't think blockchain will give a country's economic boost. economic improvement is influenced by many things. blockchain is just a technology created to make it easier for us to make transactions using blockchain transactions will be faster and cheaper also does not require a third party. and also transparent all parties can see the data. blockchain makes it easy to transact.

the economic condition of a country will never be able to influence the blockchain transactions or the price of bitcoin, it all depends on demand and depends on supply, the country's economic conditions can only move when the country can develop.

[meliodas]

I don't think blockchain will give a country's economic boost. economic improvement is influenced by many things. blockchain is just a technology created to make it easier for us to make transactions using blockchain transactions will be faster and cheaper also does not require a third party. and also transparent all parties can see the data. blockchain makes it easy to transact.

Blockchain can also give way to the creator and developers to develop on a system which is secured and also better compare to others. Blockchain could boost an economy because it will become the new way of starting a company and it will make the transactions and data more convenient because it is always in the cloud and there will be no fraud since most of the things are transparent.

[ufaiz50]

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?

Do you know how traditional banks work today, the bank also takes advantage of transaction costs. I had thought that the effectiveness and efficiency of blockchain technology would be more beneficial for users. then why is blockchain technology still not adopted by banks. If the digital currency to be made by the government conceptualizes itself as a stable coin, fluctuations are no longer a problem.

At that time, my opinion was that the bank wanted to continue to benefit from the current transaction fees that apply to traditional transactions. Same as miners who want to get paid a higher transaction fee/gass.

[wxa7115]

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.

Many institutions love the idea of the blockchain what they do not like is the idea of bitcoin above it, many companies are working on their own private blockchains, but this defeats of the purpose of the blockchain which is to be a public ledger in which every transaction is visible to everyone, governments are also doing their own research and are exploring the possibility to release their own cryptocurrency but with the difference that it will be a centralized coin.

And while I have no doubt that some governments will release their own coins in the future I will never use them since it is likely those coins will be even worse than their fiat since they will know who is the owner of every address and they will know every single transaction you have made.

[TrevorS]

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.

Within the state, blockchain is really capable of bearing a lot of useful things. However, blockchain is a system without intermediaries, so if the state completely switches to blockchain and cryptocurrencies it loses compulsory fees from the population, which will call into question the very functioning of the state’s infrastructure. That is, they will have to build relationships with people in such a way that they themselves want to put part of their funds into the infrastructure development fund.

[desticy]

I can’t wait for the moment when state structures and various corporations working with data start using blockchain in their work.
This will be especially useful for countries with a high level of corruption, where officials steal money from ordinary people on a massive scale.
Blockchain can solve this problem and deprive thieves of their feeders, which in turn should free up a significant amount of capital that will give the economy a boost.

[Driggers95]

I can’t wait for the moment when state structures and various corporations working with data start using blockchain in their work.
This will be especially useful for countries with a high level of corruption, where officials steal money from ordinary people on a massive scale.
Blockchain can solve this problem and deprive thieves of their feeders, which in turn should free up a significant amount of capital that will give the economy a boost.

Why do you know corporations and governments don't work with blockchain systems? Many sources have reported that this blockchain system may work in some transparency but it is too difficult to manage and fix, besides, many other technologies allow governments and corporations to better handle their data, that is why blockchain does not appear more in the fields. Activating the economy is only ideal for those who hold bitcoins and prefer to make rumors about blockchain technology to enhance the value of bitcoin, actual efficiency is very poor

[JeffBrad12]

I can’t wait for the moment when state structures and various corporations working with data start using blockchain in their work.
This will be especially useful for countries with a high level of corruption, where officials steal money from ordinary people on a massive scale.
Blockchain can solve this problem and deprive thieves of their feeders, which in turn should free up a significant amount of capital that will give the economy a boost.

Why do you know corporations and governments don't work with blockchain systems? Many sources have reported that this blockchain system may work in some transparency but it is too difficult to manage and fix, besides, many other technologies allow governments and corporations to better handle their data, that is why blockchain does not appear more in the fields. Activating the economy is only ideal for those who hold bitcoins and prefer to make rumors about blockchain technology to enhance the value of bitcoin, actual efficiency is very poor

Kind of agree, blockchain doesn't really suit well if it's used for government. Its decentralized nature is quite the opposite to what these so called government expect. They want to keep in hand of your data while blockchain won't allow that. Sometimes centralized system is also important and for this case government will need such a thing to be able to control their economy. Blockchain is not a magical things that could turn a wrecked economy into something massive just because it is implemented. quite opposite if some cryptos are taking over a country economy that means the economy will crumble because the money is escaping from there.

[Abiky]

Aside from that if the government decides to implement blockchain into their system there would be a more transparent government running that country. The more transparent the system is the less likely that country will have corruption taking place. This is one of the most important points of having a digital public ledger where all activities and transactions are being monitored by everyone, you can't really have any room of illicit activities especially if everyone has access to it.

That's certainly true, mate. Blockchain's transparency would be an effective countermeasure against corruption and fraud. However, governments could decide to implement privacy features into their own digital currencies as well. If they take this path, then everything will be the same as it is now, where people cannot know with full depth the transactions conducted by the government that would involve corruption or fraud. Also, it's important to note that governments could determine their own network fees if they wish. Blockchain tech may promise greater efficiency, lower costs, and even transparency, but it's subject to the rules imposed by its developers. In other words, governments could manipulate their own Blockchain system as they desire, adding or eliminating certain features of the same.

