Democracies around the world need Blockchain & Cryptocurrency

Decentralization in any area is a response to the problems of centralized systems. Decentralization is often linked to concepts of participation in decision-making, democracy, equality and liberty from a higher authority. Decentralization enhances the democratic voice. The main virtue of blockchain induction will be that it can block sources of corruption by raising accountability in governments and throw out middlemen in many areas including procurement and delivery.

Recent political developments in many countries demonstrate the critical challenges that centralized technology platforms pose to democracy, misinformation and disinformation, as well as XYZ nationalism, spread throughout online groups, and prominent political and social leaders found means to amplify falsehoods through technology platforms.

If you analyse historical and current data, you will find, “A corrupt, democratic government is likely to look like it is for the wealthy and the well-connected, not a government by and for the people.“ If democracy is for the people & by the people then, why law being framed by a few elected representatives, which are in hundreds.

Let the people really control the decision making in a transparent way. Decentralized technology (Blockchain) & its need -

• Government to Citizen: As blockchain phases out intermediary institutions the resulting change will transform the government into a genuine service provider and reduce the load of many overlapping functions.
• Government to Government: Blockchain being a shared ledger with minimal transaction errors, agencies can reconcile transactions and budgets on a fast track mode. The UK has already tested blockchain as a viable dispersal platform for tax collection and remittances.
• Government to Third party: Better control on the third party is a must and that will come up by distributing funds through blockchain applications. This can ensure better third party compliance and offering access to the platform for corporate practices.

BLOCKCHAIN WILL BLOCK CORRUPTION

Blockchain along with artificial intelligence, machine learning, robotics, virtual and augmented reality will be reshaping the landscape of digital business anywhere in the world.

WHY DEMOCRACY NEEDS CRYPTOCURRENCY?

Bitcoin: Born out of financial crisis and the potential solution to the next?

Hopefully, you can now see that the global economy is not all sunshine and rainbows. The truth is that we are currently experiencing bubbles in:

• Consumer debt
• National debt
• The stock market

All this has been a direct result of fiat currencies along with government and central bank policy. Debt caused the 2008 financial crisis, and it was all about nations bailing out financial institutions. However, the current figures for consumer and national debt indicate that the next crisis will be about whole nations being bailed out. The question is whether anyone will be able to stump up the cash.

Fortunately for the United States, it is technically impossible for the nation to ever default. The reason why is that U.S. debt is denominated in its own currency, the U.S. dollar (USD). If push came to shove, the United States could just print more dollars to service its debt and bail itself out. However, by doing so, it would destroy the purchasing power of its citizens and any USD holders. If the U.S. government were ever to take such drastic action, the most likely outcome would be hyperinflation.

Countries like Venezuela, Argentina, Turkey, and Syria are already experiencing problems with inflation. In each of these affected countries, the purchasing power of their citizens is being destroyed. As citizens continue to lose faith in their currency, they naturally look towards alternative means of exchange. That’s where cryptocurrencies like Bitcoin come in.

Authored by

Adv. P.M. Mishra from Finlaw Associates believes that crypto currency adoption & regulation is must for all democratic countries if they truly believe democracy. Why citizen of your country willn’t aware of the fact, where is his money & why cann’t he decide, how to utilise it for growth.Government is there to protect and guide but not to act like dictator.