The cryptocurrency revolution has taken the world by storm. Last year saw the widespread adoption and interest of the digital coins grow exponentially. This trend does not seem to be slowing down at all in 2018, with the Canadian government recently announcing its use of blockchain technology to create a more transparent administration.
The trial run, headed by the National Research Council, would seek to use the Ethereum blockchain in order to make grant and funding information publicly available. Blockchain technology in its most basic form can be thought of as a public ledger. All transactions and processes that go through the blockchain are logged and made publicly available – therefore ensuring the general populace is never kept out of the loop.
So Why the Ethereum Blockchain?
One of the most attractive components of the Ethereum blockchain is its open source code, which allows developers to use the Ethereum network to create programs to fit any need that may arise.
With the Canadian government hopping on board, the success of this program could spur the legitimacy of cryptocurrency and blockchains to new heights. The usefulness of blockchain technology in government is nearly endless. Colleagues at the University of Waterloo, Jeremy Clark and Aleksander Essex, hope to use blockchain technology to revolutionize the way we vote. By sending a small amount of cryptocurrency to an address, one’s vote would be permanently stored on the public ledger – ensuring that tampering with the ballets would be nearly impossible.
A number of corporations have also begun developing programs centered around this technology with a wide range of applications. IXO Foundation plans to use the Ethereum blockchain to create a system that allows individuals to track their volunteer and charitable history, therefore allowing them to easily apply for grants and subsidies. VOISE on the other hand has placed their confidence in the Ethereum network in order to create a new music streaming site that provides 100% of all proceeds towards the artist.
Canada and the Future of Blockchains
The very foundation and nature of a democracy depends on transparent government. By utilizing the Ethereum network, Canada sets itself up to be a leading pioneer in blockchain technology and an example for the rest of the world on the benefits of accountable governance.
With the recent ban on mining in China, dozens of crypto-companies have begun flocking to Canada in the hopes of establishing a new base of operations. With proper management, Canada is in an enviable position to secure itself as one of the leaders in Crypto technology.
By Gavin C.
Credit To: Bitcoin News, Business Insider, New Scientist, Coinsquare and Global News