UNRAVELING THE BLOCKCHAIN REVOLUTION: A COMPREHENSIVE OVERVIEW
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Abstract
Blockchain technology, initially introduced in 2001 by Satoshi Nakamoto through Bitcoin, has revolutionized online transactions by offering characteristics like transaction freedom, ease of use, transparency, and global connectivity. Over the past nine years, cryptocurrencies, such as Bitcoin, have witnessed rapid development and user adoption. However, the potential of blockchain technology extends far beyond cryptocurrencies. It can drive innovation and find applications in various domains, transcending the boundaries of online transactions.
The realm of blockchain use cases has evolved significantly, with some remaining theoretical and others being implemented in different sectors of the economy. The possibilities are vast, and the world is yet to witness the full potential of this emerging technology.
This paper explores the impact of blockchain technology on government-related services, focusing on the potential benefits and applications in a global context. The rise of global cities driven by technology and the growing influence of blockchain in various economies, including developing nations, highlight the need to harness this technology's power for government services and beyond.