It was pretty much a given that the government had begun to take the whole cryptocurrency situation seriously. We had seen a significant amount of restraint from traditional governments and financial intermediaries that actively opposed the prominence of Bitcoin Prime.
Cryptocurrencies are being restricted by strict regulations that aim to lessen their impact. But did it work well enough? Did the government take the decision to impose these restrictions to help it achieve its goal?
The obvious answer is that it didn’t work out for them and that cryptocurrency continued to make significant advancements in the financial ecosystem.
We have reached a point where governments actively support cryptocurrencies with significant involvement. Governments can observe how quickly their citizens are switching from traditional to digital means, and if the governance system doesn’t try to keep up with the trend, things might get a little out of hand.
Complacency is a state of comfort in which you assume that things will resolve themselves without your intervention.
This state is risky because if you stay in that crippling complacent mindset, everything you’ve worked for starts to crumble. It’s time to change rather than resist the introduction of blockchain technology, and the world has changed forever. With the help of this aerodynamic technology, which is widely regarded as one of the best things to have ever happened in corporate history, the entire backend infrastructure of all kinds of businesses took off.
The enormous potential that blockchain has to destroy the current system is a reflection of its opportunistic nature. Blockchain protocols were launched by key players across the sector soon after it was implemented. Because it consistently appears in the mainstream news, you can no longer even avoid its prominence.
The history of blockchain wasn’t exceptionally smooth either, and it had to overcome numerous obstacles before it was finally accepted on a global scale after breaking through the established systems. The opposition it faced when it was still in its infancy (aside from its apparent supporters) is reflected in its disruptive popularity. This is yet another factor in the lengthy time it took for governments to adopt blockchain technology.
Before approving any disruptive technology, governments had to use tried and true methods. Governments will always take it with a grain of salt until there is enough information to make a knowledgeable decision. However, we can clearly see all these shifting scenarios in action.
Vote
The controversy surrounding elections doesn’t seem to go away. Why? They are unreliable because you will constantly hear accusations that it has been rigged from the start and because there is a lack of transparency. How then can blockchain resolve this problem?
The technology is purpose-built to make it impossible for anyone to hack it, and security breaches have become a thing of the past. Not only will the possibility of fraud be eliminated, but the level of authenticity will also increase significantly simultaneously.
Blockchain-based voting eliminates all opportunities for identity theft and makes it impossible to tamper with the results.
Taxes
Millions of people struggle to understand taxes and related procedures because they are a subject that is the subject of never-ending debate. Blockchain can eliminate any chance of human error by introducing smart contracts, which will revolutionize the entire industry.
Additionally, you cannot avoid paying taxes, which significantly reduces the rate of fraudulent activities. This way, tax collection and filing become much smoother and more adaptable.
Online Identity
Government transactions can be sped up and greatly improved by using blockchain technology. It is simple to gather and verify the entire public records database in real-time, and it is also very secure.
Healthcare
Here are the ways to scale bitcoin which will revolutionized the healthcare sector as a whole, making it simpler to diagnose illnesses and treat them effectively. The system has been strengthened and made more effective, somewhat lacking in this industry.
So far, government organizations in the United States are using blockchain/distributed ledger technology primarily for research purposes and are typically evaluating it based on the immediate impact. Given the infancy of the technology and the lack of knowledge in its use and implementation, this is appropriate. It is challenging to predict these programs’ longer-term effects, whether positive or negative, because they are new.