Beyond Blocks and BitsWall Street Claims Territory on Blockchains
Software is disrupting banking and financial services. For a fraction of a cent, stablecoins facilitate transactions at the speed of the internet...
Beyond Blocks and BitsBitcoin: From "Digital Gold" to Consumer Applications
From the streets of El Salvador to the boardrooms of Wall Street, shifting market dynamics have propelled Bitcoin from the fringes of the internet to the center of global financial discourse. The return of Tether (USDt) on Bitcoin signals its evolution from the “digital gold” and “store-of-value” narrative to a payment network powering the tokenization of financial assets. Bitcoin holds a dominant position in the digital asset sector, reflected by a 60% dominance, and market capitalization of...
Beyond Blocks and BitsStablecoin Summer on Wall Street
Wall Street is moving onchain - migrating to a parallel financial system where anything of value moves at the speed of the internet. Last month, Congress passed the GENIUS Act, providing institutional legitimacy for the +$257 billion stablecoin market and regulatory clarity for payment stablecoins issued in the United States. Fundstrat Global Advisors’ Tom Lee refers to stablecoins as the “ChatGPT moment for crypto". One of the first products in the sector with mainstream utility. The GENIUS ...
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Originally published in My Crypto Advisor on April 9, 2021
Elections are the backbone of democracy, the more transparent the polls, the more the people are at peace with the leader that represents them. Democracy was founded by ancient Greeks and Romans to enable people to choose a leader representing them, but unfortunately, recent elections have become the opposite. The last two presidential elections conducted in the United States were clouded with controversies. The Democrats claimed that Donald Trump won the election due to Facebook privacy issues and Russian interference. Some Republicans believed that Joe Biden won the last presidential election because of widespread voter fraud. The current electoral system is flawed; that is why a new system to ensure a free and fair election is needed. Let’s explore the various ways in which blockchain technology can help to build a more transparent election.
Originally published in My Crypto Advisor on April 9, 2021
Elections are the backbone of democracy, the more transparent the polls, the more the people are at peace with the leader that represents them. Democracy was founded by ancient Greeks and Romans to enable people to choose a leader representing them, but unfortunately, recent elections have become the opposite. The last two presidential elections conducted in the United States were clouded with controversies. The Democrats claimed that Donald Trump won the election due to Facebook privacy issues and Russian interference. Some Republicans believed that Joe Biden won the last presidential election because of widespread voter fraud. The current electoral system is flawed; that is why a new system to ensure a free and fair election is needed. Let’s explore the various ways in which blockchain technology can help to build a more transparent election.
Subscribe to Beyond Blocks and Bits
Your Guide to Exploring the Next Generation of the Internet.
Beyond Blocks and BitsWall Street Claims Territory on Blockchains
Software is disrupting banking and financial services. For a fraction of a cent, stablecoins facilitate transactions at the speed of the internet...
Beyond Blocks and BitsBitcoin: From "Digital Gold" to Consumer Applications
From the streets of El Salvador to the boardrooms of Wall Street, shifting market dynamics have propelled Bitcoin from the fringes of the internet to the center of global financial discourse. The return of Tether (USDt) on Bitcoin signals its evolution from the “digital gold” and “store-of-value” narrative to a payment network powering the tokenization of financial assets. Bitcoin holds a dominant position in the digital asset sector, reflected by a 60% dominance, and market capitalization of...
Beyond Blocks and BitsStablecoin Summer on Wall Street
Wall Street is moving onchain - migrating to a parallel financial system where anything of value moves at the speed of the internet. Last month, Congress passed the GENIUS Act, providing institutional legitimacy for the +$257 billion stablecoin market and regulatory clarity for payment stablecoins issued in the United States. Fundstrat Global Advisors’ Tom Lee refers to stablecoins as the “ChatGPT moment for crypto". One of the first products in the sector with mainstream utility. The GENIUS ...
Share Dialog
The arrival of technology has improved different aspects of our lives, including the electoral system. With online-based verification and voting, we should expect the rest of the presidential election to be announced in less than 24 hours. But no, any online-based system cannot be trusted by the electorate because the results can be tampered with on the system. That is why the traditional voting system is still used for voting. The blockchain-based voting system can help to speed up the electoral system because blockchain is a trustless system in which entries can’t be tampered with by a middleman. Any tampering will render the vote invalid. Also, blockchain is open-source in which codes can be evaluated and written to become better, which is not possible in the traditional system. The traditional lengthy voting system doesn’t make sense because elections are counted in a concealed room. A few people have access, and the results are still disputed several years after the elections. The blockchain-based system is fast, and it ensures that those results are accurate.
Transparency has been the bane of several elections in recent times. The results are counted on a secret ballot. There is often a mistake during the counting, which opens up the electoral system’s lack of trust. Blockchain can build trust through immutability and transparency. A blockchain-based voting system is better than online voting; voters or officials cannot alter entries. Voters can trust that their votes are truly counted in the election. Another problem with the voting system is the verification process, which takes several weeks before the election; with blockchain, money spent on verification can be saved by using a blockchain-based voting system which can verify the voters’ identity.
Democracy is great, but incomplete without a free and fair election. Though the traditional voting system has promised transparent elections, the promise is a mirage because of the voting systems’ inconsistencies. If the government can adopt a blockchain-based voting system, American citizens could have the most transparent and undisputed election in history.
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DISCLAIMER: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.
The arrival of technology has improved different aspects of our lives, including the electoral system. With online-based verification and voting, we should expect the rest of the presidential election to be announced in less than 24 hours. But no, any online-based system cannot be trusted by the electorate because the results can be tampered with on the system. That is why the traditional voting system is still used for voting. The blockchain-based voting system can help to speed up the electoral system because blockchain is a trustless system in which entries can’t be tampered with by a middleman. Any tampering will render the vote invalid. Also, blockchain is open-source in which codes can be evaluated and written to become better, which is not possible in the traditional system. The traditional lengthy voting system doesn’t make sense because elections are counted in a concealed room. A few people have access, and the results are still disputed several years after the elections. The blockchain-based system is fast, and it ensures that those results are accurate.
Transparency has been the bane of several elections in recent times. The results are counted on a secret ballot. There is often a mistake during the counting, which opens up the electoral system’s lack of trust. Blockchain can build trust through immutability and transparency. A blockchain-based voting system is better than online voting; voters or officials cannot alter entries. Voters can trust that their votes are truly counted in the election. Another problem with the voting system is the verification process, which takes several weeks before the election; with blockchain, money spent on verification can be saved by using a blockchain-based voting system which can verify the voters’ identity.
Democracy is great, but incomplete without a free and fair election. Though the traditional voting system has promised transparent elections, the promise is a mirage because of the voting systems’ inconsistencies. If the government can adopt a blockchain-based voting system, American citizens could have the most transparent and undisputed election in history.
--
DISCLAIMER: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.
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