Numerous use-cases of the revolutionary blockchain technology are springing up with each passing day and just recently, a U.S. Congressman who goes by the name of Warren Davidson proposed the idea of using blockchain to collect public funds for a governmental operation. The idea behind doing this is to raise fundings for the US-Mexico border wall plan that was proposed by the United States’ current President Donald Trump in his election campaign.
Warren has floated the idea of using a crowdfunding site where the people are able to fund the US-Mexico wall in order to meet the budget need. He suggested that using a blockchain in order to do so might prove to be helpful. Talking to National Public Radio’s (NPR) Steve Inskeep, Warren stated:
You could do with this sort of, like, crowdfunding site. Or you could even do blockchain, and you could have wall coins. But you could raise the money. And frankly, if we get it right at the Treasury, you could even accept Mexican pesos.
The President of the United States Donald Trump is also threatening a government shutdown if he is not able to receive enough funds to do so. If this idea of using a blockchain-based framework of crowdfunding is implemented by the government, the general public will be able to donate more easily for the wall.
Blockchain truly is a revolutionary technology and one of its major use-cases includes crowdfunding. The frameworks established using this tech can also be global, expanding the area of operation for any product built on this technology beyond the boundaries of a nation. A negative reputation is generally attached to the world of cryptos and blockchain. But these kinds of steps might help us explore the full potential of this technology in the long run.
The decentralization aspect of blockchain makes it much more valuable. A transparent fabric of operation is established in a blockchain network owing to the distributed ledger framework underlying it. The activities of a blockchain network are also usually visible to everybody, leaving much less room for fraud. Although there are some shortcomings associated with this tech right now, it can really prove to be beneficial in revamping the governmental operations if employed properly.