Will Blockchain trigger a massive boost in our economy?

[tadpole_bitfrog]

 I have always had a positive view of blockchain when applied to today's industries. Although it is quite difficult to operate, when people master it, I believe that everything will be resolved very quickly in the future.
Things that save time are often greatly appreciated in the future. That is why I always believe that this technology will never die.

[Meowth05]

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.

Perhaps Blockchain could make a difference in economic status of one country. Just like you have mentioned Blockchain technology make transactions more faster and cheaper basically, more efficient. Remember every second and every minute corresponds a huge amount of money, time is all matters. If every each country will use Blockchain for any transaction they could save a lot of time and there's a chance for them to boost their economy.

[senne]

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 is a disruptive technology. It not only has utility in finance sector but in many other too.
Blockchain can make transactions and record keeping seamless and trustworthy. Banks lose a lot because of the corruption inside their system only. Blockchain can completely eliminate that. A lot of cost is involved in paperwork and increased human hours to maintain records in supply chain management. Blockchain can help  in easing that process.
There are many more sector from medical to insurance where blockchain is really helpful.
So yes. it will ultimately add to the economy.

[sirminesalot]

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.

blockchain using cryptocurrency was created using technological developments and times and we also know developing countries technology and economies that use the blockchain and cryptocurrency economic system and I'm sure along with the development of technology and the era of blockchain and cryptocurrency will be needed and used of course

[Krislaw]

It's no secret that many governments and central banks worldwide have paid close attention to the development of Blockchain technology.

We should not be too excited that the governments are showing interest in Blockchain Technology as we all know they never wanted this and if they did, know they are using it for their own personal gain which destroys the term known as “Decentralisation”.

[White Christmas]

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?

If all of the country adopt the regulation of the blockchain technology then it would be really good to increase the economic growth of every country that is properly regulating the blockchain technology, and through the use of this a very massive impact to the economy of a one country can occur because of the advance technology and monetary system that they have. If all of the country start to adopt the blockchain technology then probably it would become the center of the crypto someday.

[riso2015]

We should not be too excited that the governments are showing interest in Blockchain Technology as we all know they never wanted this and if they did, know they are using it for their own personal gain which destroys the term known as “Decentralisation”.

How can they destroy the decentralization that exists on the Blockchain system? I think Blockchain technology will always be decentralized, which cannot be used as centralization. The government's use of the Blockchain system I think is a step forward for the world of Crypto.

[Abiky]

Blockchain is a disruptive technology. It not only has utility in finance sector but in many other too.
Blockchain can make transactions and record keeping seamless and trustworthy. Banks lose a lot because of the corruption inside their system only. Blockchain can completely eliminate that. A lot of cost is involved in paperwork and increased human hours to maintain records in supply chain management. Blockchain can help  in easing that process.
There are many more sector from medical to insurance where blockchain is really helpful.
So yes. it will ultimately add to the economy.

Completely agree with you, mate. The many benefits that Blockchain technology provides,  is enough reason for our economy to improve in the future. While everything will depend on government's actions, there's still the possibility that our economic system will improve as fees will become cheaper and transactions blazing fast like never before. It's been proven that Blockchain technology is extremely beneficial not only to finance, but also other areas such as healthcare, transportation, proof of ownership, and more.

Most recently, China has shown interest in developing a digital currency using Blockchain technology. China's president has made some positive comments about Blockchain technology a while ago. This shows us that countries are slowly but surely adopting Blockchain technology for their own benefit. If used at a large scale, we'll get to experience a world where everything is much cheaper and faster than ever. Of course, people would need to get used to the new Blockchain economy in order to experience a substantial boost in the same. But we'll get there as awareness is spread worldwide by crypto enthusiasts and governments alike.

Nonetheless, time will tell us if Blockchain technology will be able to truly boost our economy or not. If it stays the same, then people won't notice the difference. They'll be simply interacting with digital Fiat currencies as they would with ordinary credit card transactions. With a lot of demand into government-backed digital currencies using Blockchain technology, the economic system could benefit itself in many ways. Just my opinion

[Brunus]

It's a hard question.
No one knows exactly where the blockchain development will take us.
Perhaps towards freedom, perhaps towards the most frightening of dictatorships.
Useless to ask too big problems: let's try to make money with what we have available.

