| json_metadata | "{"app":"Musing","appTags":["Blockchain"],"appCategory":"Blockchain","appTitle":"Why is the government not endorsing blockchain technology?","appBody":"<p>There are a couple of aspects to it and some of them are outlined as follows:-</p>\n<p>- Altogether a new concept - Blockchain technology in itself a new concept i.e. a big shits from Centralization to Decentralization. Till date, in most of the countries, things are centralized i.e. we have government as the governing body and with blockchain, we are embarking to a journey where everything would be decentralized i.e. take away control from the government. This is a big shift and something very new for which most of the government are not ready to adopt it.</p>\n<p>- Readiness - most government Arent ready Yet & hence there is less adoption that we have seen. Ready in terms to willing to embrace the technology - countries which are ready have embraced blockchain technology and which aren't ready are still thinking and doing research on it.</p>\n<p>- Lose control - most of the government think that they could lose their control or power. Blockchain technology works all together in a different fashion and there is no chance wherein fraud could be made. As there are strict conditions and principles of a blockchain technology - for examples</p>\n<ul>\n <li>A business network, assets & transactions all are recorded</li>\n <li>Multiple participants to verify transactions.</li>\n <li>To know who's done what and when - data can easily be made available</li>\n <li>Trusted transaction over the network</li>\n <li>A single view of truth shared across the network</li>\n</ul>\n<p>Whereas in traditions systems there are many loopholes that lead to fraud and corruption. Blockchain curbs all of these. </p>\n<p>- Risk factor - many governments feel that the blockchain technology is at its nascent stage and want to give more time before the technology stabilizes. We have seen some failures and hacks - due to any reason but that risk factor is involved. So I think the government wants more time for technology to stabilize.</p>\n<p>There are various other reasons as well that could be a hindrance for the government not endorsing blockchain technology. But according, to my perspective the day is not far when most of the countries will start embracing this wonderful technology which has a lot of potential and great benefits and ultimately curbing fraud, bribery, faking products/identities etc.</p>","appDepth":2,"appParentPermlink":"pkmn7r48x","appParentAuthor":"palongo","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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