Overstock Founder: Blockchain Can Make Government ‘Incapable of Being Bribed’


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The founder and CEO of Overstock.com said in an interview with MarketWatch recently, that:

blockchain can make government “superefficient and incapable of being bribed”

Byrne has said that government services have reached a turning point for a fundamental change of structure. He continued by adding that blockchain technology will be an optimal solution. Part of his thoughts centered around building government as a service, which included a set of applications. This allows blockchain to be brought to various government services. He continues by adding that this will eventually make government super efficient, inexpensive and incapable of being bribed. With the higher level of transparency that the blockchain will bring to the administration of government, he just might be right. He stated:

“We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world. We could bring them a central bank on the laptop. Everyone in Venezuela downloads a free app, and suddenly you have the most advanced monetary system on the planet.”

Byrne has revealed that he is expecting to finalize a contract with more than one sovereign nation in the near future to start to implement a radical overhaul to government services. On other fronts, Overstock.com announced in January that it will pay part of it’s business taxes in Ohio using Bitcoin via their newly launched crypto taxpayer platform. He stated that we ensure the US’s place at the forefront by government adoption of cryptocurrency and other emerging technologies.

Aside from the political and economic strife in Venezuela, their new crypto bill, which establishes a legal framework for the industry, will help them to stay relevant as a world leader in blockchain.  Harvard University Professor of Economics and Public Policy Kenneth Rogoff stated that governments worldwide may in due time “regulate and appropriate” the innovations and implementation of new asset classes like cryptocurrencies, as global regulation would eventually seek to “stamp out privately constructed systems”

“The right way to think about cryptocurrency coins is as lottery tickets that pay off in a dystopian future where they are used in rogue and failed states, or perhaps in countries where citizens have already lost all semblance of privacy. It is no coincidence that dysfunctional Venezuela is the first issuer of a state-backed cryptocurrency (the “petro”).”

This statement may or may not be a glowing endorsement for the adoption of blockchain technologies but the future will include crypto and blockchain no doubt.

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