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Building an Inclusive, Transparent and Accountable Digital Economy | Blockchain and Government

G20 industrial nations
G20 industrial nations (Photo credit: Wikipedia)

In Blockchains and the G20: Building an Inclusive, Transparent and Accountable Digital Economy by Julie Maupin, the following key points are confirmed:

  1. Blockchain technologies can be used to build audible and transparent digital economies that are accountable to the world’s citizens.
  2. The G20 must implement this technology for the global good.
  3. By taking action now the G20 will capture lots of social benefits and minimize risks.

Applied to government transparency, this report makes the compelling argument that blockchain technology can transform government operations and communications.

G20 countries should support beneficial private sector blockchain development by promoting the establishment of a global regulatory sandbox for the most promising blockchain use cases. – Julie Maupin

 

Federal Reserve’s Commentary on blockchain technologies | Distributed Ledger Technology (DLT) Arrangements

English: The north face of the Marriner S. Ecc...
English: The north face of the Marriner S. Eccles Federal Reserve Board Building (commonly known as the Eccles Building or Federal Reserve Building), located on the 2000 block of C Street, N.W., in the Foggy Bottom neighborhood of Washington, D.C. (Photo credit: Wikipedia)

The U.S. Payment, Clearing and Settlement (PCS) systems process approximately 600 million transactions per day, valued at over $12.6 trillion according to “Distributed ledger technology in payments, clearing, and settlement” published by Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

This document analyzes the potential for disruption of the current PCS industry by Distributed Ledger Technology systems like bitcoin’s blockchain. The analysis touches on the limitations of the consensus governance model in the blockchain.

As bitcoin transaction delays increase, the limitations of the blockhain implementation of the consensus model will become more evident.