Blockchain technology has been described as the foundation of Web3, a decentralized internet of the future based on public blockchains that could disrupt legacy systems in government, finance and global logistics.
Episode 3 of The Crypto Mile examines the pioneers behind its use case with an in-depth discussion of how technology could disrupt the social, economic, and governmental fabric of society.
Blockchain promises to automate the corruption of centralized authority and the inefficiencies of “middlemen”.
But what if the coded protocols that guide the blockchain become controlled by nefarious actors?
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On this week’s show, we spoke to the world’s leading experts and analysts on this burgeoning industry.
Step into The Crypto Mile and ask yourself if blockchain technology is the panacea for a broken society or just hype.
Blockchains are transparent and publicly accessible to everyone. In the words of Cardano (ADA-USD) Charles Hoskinson, they will enable government services to digitize and deploy on blockchain to form a “radically transparent” new mode of governance.
A new term has emerged called “digital government,” where health, tax, legal, land, and intellectual property systems are deployed on decentralized blockchains.
Speaking on episode 3 of The Crypto Mile, the founder of gimbal added that blockchain would “give less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of power.”
Hoskinson shed light on the possibility that blockchain could enable “all government tax revenue to be open source and anyone can look at it and see exactly where the money is going.”
This is due to the publicly transparent nature of blockchain, as it allows “the poorest and most vulnerable person in society equal access to the President of the United States, and there has never been a time in human history when this has been the case,” according to Hoskinson.
Blockchain promises to secure votes in democracies and corporate decision-making, streamline scientific research, and enable full traceability of products across supply chains, enabling the Internet of Things.
Hoskinson believes the decentralizing properties of blockchain technology could offer humanity the chance to live in a global society free from the control of “one actor, who has complete control over critical things and resources.”
He added: “So the point of cryptocurrencies and blockchain technologies is that they take these resources that should be a public good, and if they’re digitizable, put them in a situation where they’re completely open and build businesses on it.
“But, the underlying infrastructure is no longer under the control of a small group. If you have centralization, one person basically decides these rules.
“A lot of times it becomes anti-competitive and anti-consumer, and ends up hurting people and exposing them to a lot of market failures.”
The Blockchain Foundation
The Crypto Mile also heard from Cleve Mesidor, President Obama appointee and Executive Director of the Blockchain Foundation.
Mesidor described many advances in blockchain technology as coming from Black and Latino communities, as “the appeal of crypto for any individual is based on their relationship with money.”
She said the power of cryptocurrencies deployed on the blockchain is its ability to bank the unbanked and help “people who have been left out of traditional finance, where banks have not served them well. “.
She described US President Joe Biden’s recent executive order on cryptocurrencies as bringing hope for the crypto ecosystem because it “did not seek to dispute whether the technology was good or bad, but looked at cryptocurrencies. currencies from the point of view of innovation and competitiveness”.
John O’Connor, Head of African Operations at Global IOthe development company behind Cardano, told The Crypto Mile that the technology is already being tested in Africa by the Cardano blockchain protocol to “onchain” and secure education credentials.
O’Connor said ownership on the blockchain enables “a ledger that records ownership of property but is not owned by a ministry.”
Education is another area where blockchain technology could provide more long-term security.
In Ethiopia, Cardano has a project with the Ministry of Education. O’Connor described how the crypto platform provided “digital grade tracking for 5 million students, allowing students to prove their credentials, even if the school or university they went to is not no longer able to respond.
Cardano’s Vasil Update
A recent blockchain update for Cardano was the “Vasil” upgrade, which is now rolling out to the protocol’s testnet to bring increased network capacity and enable faster and more efficient DApps (decentralized applications).
Cardano claims the Vasil The upgrade will also improve interoperability with other blockchains.
The upgrade has been hailed as Cardano’s most significant update since the introduction of smart contracts two years ago.
Cardano now has over 5 million native tokens deployed on the platform, with over 1,000 projects built on them.
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