Blockchain is a new technology which has made a huge impact in the financial sector. Many reputed financial institutions are trying to implement this
Blockchain is a new technology which has made a huge impact in the financial sector. Many reputed financial institutions are trying to implement this technology as fast as possible. However, the impact of blockchain is not only restricted to the financial sector. It has the ability to revolutionize the global political scenario. Application of the blockchain technology will reduce the number of so many intermediate governments and can mark the beginning of a new era. If blockchain is applied, the formation of a decentralized government will take place. Hence, the current mode of governance will be abolished.
There are many people who are in favor of the application of the blockchain technology. They are questioning the presence of the Federal State. They believe that the current model is flawed and it will be much better for the society, if they get rid of the Federal State and replace it with services that uses Blockchain technology like Eris and Omni Layer. They are totally confident on the possibilities of the blockchain technology and other smart contact technology. Hence, they are encouraging citizens of the country to support the blockchain revolution and to form a transparent government system, instead of depending on the traditional hierarchical based government.
The fact that so many people are in favor of decentralization and is trying to get rid of the Federal state is quite simple. The Federal State has been there for many years, but have still failed to make any meaningful contribution to the society. They have failed politically and have also struggled to make any mark in the economic sector. Decentralization enthusiasts also claim, that the Federal State is very slow and they work for just a handful of people. They fail to innovate properly, and as a result they are pushing the entire country backwards.
The main reason why they are in favor of blockchain technology is because of its transparency. Since it is consensus driven, they strongly believe, that blockchain will be much more effective. Application of this technology will lead to the development of many applications, which will reduce the dependency of citizens on the government. However, there is a group of people who have a more aggressive attitude. They believe that the Federal State is an illegitimate power repository. They want to take the help of blockchain technology and go for an all out war against the Federal state.
Despite the difference in attitude, there is no doubt what the majority of people wants. Efforts have already been made to develop cryptonics that works on the Blockchain technology. The first such cryptonation was formed in 2014 and is named Bitnation. It provides all the facilities which you will find in a centralized government, like the issuance of ID cards, marriage certificates and insurance contracts. In the month of October of 2014, the world’s first blockchain citizen and the 1st blockchain marriage was announced. This is probably the start of a new era. Apart from the political sector, we can expect to see the application of this technology in many other sectors as well.