Governments can become bribery-free and superefficient by utilizing blockchain technology, believes Patrick Byrne, Overstock’s CEO and founder. He expressed his views in a Market Watch interview published on 12 February.

Byrne, however, added that a fundamental change in the structure of government services was first required, believing that blockchain has the ability to provide an optimum solution to the problem.

He maintained that by using only six laptops, one could establish the most advanced government system in the world, plus a central bank for a fully functional society in Venezuela. According to him, Venezuelans need only download a free app to access the planet’s most advanced monetary system.

Moreover, he thought that in the near future, governments would have to sign contracts with more than one country to enhance the efficiency of their services.

Previously, in January, it was declared by Overstock.com that part of its business taxes will be paid using Bitcoin through OhioCrypto.com, a blockchain-based taxpayer platform launched by the state of Ohio.

Byrne believes that accommodating regulations and government adoption of blockchain technology will ensure that the US does not lose its place in the ever-growing global economy.

It is expected that gradually other governments will also look to integrate blockchain technology into their system.

 

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