Whenever Blockchain technology will trigger a massive boost in our economy or not, it's yet to be seen. Everything will depend on how many investors are interested in the new digital economy, to see a substantial boost over time. Ordinary people would also need to adopt digital payments for the full transformation to take place anytime soon. Being 10 years since Blockchain technology was created, there's still a lot to learn and improve in order to make the ecosystem bigger and stronger than ever.

Nonetheless, it's safe to say that Blockchain technology is here to stay. It seems that it'll be widely adopted by central banks and governments within the future. By investing into cryptocurrency, you're investing in your future as this is the trend of tomorrow. We as crypto enthusiasts are early adopters of Blockchain technology since it hasn't been widely implemented in the mainstream world yet. Once Blockchain takes over the world, we'll be the first ones to greatly benefit from its success. Just my opinion

[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?

This is undeniable, one of the reasons why lots of economies per country are through a recession is because of the loss they are suffering through counterfeits. Counterfeits are sometimes being caused by those who are already inside the government doing an inside job for their own interests or by other external culprits. If blockchain start to get in the way be used to avoid counterfeits because of the technology it provides, the economy could boost up for they can keep all the money worth over millions that they are losing annually.

[yulionoo]

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?

yes I agree with you adopting blockchain will drive the country's economy for the better. because by using the blockchain the transaction process will be more transparent. so that we can avoid the financial crisis because of dishonesty. then using blockchain transactions will be faster, cheaper and safer. so do not be surprised if most banks have now adopted blockchain technology.

[agentx44]

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 technology is a revolution that may help survive the global economic crisis. I think we should keep an eye on the improvement being made in bitcoin and other altcoins cause who knows? Maybe it will be the currency we will be using in the next few years. Another thing also is the fact that banks are not being enough anymore to regulate the money of everyone in the world so it is necessary that we switch into blockchain technology for the better.

[meliodas]

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?

This is undeniable, one of the reasons why lots of economies per country are through a recession is because of the loss they are suffering through counterfeits. Counterfeits are sometimes being caused by those who are already inside the government doing an inside job for their own interests or by other external culprits. If blockchain start to get in the way be used to avoid counterfeits because of the technology it provides, the economy could boost up for they can keep all the money worth over millions that they are losing annually.

Yes. The blockchain technology could solve that counterfeit because the blockchain technology has its transparent system where people can check anytime to verify if the officials of the government are doing their job and to know if they are stealing something or not. I am a fan of blockchain technology since I discovered it and I hope that in the next few years, all major countries will migrate into blockchain system.

[koura_cc]

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 certainly has the potential to do so. Speeding payment processes, automating auditory structures, etc. In summary, it'll boost cost-effectiveness, transaction speed and safety. The current problem any crypto project is facing right now is scalability and reach. The economy can only improve so much if the adoption volume still remains in a niche.

[Abiky]

Blockchain technology is a revolution that may help survive the global economic crisis. I think we should keep an eye on the improvement being made in bitcoin and other altcoins cause who knows? Maybe it will be the currency we will be using in the next few years. Another thing also is the fact that banks are not being enough anymore to regulate the money of everyone in the world so it is necessary that we switch into blockchain technology for the better.

Well, I don't think Banks will be going anywhere since they still want to be largely dominant within the mainstream world. They could simply adopt Blockchain technology for their own benefit if they desire. With many governments showing a deep interest in Bitcoin's revolutionary technology, it seems to me that it's the way of the future for our economic system. Whenever it'll improve our economy or not, that's up to debate since governments and central banks will determine the economics of their digital currency. Blockchain may promise greater efficiency and transparency over worldwide transactions, but it's limited to how far developers are willing to let it go. In this case, the developers will be the governments and central banks themselves where they could dictate their own rules for the global blockchain network.

Still though, if people adopts decentralized payments in mass, there could be a slight possibility that Blockchain would trigger a massive boost in our economy within the future. Everything will depend on demand (and certain other factors) in order to experience a boost in our economy. Even if our economy stays the same, it would operate in a much faster and cheaper manner than before. With this, physical cash will cease to exist as our world enters a new era of fully-digital payments. Only then, it'll be possible to send payments across borders (with Fiat) if governments allow it. Time will tell us what exciting things Blockchain will bring to our economy as it reduces corruption/fraud and maximizes efficiency in every way possible. Just my thoughts

[huu78]

Blockchain is a breakthrough technology to transact because it is safer, faster and efficient. Different from banks where slower and less transparent.
If countries want to adopt a blockchain perhaps the economy will have a good impact on it as China recently launched their currency, where the Chinese government also ordered a blockchain option for the country.
If many countries are willing to follow as China is likely blockchain will be known by the public and impact on the cryptocurrency ecosystem.

[karanggatak]

yes you are right by using the blockchain financial transactions will be easier, safer, faster and cheaper. and in my opinion this blockchain technology can be applied in all sectors not only finance. with the use of the blockchain the data transaction process will be more transparent. therefore many countries have now adopted the blockchain and even some countries have begun to use the blockchain to make their own cryptocurrency.