As it grows exponentially, the Blockchain and cryptocurrency industry opens up many possibilities to change the world as we know it, including the way governments operate, at least that’s how the founder of Cardan (ADA)Charles Hoskinson.
According to Hoskinson, blockchain technology could ‘radically’ transform the future, create better government services around the world and make them interoperable with each other, which is exactly what he plans to achieve, reported Brian McGleenon of Yahoo Finance on July 14.
As he said in an interview with ‘The Crypto Mile’ from Yahoo Finance:
“In a global society, you don’t want one actor to have total control over critical things and resources. The goal of cryptocurrencies and blockchain technology is to take those resources that should be a public good, and if they’re digitizable, put them in a situation where they’re completely open, and basically build businesses off of that. But the underlying infrastructure is no longer controlled.”
He stressed that in a centralized system, “basically one person can decide those rules, and oftentimes they become very anti-competitive and actually become anti-consumer, and they end up hurting people or exposing them to a lot of market failure.”
Radical transparency of government services
In response to the presenter’s question about the future global structure, Hoskinson said he did not anticipate the demise of the nation-state, but instead took “many government services and [los colocó] in 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 at it and see where the money comes from and where it goes. This could 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 is really a permissionless ledger, the poorest person, the most vulnerable person has the same access as the president of the United States.”
Finally, he added that “there has never been a time in human history when that has been the case.”
Meanwhile, Hoskinson recently criticized Twitter ‘trolls’ who claimed that the planned release of the Vasil hard fork would negatively affect the functionality of the company’s smart contract. Cardano network.
As he highlighted, the network took the necessary steps to ensure that smart contracts are compatible with updates, eliminating the need to rewrite.