[Karmakid]

It's a hard question.
No one knows exactly where the blockchain development will take us.
Perhaps towards freedom, perhaps towards the most frightening of dictatorships.
Useless to ask too big problems: let's try to make money with what we have available.

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

[abhiseshakana]

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

The majority of countries in the world, especially those who prohibit the cryptocurrency, say they do not reject the blockchain because the blockchain with all its positive supremacy is something that cannot be avoided. But you were right, the government may be scared to adopt a decentralized blockchain because it can't be fully controlled by the government. Based on this consideration, the government prefers to choose permissioned/private Blockchain instead of permissionless blockchain.

In the era of the Industrial Revolution 4.0, the role of technology took over the majority of economic activity. Blockchain's advantages in tracking, organizing, and distributing information are expected to optimize marketing processes and distribution chains. The tracking system will improve transparency in the production chain from upstream to downstream. These solutions can improve supply chain efficiency. So the government will rely on the development of digital technology in the future to improve the quality of development planning and development itself.

The government itself is preparing for the application of blockchain technology with several programs including improving the quality of digital services (maximizing internet connectivity and mobile phone penetration) for efficiency and driving economic growth. Simultaneously improving the quality of human resources is also needed so that they are ready to compete. Modernization (upgrade) in all fields, especially the productive sector, in order to encourage the development of financial technology. If the digital economic climate has been formed, innovation is needed between the government, business people & the community to encourage collaboration between start-up companies and program sustainability.

[supercanada1]

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

The majority of countries in the world, especially those who prohibit the cryptocurrency, say they do not reject the blockchain because the blockchain with all its positive supremacy is something that cannot be avoided. But you were right, the government may be scared to adopt a decentralized blockchain because it can't be fully controlled by the government. Based on this consideration, the government prefers to choose permissioned/private Blockchain instead of permissionless blockchain.

In the era of the Industrial Revolution 4.0, the role of technology took over the majority of economic activity. Blockchain's advantages in tracking, organizing, and distributing information are expected to optimize marketing processes and distribution chains. The tracking system will improve transparency in the production chain from upstream to downstream. These solutions can improve supply chain efficiency. So the government will rely on the development of digital technology in the future to improve the quality of development planning and development itself.

The government itself is preparing for the application of blockchain technology with several programs including improving the quality of digital services (maximizing internet connectivity and mobile phone penetration) for efficiency and driving economic growth. Simultaneously improving the quality of human resources is also needed so that they are ready to compete. Modernization (upgrade) in all fields, especially the productive sector, in order to encourage the development of financial technology. If the digital economic climate has been formed, innovation is needed between the government, business people & the community to encourage collaboration between start-up companies and program sustainability.

Blockchain itself is a powerful concept that can be implemented in different ways to increase the security of systems. Governments will be using it to create centralized coins. Anything that is decentralized in nature does not go hand by hand with the authorities. Blockchain can be used to get rid of corruption also which will ultimately solve economical issues like inflation. But this depends on government.

[CarnagexD]

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

The majority of countries in the world, especially those who prohibit the cryptocurrency, say they do not reject the blockchain because the blockchain with all its positive supremacy is something that cannot be avoided. But you were right, the government may be scared to adopt a decentralized blockchain because it can't be fully controlled by the government. Based on this consideration, the government prefers to choose permissioned/private Blockchain instead of permissionless blockchain.

Or maybe government is not afraid of what blockchain could give to them and is trying to fully understand how to understand the situation where blockchain is the vital role of the present economy. Government has this privilege not to disclose every information they have to avoid unnecessary conflicts considering internal affairs, and that maybe the reason why blockchain is still on process of adoption.

