As it grows exponentially, the blockchain and crypto industry opens up many opportunities to change the world as we know it, including how governments operate, at least that’s how Cardano (ADA) founder Charles Hoskinson sees it.
According to Hoskinson, blockchain technology could “radically” transform the future, creating better public services across the globe and making them interoperable with each other – which is exactly what he plans to achieve, Yahoo Finance Brian McGleenon reported on July 14.
As he told in an interview with Yahoo Finance ‘The Crypto Mile’:
“In a global society, you don’t want one actor to have full control over critical things and resources. The point of cryptocurrencies and blockchain technology is to take those resources that are supposed to be a public good, and if they’re digitizable, get them into a situation where they’re completely open, and basically build businesses on top of that. But the underlying infrastructure is no longer controlled.”
He emphasized that in a centralized system, “basically one person gets to decide these rules, and often they become very anti-competitive and they actually become anti-consumer,” and end up “hurting people or exposing people to a lot of market failures.”
Radical openness about public services
In response to the host’s question about the future global structure, Hoskinson said that he did not foresee the disappearance of the nation-state, but took “many public services and [putting] them into a structure where they have radical openness.”
In Hoskinson’s view, in such a world, any government tax revenue can be open source, and anyone can look at it 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 really is a permissionless ledger, the poorest person, the most vulnerable have the person equal access to the President of the United States.
Finally, he added that “there has never been a time in the history of mankind that that has been the case.”
Meanwhile, Hoskinson recently slammed the Twitter trolls who have claimed that the planned Vasil hard fork rollout would negatively impact the Cardano network’s smart contract functionality.
As he highlighted, the network had taken the necessary steps to ensure that the smart contracts are compatible with the upgrades, eliminating the need for rewriting, Finbold reported in early July.
Featured image via Charles Hoskinson YouTube.