Can a government be solely ran on blockchain technology with instant transactions?
Dubai could become the first ever government powered by the blockchain technology. They have recently spoke out about their goal of attaining the blockchain technology for use in all of their transactions by the year 2020. This project has many backers and is quite possible for the city of Dubai to achieve.
This change to the blockchain technology could eliminate bank fees from normal transactions and could be saving the city loads of money that could be spent elsewhere, as if they need more...
The technology would become the mainstream usage for all transactions and a cryptocurrency could become the official currency of city, who knows?! However much work is still to be done and lot's of planning is still in the works for the city of Dubai and nothing is set in stone yet.
More information is yet to come however this change in such a significant city could just be the beginning of the spread of blockchain technology and the usage of cryptocurrencies in transactions. If Dubai is able to do this just think about the number of other cities that will follow. My mind is blowing up at the possible potential in this.
What do you guys think about this? I'll have to visit Dubai someday in the future just to see how advanced they're living over there :)
Thanks for reading this article and a follow, resteem, or upvote would all be very much appreciated.
Until next post!
-Isaac