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Sunday, February 10, 2019

Blockchain and Government

Maybe so, but in recent conversations was struck by how nervous government was regarding the whole idea, especially how it seemed to be hiding certain uses of currency and investment.    When I countered with its use as a trust mechanism, they liked that better, but were not convinced.    Below that argument is made.  Still unintended consequences and implications of converting into a system that has still unknown weaknesses should be cautious.

How the Blockchain Can Transform Government  in K@W:

The blockchain is one of the most significant, fundamental advances in digital platforms since the internet and also probably the most overhyped technology in current times, according to Kevin Werbach, Wharton professor of legal studies and business ethics, at the inaugural annual Penn Wharton Budget Model Spring Policy Forum, held recently in Washington.

“In many ways, the parallels are striking,” said Werbach, who worked at the Federal Communications Commission in the late 1990s during the dot-com boom. “This is a new infrastructure baseline technology that can lead to lots of benefits — also, it has lots of problems. Blockchain is now the source of a great deal of fraud, of illegal activity and regulatory arbitrage, but it is also sparking innovation across the world in all sorts of areas.”

While most people use the terms Bitcoin and blockchain interchangeably, they are very different things. “At bottom, blockchain is not about money, even though this is the technology underlying Bitcoin and other cryptocurrencies — and it’s not fundamentally about destroying governments and replacing them with purely private, decentralized systems, even though it is a system that creates a new kind of decentralized infrastructure,” Werbach said. “Fundamentally, blockchain is about something deeper than all of that. It’s about trust.” ....'

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