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Cardano Founder Says Blockchain Technology Can "Radically" Change How Govt Function
According to Charles Hoskinson, the inventor of Cardano (ADA), the blockchain and cryptocurrency industries have a lot of potential to alter society as a whole, including how governments run.
Ankita K.
4:18 15th Jul, 2022
Altcoins

Hoskinson believes that blockchain technology has the potential to "radically" revolutionise the future, improve government services everywhere, and make them compatible with one another, on July 14.

As he stated in an interview with "The Crypto Mile" on Yahoo Finance:

"You don't want one player to have total control over important items and resources in a global community. The idea behind cryptocurrencies and blockchain technology is to take things that ought to be considered public goods, digitise them if possible, make them entirely open, and then essentially construct companies on top of that. However, control over the underlying infrastructure has been lost.

In a centralised system, he emphasised, "one person basically gets to establish those rules, and oftentimes, they become highly anti-competitive and really become anti-consumer," ultimately "hurting people or exposing people to a lot of market failures."

In response to the host's query on the future structure of the world, Hoskinson stated that he didn't see the nation-state going away but rather "plenty of government services [being] moved into a system where they have radical transparency."

According to Hoskinson, in such a society, all tax money collected by a government might be made publicly available so that anybody may investigate it and see where the money is going. There might be a number of positive consequences from this:

At the end of the day, there is less conflict, fraud, waste, abuse, increased transparency, and eventually, less power consolidation. (...) If it's actually a permissionless ledger, the most vulnerable and impoverished individual has the same access as the United States president.

He concluded by saying that "that has never been the case at any moment in human history."

Hoskinson, however, recently blasted Twitter trolls who claimed that the planned Vasil hardfork will have a significant impact on the Cardano network's smart contract capability.

He emphasised that the network has taken the required measures to make sure the updates are compatible with the smart contracts, preventing the necessity for rewriting.

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