Thursday (July 14), Charles Hoskinsonwho is co-founder and CEO of Global IO (aka “IOG”, formerly known as “IOHK”), the company responsible for the research and development of Cardano, explained how blockchain technology could transform the future of nation-state governance.
The IOG CEO’s comments were made during a interview earlier today with Brian McGleenon on Yahoo Finance’s weekly “The Crypto Mile” show.
McGleenon started the interview by asking Hoskinson why we need a more decentralized world.
“We want to live in a global society, and if you want to live in a global society, one of the first things you don’t want is for someone in that global society to have total control over the critical elements, the resources – which could be energy, your identity, your supply chains, your food, it could be water.
“YWe don’t really want a situation where one actor is in charge of this whole show because what they can do is say, ‘hey, you know, I don’t like you Brian…so, I I’m just going to cut off your electricity or your water or your internet access or that sort of thing’…
“So the point of cryptocurrencies and blockchain technology is that they take those resources that should be some kind of public good and if they’re digitizable put them in a situation where they’re completely open and then build businesses on top of that.“
Then, later in the interview, Hoskinson added:
“You can start taking many government departments and putting them in a structure where they have radical transparency and they have exponential growth and capacity. Suddenly all of your tax receipts are open source and anyone can look at them and see where the money is going. All your government interactions are now fully digital native and they have programmable interfaces and anyone can build apps for it. Everything is open source. Everything is programmable on the edges.
“So you now have a way to do global regulation without putting a nation-state in charge of everything. Like the role the United States played in the 20th century… Ultimately, you have less friction, less fraud, less waste, less abuse, more transparency, and ultimately less consolidation of power.“