Governments are trying to take a closer look at blockchain technology. Though Bitcoin has lost 80% of its peak value in 2017, it is undeniable that governments are now walking towards blockchain. Blockchain technology has allowed people to transact without central banks.
However, it is also blockchain technology that has allowed people to lessen the cost of cross-border transactions. Western Union is now currently looking to experiment with Ripple’s xRapid. The goal is to see if it is possible to lessen the cost of sending money to different parts of the world. Over the past months, xRapid has been gaining traction since it can send money in just seconds using XRP.
There are also a number of countries that can benefit from this development. Philippines, India, and even Mexico are just some of these countries.
On the other hand, blockchain has also been used by people in countries that are experiencing financial collapse. If you will look at Venezuela today, there are people who are mining cryptocurrencies and there are those establishments that would rather accept Dash than the actual currency from the country. And also, the Venezuelan government even developed its own cryptocurrency. The government claims that the cryptocurrency Petro is backed by oil. It just shows that blockchain is a technology that has many uses today.