The government itself is preparing for the application of blockchain technology with several programs including improving the quality of digital services (maximizing internet connectivity and mobile phone penetration) for efficiency and driving economic growth. Simultaneously improving the quality of human resources is also needed so that they are ready to compete. Modernization (upgrade) in all fields, especially the productive sector, in order to encourage the development of financial technology. If the digital economic climate has been formed, innovation is needed between the government, business people & the community to encourage collaboration between start-up companies and program sustainability.

Yeah, I'm slowly seeing the upgrades now, and possibly we could make this faster if private companies cooperate with the government. But there are still problems with the digital system like breached or hacked, in fact there are still exchanges that are having problem with their security (even the top ones). So maybe we could assure the security first before leveling up.

[Kersh768]

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 an ideal tool for saving a struggling economy. On the other hand, there's no hard evidence yet that it will surely trigger massive boost towards the economy of a certain country. Though the absence of hard proof can be observed, we should still consider that it is being produced aleady by some countries and the world, therefore we should analyze how it affects their economy to formulate a system that might work in the future with collaboration of blockchain technology.

[Abiky]

Blockchain itself is a powerful concept that can be implemented in different ways to increase the security of systems. Governments will be using it to create centralized coins. Anything that is decentralized in nature does not go hand by hand with the authorities. Blockchain can be used to get rid of corruption also which will ultimately solve economical issues like inflation. But this depends on government.

Agree. Everything will depend on governments themselves whenever they would allow their own Blockchain-based digital currency to become deflationary or all the other way around. I guess that nothing will change in Fiat's total supply, once governments do the switch to the digital realm. The only difference will be that people won't be using physical cash anymore (aside from the fact that payments will settle in seconds at a very low cost). While Blockchain technology promises to fight corruption and fraud with the use of transparency, this could easily be counteracted by worldwide governments. Such entities could design a Blockchain of their own that obfuscate government-sensitive transactions while the rest is viewable by anyone else. With a Blockchain-based economy, governments would gain control over their citizens' transactions.

Whenever Blockchain will trigger a massive boost in our economy or not, it's yet to be seen. It may be too early to talk about this since governments are still in their initial stages of designing a Blockchain-based digital currency. I believe that if Bitcoin has become widely successful within the mainstream world, then government-issued digital currencies will be the same. If that happens, then our economy could experience a boost like never before because of popular demand from people within the mainstream world. But one thing for sure, is that if you've been a long-time crypto holder or enthusiast, you've already become an early adopter of a revolutionary technology that's bound to change our world for the better. And that's what matters on top of everything. Just my opinion

[sana54210]

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 is already happening like most developed countries have already started adopting blockchain technology and few federal banks across the globe are into beta testing on blockchain applications. Like experts predicted blockchain is the first thing, to get mass adopted and then cryptos. An efficient system always result in boosting economy on its own reasons. When blockchain will be used, for example, for tracking records and preventing counterfeiting, we can see less corrections on a country level. I guess it is too early to speculated about the level of economy growth due to blockchain adoption. Let's wait and enjoy the developments due to blockchain adoptions along the way it will be happening.

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.

There's no guarantee that the fees you pay or transaction will reduce when the government starts rolling out their own cryptocurrencies, you're not sure about that yet as segwit must be a temporary solution for the scaling problem of bitcoins. I am not sure that governments are really going to do such a thing. I'm thinking maybe they are just going to rely on the upgraded versions of Moneygram, Western Union and the rest of them, just like Ripple is trying to work with banks. I'm guessing something like that.

[GideonGono]

If the government will recognize and acknowledge the advantages of blockchain technology then I think that the blockchain technology will go far in the future. As of now, the governments are still doubting about the capabilities of blockchain because they are scared about the decentralization since they are all about centralization. But I do believe that in the near future, decentralization will be much more favorable in our world.

The majority of countries in the world, especially those who prohibit the cryptocurrency, say they do not reject the blockchain because the blockchain with all its positive supremacy is something that cannot be avoided. But you were right, the government may be scared to adopt a decentralized blockchain because it can't be fully controlled by the government. Based on this consideration, the government prefers to choose permissioned/private Blockchain instead of permissionless blockchain.

