It was quite inevitable, wasn’t it? For the government to start taking the entire crypto scenario seriously. We had witnessed a massive restraint from the conventional governments & financial intermediaries opposing the prominence of Bitcoin Prime quite proactively. Such restraints came in the form of imposing heavy restrictions in a bid to reduce the impact of cryptocurrencies. But was that effective enough? Did the government achieve its objective through imposing such restrictions? The answer is quite evident that it didn’t really work out for them and crypto kept making significant strides in the financial ecosystem.
We have arrived at a stage where we are witnessing a substantial involvement of governments backing the cryptocurrency quite proactively. Governments can see their people transitioning from traditional to digital means at a rapid pace and things might just get a little out of hand if the governance system didn’t try to catch up with the trend.
Complacency means a state of comfort believing that things are going to work out by themselves without you having to flinch a muscle over it. This is a highly dangerous stage because everything you worked for starts going downhill if you intend to stay in that debilitating complacent mindset.
Time to adapt instead of being in denial
With the advent of blockchain technology, the world didn’t remain the same way it once was. The entire backend infrastructure of all kinds of businesses took off with this aerodynamic technology that is being regarded as one of the best things ever happened in corporate history. The massive potential of blockchain to dismantle the incumbent system reflects the opportunistic characteristic that it carries. It was only a matter of time when prominent payers of the industry started incorporating it and introduced their respective blockchain protocols. You cannot even escape its prominence anymore because it is always all over the mainstream news in one way or the other.
Blockchain didn’t have a really smooth history either and it has to go through innumerable challenges before it finally penetrated through the incumbent systems to be acknowledged worldwide. Its disruptive popularity reflects the backlash that it received from almost everyone (Other than its obvious proponents) when it was in its nascent stage. This is yet another reason why it took governments this long to incorporate blockchain technology. Governments required tried & tested methods before they can give a green flag to any disruptive technology. Until there is enough evidence to make an informed decision, governments will always take it with a grain of salt. However, we can see all these changing scenarios and in action pretty clearly.
Sectors that blockchain redefined
#1 Voting
Elections have always been a debatable topic that just doesn’t seem to end, does it? Why? Because you will always hear claims of it being rigged from the beginning and lack of transparency make them highly unreliable. So, how can blockchain curb this issue? Well, the technology is specifically designed to make it impossible for anyone to infiltrate it and the incidence of security breaches also become a thing of the past. The chances of fraud will not only be abolished but the level of authenticity will also go several notches higher simultaneously. Blockchain-oriented voting will not leave any space for identity theft & the overall vote count cannot be tainted at all.
#2 Taxes
Filling taxes and associated processes make millions scratch their heads as it indeed is a topic with bottomless discussions. Blockchain can revolutionize this entire space by introducing smart contracts that entirely eliminate the chances of any potential human errors. Furthermore, you just cannot circumvent or evade the taxation process either which brings the rate of fraudulent activities considerably down. Hence, the entire becomes way more seamless & adaptable in terms of tax collection and filing.
#3 Virtual Identity
Making government transactions highly efficient & faster is the core of blockchain technology. The entire database of public records can be easily collected and verified in real-time which is highly secured as well.
#4 Healthcare
The entire healthcare industry took off with the introduction of blockchain technology i.e., the diagnosis became easier, easy treatments, curing fatal diseases, etc. The system is made more robust & efficient which was somewhat missing in this particular sector.
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