It's honestly amazing that they're using blockchain technology to do something, I predict this is the one of the first of many blockchain powered initiatives to come from governments.
I'm curious to see if other blockchains would be more effective than 93% efficiency. Any idea on how the steem blockchain would handle this? I know it has much, much faster transaction times than the ethereum blockchain does.
The article says the 7% is mostly bank fees, and they are hoping to reduce some of that by using the Ethereum blockchain.
I definitely misinterpreted that. My mistake.