Blockchain has been trying to make a spot for itself since its arrival. It started with bitcoin (BTC) but now, blockchain has evolved into a distinguishable entity, a technology known to offer security and privacy. At the moment, many giants of the world such as Walmart and IBM have accepted the likes of this entity and there are many startups and companies adopting it for their businesses. Apart from companies and startups, some governments have supported the prospects of blockchain as well.
Countries welcoming blockchain accelerate the mass adoption more than a company or startups as countries are more resourceful than startups. It can be assumed that countries will be only ready to give a chance to blockchain if they see some substantial returns and gains from it in the future. Therefore, to explore the possibilities for governments to profit from blockchain, BlockPublisher reached out to Tracy Hazzard. She’s a product launch expert and brand strategist at Hazz Design. She claims to be occupied in designing and developing brands for more than 25 years while contributing for more than 250 retail products which, according to her, later generated more than $2 Billion dollars in revenue. Upon enquiring if governments could benefit from blockchain, Tracy proposed:
Only if they participate in the process. There are governments using blockchain and AI to improve traffic flow, increase currency investment, and improve intelligence coordination between agencies.
Up till now, there are many governments who have shown their trust in the blockchain. Governments of countries such as China, U.S, Australia and many more have been backing blockchain for some time. In a very recent, the government of Vermont state took an initiative to launch a blockchain pilot project for the captive insurance industry. Besides that, in the near past, a Thailand government agency proposed a solution to digitalize elections voting in the country with the help of blockchain.
The participation of governments in adopting and regulating the use of blockchain is detrimental to the success of blockchain. With more countries embracing the blockchain, the chances for blockchain to prevail increases and so is the case with the mass adoption.