And that's exactly why some countries are banning cryptocurrency while others invest on research so that they can launch their own cryptocurrency.

In the era of the Industrial Revolution 4.0, the role of technology took over the majority of economic activity. Blockchain's advantages in tracking, organizing, and distributing information are expected to optimize marketing processes and distribution chains. The tracking system will improve transparency in the production chain from upstream to downstream. These solutions can improve supply chain efficiency. So the government will rely on the development of digital technology in the future to improve the quality of development planning and development itself.

In my opinion, the government is recognizing this good side of cryptocurrency in their perspective that's why they are studying as to how will they integrate and modify it in a sense that it would align with the ideals of the government also that would enable them to exercise their sovereignty if that's what they chose to label their centralized mindset.

The government itself is preparing for the application of blockchain technology with several programs including improving the quality of digital services (maximizing internet connectivity and mobile phone penetration) for efficiency and driving economic growth. Simultaneously improving the quality of human resources is also needed so that they are ready to compete. Modernization (upgrade) in all fields, especially the productive sector, in order to encourage the development of financial technology. If the digital economic climate has been formed, innovation is needed between the government, business people & the community to encourage collaboration between start-up companies and program sustainability.

Though I'm curious about this projects they have on mind though as I recall correctly that coke had used the blockchain technology to sped up their services and I think that's the point. Blockchain technology speeding up the interaction of one body to another would yield to positive economic growth since time is money.

[bitbunnny]

In some countries that are already highw developed blockchain might represent additional trigger for further boost and growth of economy. Also, for some less developed economies that might be new opportunity if they will know how to use it.
However, knowledge and awarness about blockchain are still rather low and like with all new emerging things there is also some resistance present. And some people still think that blockchain is related only to cryptocurrencies, which is not true, so they don't understand the full  potential.

[Williams_Leo]

In some countries that are already highw developed blockchain might represent additional trigger for further boost and growth of economy. Also, for some less developed economies that might be new opportunity if they will know how to use it.
However, knowledge and awarness about blockchain are still rather low and like with all new emerging things there is also some resistance present. And some people still think that blockchain is related only to cryptocurrencies, which is not true, so they don't understand the full  potential.

As you say, blockchain can only drive but that is not certain because even if the technology is relevant to the fields and supports the government, the government still knows that this technology does not have their patent, they can only use it but cannot hold it completely. In addition, the level of population accepting blockchain technology is too low, know how to use and want to use it is lower when the risk is very difficult to solve, the loss will be the responsibility of the individual, and everyone's economy will grow steadily even without blockchain

[CarnagexD]

It is already happening like most developed countries have already started adopting blockchain technology and few federal banks across the globe are into beta testing on blockchain applications. Like experts predicted blockchain is the first thing, to get mass adopted and then cryptos. An efficient system always result in boosting economy on its own reasons. When blockchain will be used, for example, for tracking records and preventing counterfeiting, we can see less corrections on a country level. I guess it is too early to speculated about the level of economy growth due to blockchain adoption. Let's wait and enjoy the developments due to blockchain adoptions along the way it will be happening.

I couldn't agree more. Developed countries will lead of this system revolution. Cryptocurrency might look risky to adopt but not the technology behind it, blockchain. I already see Germany as the first leader country with their new approved law applicable next year that enables their banks to provide crypto-related services and that includes asset management.Negative interest rates would probably not that high when it is already running. Crypto advisors evenly favored to it saying it could've be done last year to see the growth today.

There's no guarantee that the fees you pay or transaction will reduce when the government starts rolling out their own cryptocurrencies, you're not sure about that yet as segwit must be a temporary solution for the scaling problem of bitcoins. I am not sure that governments are really going to do such a thing. I'm thinking maybe they are just going to rely on the upgraded versions of Moneygram, Western Union and the rest of them, just like Ripple is trying to work with banks. I'm guessing something like that.

Obviously transaction fees won't be out of the regularity because it is part of the regulation including taxes. In the end of conversation banks are still a business by government that generate taxes for their employees and society. What I think of the version is that they will provide their own but I guess it will just be similar from the existing ones.