Why are governments lagging behind on blockchain?

We increasingly see private sector adoption of blockchain for a variety of use cases. Visa is using blockchain to facilitate business-to-business transactions. De Beers, the international diamond corporation, is using the ledger to optimise their supply chain management. Blockchain is helping healthcare organisations improve the way medical data is shared and used. It is also helping to improve data storage and as well as gain advertising insights.

When it comes to blockchain implementation across governments, we typically see that they use blockchain to tackle specific, narrowly defined objectives on a smaller scale. Uganda’s Drug Authority, for instance, is using the ledger to handle the country’s counterfeit drug issues. The state of Illinois is experimenting with blockchain technology to strengthen the security of voter registration cards, social security numbers, birth and death certificates.

We don’t usually see governments using blockchain to streamline their entire organisation.

Exactly how bad is Bitcoin for the environment?

It is Thursday 25th March 2021, the price of Bitcoin is now $57,121. Since the start of the year, the cryptocurrency’s price has risen 99%.. According to Cathie Woods, founder of Ark Investment, Bitcoin’s value can increase between $40,000 and $400,000.

The last two months have seen a lot of discussions about Bitcoin’s impact on the environment. Elon Musk and Bill Gates have shown opposing attitudes about Bitcoin. Tesla has endorsed it by buying $1.5bn in Bitcoin, while Bill Gates has voiced concerns about the environmental damage that Bitcoin mining causes. According to Bill Gates, Bitcoin uses more energy per transaction “than any other method known to mankind” and says he would instead invest in malaria and measles vaccines than Bitcoin.

The differing opinions from the two most influential tech pioneers highlight the polarised views on Bitcoin, its complexity and its ambiguous future.