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Cardano founder says blockchain can ‘radically’ transform how governments operate

source-logo  finbold.com 15 July 2022 16:41, UTC

As it grows exponentially, the blockchain and crypto industry opens plenty of possibilities to change the world as we know it, including how governments operate, at least that’s how the Cardano (ADA) founder Charles Hoskinson sees it.

According to Hoskinson, blockchain technology could ‘radically’ transform the future, create better government services across the globe, and make them interoperable with each other – which is exactly what he plans to achieve, Yahoo Finance’s Brian McGleenon reported on July 14.

As he told in an interview with Yahoo Finance’s ‘The Crypto Mile’:

“In a global society, you don’t want one actor to have complete control over critical things and resources. The point of cryptocurrencies and blockchain technology is to take those resources that should be a public good, and if they’re digitizable, get them into a situation where they’re completely open, and basically then build businesses on top of that. But the underlying infrastructure is no longer controlled.” 

He underlined that in a centralized system, “one person basically gets to decide those rules, and oftentimes, those become very anti-competitive and they actually become anti-consumer,” ending up “hurting people or exposing people to a lot of market failures.”

Radical transparency of government services

Replying to the host’s question about the future global structure, Hoskinson said he didn’t anticipate the disappearance of the nation-state, but taking “lots of government services and [putting] them into a structure where they have radical transparency.”

In Hoskinson’s view, in such a world, all of a government’s tax revenue could be open source, and everyone can look into it, and see where the money is coming from and where it is going. This might have numerous beneficial effects:

“At the end of the day, you have less friction, less fraud, less waste, less abuse, more transparency, and ultimately, less consolidation of power. (…) If it’s truly a permissionless ledger, the poorest person, the most vulnerable person has equal access as the president of the United States does.”

Finally, he added that “there’s never been a time in human history that that has been the case.”

Meanwhile, Hoskinson recently criticized the Twitter ‘trolls’ who have asserted that the planned rollout of the Vasil hardfork would negatively affect the Cardano network’s smart contract functionality. 

As he highlighted, the network had taken the necessary steps to ensure the smart contracts are compatible with the upgrades, eliminating the need for rewriting, Finbold reported in early July.

Featured image via Charles Hoskinson YouTube.