The recent announcement from the US Federal Reserve to seriously consider adopting blockchain signifies governments are finally willing to step firmly into the 21st century and digitalise their economy. The announcement has been warmly welcomed by blockchain companies the world over, including the US-based L3COS.
CEO and founder of L3COS Dr Zurab Ashvil stressed that the L3COS blockchain platform will allow governments to use three-layer consensus to ensure all the transactions in the society are fully transparent and traceable.
The three layers refer to the government, business and citizenry conducting financial interaction by consensus, in a system that’s digitalised, secure and transparent. This would stamp out fraud and would streamline all digital transactions within the country.
It’s up to governments to step into the digital age and adopt this technology, though, and with the recent announcement by world’s leading economy, it is expected that other countries will follow suit.