Blockchain could “drastically” change how government works by making it more transparent to taxpayers, says Cardano founder. In his opinion, a centralized system often creates anti-competitive relations, harming consumers.
During an interview with Yahoo Finance, Cardano (ADA) founder Charles Hoskinson said that blockchain technology could “radically”change the future, create better public services around the world, and make them interoperable with each other. He proposes to digitize all resources that lend themselves to this and which should be a public good and make them completely open.
“In a global society, you don't want one actor to have complete control over critical things and resources. The point of cryptocurrencies and blockchain technology is to take those resources that should be a public good, and if they're digitizable, get them into a situation where they're completely open, and basically then build businesses on top of that. But the underlying infrastructure is no longer controlled.”
He underlined that, in a centralized system, “one person basically gets to decide those rules, and oftentimes, those become very anti-competitive and they actually become anti-consumer,” ending up “hurting people or exposing people to a lot of market failures.”
Replying to the host’s question about the future global structure, Hoskinson said he did not anticipate the disappearance of the nation-state, but taking “lots of government services and [putting] them into a structure where they have radical transparency.” According to him, in such a world, all government tax revenues can be open sources, and anyone can look into them and see where the money comes from and where it goes. This can have many beneficial effects:
“At the end of the day, you have less friction, less fraud, less waste, less abuse, more transparency, and ultimately, less consolidation of power. (…) If it's truly a permissionless ledger, the poorest person, the most vulnerable person has equal access as the president of the United States does.”
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.