Experts Weigh in On Blockchain and the Future of Government

How will developing blockchain technology impact government structures in the near future? A panel of experts discussed this topic at the 2018 RISE Conference in Hong Kong. Read on to learn what topics were brought up and what the panel members had to say.

On the applications of blockchain technology in government the panelists named dynamic, real-time asset management, voting systems, tax collection, and a transition from paper-based to digital identification as possibilities.

When asked about policy trends exhibited by other countries, two panelists cited governments taking a cautious but optimistic stance—exploring “what is the correct policy to put in place” enthusiastically but carefully. One respondent referenced China, which has taken a more restrictive approach with its policy but is very enthusiastic about implementing blockchain policy in its own operations.

In response to a question about where blockchain companies should set up, in light of the fact that the technology is decentralized, respondents named the US, because of its competitive position and desire to avoid stifling innovation, and China, due to the sheer size of its market.

On the question of whether government will be relevant in a future where blockchain governance is distributed, the panelists explained that they think that some elements currently controlled by government might be taken over by a blockchain-based consensus governance. However, there are certain aspects of government operations that they are confident will not be done away with.

For more details, read the panelists’ responses in full at Consensys.