Blockchain technology was first introduced through Bitcoin as a means to aid and empower global citizens. However, governments worldwide are increasingly looking into the nascent tech as a means of building out their own economies and national infrastructure.
Cryptocurrency and blockchain tech have broad applications, as has been exemplified by implementation into a plethora of industries: from cloud computing and predictive analytics to accounting and healthcare. As the space continues to mature, the influence blockchain has as society transitions towards a digital economy will become further evident.
Blockchain in Government
It’s no secret that governments across the board are now looking into blockchain. While some have only just begun dipping their toes into cryptocurrency, others are wholly entrenched with blockchain initiatives across various sectors. The United States government, for example, has already engulfed on a number of projects, including a healthcare data exchange for patients and 3d printing file storage at military bases.
Recently, China has dominated headlines after the nation’s President, Xi Jinping, held a press conference stating China’s intention to go big on blockchain. This recent initiative includes a state-led blockchain alliance with major Chinese cryptocurrency firms to build out blockchain infrastructure throughout the country.
Critics highlight the danger of China’s recent endorsement as a means to leverage transparent and immutable properties of the technology to further increase surveillance on their citizens. Similar concerns have been applied to regimes like North Korea and Russia, who have similarly displayed a curiosity towards blockchain.
Accelerating Emerging Economies
Beyond potential to further restrict individual freedoms, governments can also utilize digital currencies as a means to bring greater consistency, autonomy, and efficiency to their respective currencies and broader economies. This opportunity is…