Question

Can you explain why the blockchain technology has lacked political support?

Answer 1

Blockchain technology is one of the latest technology which emerged in past few years.

It is a technology which will reduce the deoendence on third parties and hence will make the data secure. Inspite of such features this technology has failed to maintain its impact and the existance or acceptance of this technology is under threat.

The most common examples of Blockchain Technology are Bitcoins or cryptocurrencies.

The major reason for the lack of support for blockchain technology are:

1.It will reduce the dependance on the financial institutions like banks which are major pillars of economy of the country.

2. It will decrease the demand of country's currency in foreign market .

3. It will be difficult to solve the cyber frauds arising due to such transactions.

4. Since blockchain technology does not save any data it will be difficult to check the authenticity of the transaction.

5. It will be difficult for government department to collect its revenue i.e taxes from such income.