Its been a decade since the existence of blockchain technology and cryptocurrencies and during this period it has grown exponentially. There was the least awareness until 5 years back but the last bull run has played a vital role to bring more awareness. Its obvious that more awareness is needed and even now the rate of adoption is not up to the mark. Probably the lack of education is also one of the reasons why many people are not aware of the benefits of technology. Crypto is a revolutionary innovation provided by the blockchain and this technology is built with a high level of security and capability to manage the data and transactions. Its not just limited to cryptocurrencies instead its just a small part of it. Many companies are exploring the possibilities within blockchain technology and that day will not be far when we can see the real-life use case of blockchain technology. Technology is evolving and its built to make human life easy but here the impact is going to be bigger.
Blockchain is not something that is made of individuals instead its more for the big organizations and even the government. There is a cost involved and this is high so if they come forward and see the potential that they can achieve then its going to chnage the world.
Unbank the banking
Bringing more people into the banking system is important because we will not be able to achieve digitalization achievement unless this is a possibility but the traditional banking system is not capable to make it happen soon. The current system is inefficient because of the technology used and it is not so advanced e of which even after many decades many countries are struggling with banking services. Now we have got the option to transfer money instantly but still, there are certain limitations and conditions to fulfill. Cross-border remittance is one of the challenging areas even now and so far swift is the only option that is being used but as far as I'm aware then there is no other alternative available to overcome the challenge.
With cryptocurrency it is possible and there will be no such restrictions because people will be able to send or receive funds without going through a complicated process defined by the banks. Transactions are settled in almost real-time and there is no third party immediately involved. With blockchain and cryptocurrency it is easily possible to bring everyone in the banking system and they will be able to send and receive money with ease. Blockchain and cryptocurrencies can play an important role here and if banks adopt this technology then I'm very sure that in a very short period they will be able to bring everyone into their system which is going to help them increase the revenue as well as provide them scalable solutions to manage a high number of transactions.
Transparency in governance
I believe that transparency is a must in the governance of the people. Corruption has been one of the biggest problems in any government and because of this every country has to lose a big chunk of money so here this technology can make things better. Transparency is the only option that can be used to avoid corruption because things will be online and easily accessible. Any changes made in the blockchain technology need to be validated so that if someone tried to manipulate the information it will be tracked and it is not difficult to find the person who is trying to do this. blockchain is a technology where anything easily stored will not be deleted and even for any alteration, there has to be enough validations and authorization in place to connect the blocks. I think that if the government decides to use blockchain for their governance mechanism then they will be able to save a lot on the corruption side and this money can be used to empower the economy as well As for redevelopment projects for the country.
Boost to Digital economy
Its the time when things must be moved to online space but data security and scalability has been an issue. With the implementation of blockchain, things can be way more advanced in the economy where citizens will be able to use online services. This is not just convenient but also a cost-effective solution to give a boost to the economy. Solutions can be customized as per the government's requirements but the overall impact will be positive and it will surely help to grow the economy.
Political transparency and Voting
Politics in an important aspect of any country and its economy and here transparency is rarely maintained because of intentional reason. Although they claim that they are transparent but there is no such system that can give the access to verify. Although its difficult to happen but if govt make it a mandate through blockchain technology then this will be fair and this way country would able to save a huge amount of money. Saving money simply leads to a stronger economy and that is where this can also be a game changer.
The majority of people are just aware of the crypto and they hardly know about the blockchain. I think that its because the government is not showing interest. Its about the taking right action and if govt tries to get involved more in the revolution then they would be able to give faster growth o the country and its economic growth.
Thanks, @indiaunited for this nice initiative and this is a great opportunity to touch base on many aspects of crypto and blockchain.
Thank you