Cardano plans to ‘radically’ transform government

The Crypto Mile: Cardano’s Charles Hoskinson plans to ‘radically’ transform government services

Blockchain technology promises to create better governance on a global scale. Cardano founder Charles Hoskinson tells Yahoo Finance’s The Crypto Mile how it could ‘radically’ transform the future.

Imagine a situation where all of a government’s tax revenue is open source and everyone can look at it and see exactly where the money comes from and where it goes.

Imagine the archaic government institutions that run our lives developing at the same rate of efficiency and effectiveness as the mobile phones in our pockets.

Imagine a situation where all transactions take place transparently on the blockchain, the status of each account is visible, and a revolution in open access where every member of the public can become an auditor.

Read more: live crypto price

Cardano (ADA-USD) founder Charles Hoskinson spoke to The Crypto Mile about the potential for blockchain technology to radically transform government services around the world and even make them interoperable with each other.

As we merge into a truly global society, blockchain can facilitate this global interconnected community and enable the secure transfer of data seamlessly and democratically, where, in Hoskinson’s words, “no single actor will have full control over critical things and resources.

Cardano cryptocurrency. Photo by Jakub Porzycki/NurPhoto via Getty Images

This is due to the transparent nature of the blockchain, as, according to Hoskinson, it allows “the poorest and most vulnerable person in society to have the same access as the president of the US, and there has never been a time in human history where that has been the case.

Blockchains are transparent and publicly accessible to all and the Cardano founder outlined how blockchain will allow government services to be digitized and implemented ‘on-chain’ to form a new form of government that is “radically transparent” .

He described burgeoning technology as enabling global regulation “without putting a nation-state in charge of everything, like the role the United States played in the 20th century, and increasingly the role China is trying to assert in the 20th century.” XXI”.

He added: “Instead you have a situation where there is no controlling entity and it’s a better way to do things with less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of the can”.

Read more: The Crypto Mile: How Blockchain Technology Could Usher in Web3

According to the Cardano founder, government systems implemented on the blockchain could be interoperable with similar systems in other countries, if both are implemented on the same underlying blockchain.

Thus, distributed public ledger technology offers efficiency, transparency, and long-term security for title deeds, business and government voting, health data, educational qualifications, tax and legal information, and full traceability of products across the supply chain. supply, enabling the Internet of Things.

Hoskinson illustrates the speed of development of blockchain technology over the last 13 years, “We’ve gone from very simple systems that could only drive value to these incredibly rich and dynamic third-generation systems that have sophisticated consensus protocols, programmability, and governance, In just 13 years of history, from a single chain to 20,000 chains, from one asset to tens of millions of assets.”

He then described its potential application to nation-states, saying “imagine if you could bring governance in this way.”

Read more: Cardano: The blockchain that promises to make Africa a web3 leader

Hoskinson described a future in which government agencies around the world learn from each other and compete to become the most efficient and useful in the same way that Apple’s iPhone and Samsung’s Galaxy rapidly outperform each other.

This future would run on the blockchain and just as Moore’s Law notes that the number of transistors on a computer chip doubles every two years, government systems implemented on the blockchain could evolve at the same rate as the technological innovation.

The Cardano founder believes that blockchain is the solution to improve the world and give government institutions “a Samsung Galaxy versus iPhone style of governance that we have never had.”

Read more: Investing Lessons from the $2 Trillion Crypto Crash

He added: “As consumers we’re used to the fact that every year we get a new better phone, as consumers we’re trained for these products to get better organically over time through competition. We don’t have that in governance.” There is no expectation that central banking, the military, or the way we manage health care today is going to be better tomorrow.”

Is Bitcoin really decentralized?

In 2020, Cardano’s research arm IOHK partnered with the University of Edinburgh to establish the Blockchain Technology Laboratory within the university’s School of Informatics.

Hoskinson described the initiative, saying: “One of the agenda items that we have is to measure the decentralization of different blockchains.

“We will create a lab at the University of Edinburgh, specifically for an index where we can measure different blockchains, be it Bitcoin, Ethereum or Cardano, to see which one is the most decentralized.”

The index would take into account how many miners validate transactions on the blockchain.

Referring to how decentralized the bitcoin blockchain is, Hoskinson added: “Bitcoin (BTC-USD) has less than 10 major mining operations that control the majority of the bitcoin hash rate. So even though it’s a big decentralized move, with millions of people worldwide using it, less than ten actors are responsible for maintaining it, is that decentralized or not?

According to Sir Mark Walport, the chief scientific adviser to the former UK government, blockchain technology “has the potential to transform the delivery of public and private services and the potential to redefine the relationship between government and citizen in terms of the exchange of data, transparency and trust”. and make a leading contribution to the government’s digital transformation plan.”

Read: ‘Blockchain is overkill’ – MPs warned

But does blockchain technology contain substantial revolutionary solutions for our lives?

Others see blockchain technology as an empty buzzword with far more hype than value and point to the lack of blockchain-based applications seeing mass adoption around the world.

There is an argument that distributed ledger technology promises solutions to areas where there has never been a problem, and for many systems, a blockchain is not necessary, and using one would be more expensive and less efficient than the centralized system. which it replaces.

Decentralization of data storage and transaction history still necessitates point-of-entry controls when data is entered into the ledger. Intermediaries are still needed to verify that the data is correct on input, since when the information is stored and verified on the blockchain, it cannot be deleted.

Watch: The Crypto Mile: Episode 3 – How blockchain technology could usher in Web3

Leave a Reply

Your email address will not be published.