In the US, they are more focused on regulation; to make sure users are unable to issue tokens, and that the emission of cryptocurrencies complies with financial regulation. There is less effort to provide accommodating legal frameworks. In general, the EU is more interested in encouraging the deployment of the technology and less afraid of cryptocurrencies and blockchain’s security aspects. China has made any cryptocurrency transactions illegal because they want to control internal monetary movements. They recognise the potential of this technology and use it for their own interest to reinforce their hegemony as opposed to using it as a way of increasing institutional trust and accountability.
How has the Covid-19 pandemic affected the development of blockchain technology?
The pandemic demonstrated quite well the limitations of international cooperation regarding vaccine certification, and the need for a privacy-compliant system that provides a sufficient degree of verifiability. In our project, we look at how we can use blockchain technology to create a credential system to ensure that someone is entitled to travel and carry out other activities, and yet does not disclose all personal information. Can we create a shared database without having to rely on a centralized entity?
Today, one needs to trust government agencies that manage the vaccinations and the laws and regulations that provide oversight. In blockchain, one does not need to trust those entities and less oversight is needed because the technology guarantees the operations. As long as you believe that the cryptography will not be broken and that there are no flaws in the system, it is easier for a citizen to interact with those entities. The institutions will become more trustworthy.
