Blockchain and Government
Data61 ‘Future of Blockchain’ Report, June 2019
10 Pages Posted: 20 Jun 2019
Date Written: June 15, 2019
Bitcoin disrupted money, and smart contracting technology and digital assets are further disrupting finance. Blockchain trade platforms are disrupting global supply chains. But the biggest disruption that blockchain might bring is to disrupt government. Government is an institutional technology to enable a group of citizens to create and exchange value under conditions of relative safety and security. Government is a mechanism to enable a citizen to better trust their fellows, by providing rules and infrastructure to lower the cost of contracting and exchange by facilitating identification, monitoring, dispute resolution, verification and networking. Blockchain is also an institutional technology that can disrupt government by supplying new ways of supplying these institutional and infrastructural functions.
Keywords: blockchain, government, cryptocurrency, innovation
JEL Classification: H1
Suggested Citation: Suggested Citation