The European Union Blockchain Forum (EUBF) plans on storing the identities of users on Blockchain and also digitizing fiat money. These two will be tracked on the Distributed Ledger Technology (DLT), and unlike other platforms that are not controlled by anyone, part of the proposal seeks to control the new Blockchain platform.
Raising Suspicions Through the Use of a Centralized Platform
Many Crypto experts have screamed foul play since a Blockchain-based platform that is still managed by the government may lead to fraud as is the current issue with fiat money. In this case, if they are now stored on a controlled DLT, more money can always be created if need be.
This is not the first time storing fiat on the DLT has been proposed since several stable coins have been pegged to a National currency. An example is Venezuela who launched its stable coin, Petro that is backed by oil. The only difference is, this coin is possibly on a decentralized platform not governed by an organization.
User Identities Will be Centrally Controlled
Besides raising suspicions to the said system when it comes to money, users are also adamant of the fact that the government may control their IDs. This is because they can store and manage their personal information without the intervention of the government. Allowing access to this data means you can be monitored even if you’re in another country.
All these are speculations of what may happen, but on the bright side, this will foster the growth of Blockchain Technology in countries. Its gradual adoption whether to perpetrate evil or good is bound to have a positive effect on the economy. This effect will be seen in the innovative projects that will be implemented.
Other Countries Fostering the Growth of Blockchain Technology
Countries like Australia are encouraging Blockchain startups in a bid to bring about innovation in the country. One of such ways is by providing them with resources that will help them in establishing high-quality projects. Therefore, a Blockchain centre has been launched to that effect. It will help technology experts to share ideas and resources from one meeting place.
Other than Australia, Ohio is set to become a Blockchain hub not only by accepting a cryptocurrency for its taxes but by also launching a Blockchain hub. This centre will be located in a University in the area, Case Western Reserve University (CRWU). The school has revealed that they will encourage the development of more applications based on Blockchain technology.