Forward Protocol in Governance
Since the Bitcoin network launched, cryptocurrencies and blockchain technology have endured a complicated relationship with state governments. Whenever a central government has interacted with a cryptocurrency, it is usually to place an embargo or implement ambiguous laws that make it almost impossible to trade cryptos.
This trend has persisted, with subsequent blockchain innovations facing a brick wall with central authorities. At that point, it looked like it would take a monumental gesture to change the perspective on blockchain technology and its potential applications. That was before a global pandemic hit for the first time in almost a century.
At the height of the Covid-19 pandemic, when global bodies failed to control the spread of the disease and nations could no longer sustain their economies for apparent reasons, countries found an unlikely ally in the blockchain industry.
Several blockchain innovators and projects made sizable donations to countries, laying the foundations for future collaborations between governments and blockchain technology. Forward Protocol makes blockchain adoption easy through a suite of smart contracts, applications, and services that make blockchain adoption simple, rewarding, and straightforward.
While blockchain technology’s most popular application is in cryptocurrencies, its potential extends to other essential governance processes. This article explores blockchain technology, its developing relationship with state governments, and Forward Protocol’s role in a brave new world.
In Cryptocurrencies
In all its iterations, cryptocurrencies are essential to blockchain adoption. Cryptocurrencies remain the most popular blockchain innovation. NFTs may be popular right now, and they too are a type of cryptocurrency, with the major difference in their fungibility.
Countries like El Salvador now accept crypto as legal tender, while others have relaxed their policy to accommodate crypto. Others are already exploring central bank digital currencies (CBDCs) to introduce blockchain technology into their economies, which is a big step in the right direction. Moving forward with these innovations requires significant financial and technical commitments that not many countries are willing or able to make.
Forward Protocol makes this step of cryptocurrency management easy through Forward Pay (the native wallet application available through Forward Factory) and Forward ID (a simple, unique ID that supports multi-chain transfers and replaces long-form wallet addresses).
In Voting Systems
Elections and public consensus typically require significant commitments from the government. The cost of providing voting equipment, transmitting results in real-time, educating voters on new systems, and employing part-time staff for these processes, represents a recurrent financial hemorrhage of public funds that could be directed to the development of other social causes. It also takes very sophisticated technologies and manual supervision to prevent fraud and maintain the fairness of results.
Forward Protocol’s KYC system provides an efficient and reliable solution to resolve the identity problem by assigning unique Forward IDs to every eligible voter. Blockchain technology makes it impossible to cast multiple votes in the same election without the same level of technical, financial, and human resources requirements in traditional electoral systems. Forward Protocol’s EVM compatibility enables interoperability and flexibility in voting systems, with future integrations in development.
Transparency and Accountability
The blockchain is a system that records every transaction and event on an immutable public ledger. This innovation promotes transparency and accountability in government and prevents wasteful spending.
Forward Protocol’s native blockchain, Forward Chain, will act as the value chain to track global value transfers. Forward Chain is EVM-compatible and runs on a Cosmos SDK model to facilitate interoperability, scalability, and cost-efficiency, even during peak activity periods.
Forward Protocol’s smart contracts also aid the automation of processes to manage redundancies that are commonplace within governments. Forward Protocol also allows users to customize smart contracts or propose new ones, pending the Forward Protocol DAO approval.
WordPress for Governance
As the potential of blockchain technology continues to become more apparent, the high barrier to adoption remains the most significant limitation in exploring this technology. Forward Protocol presents a ready-made solution for different classes of users, including central authorities and governments. It works as a WordPress system to build, deploy, and manage blockchain capabilities in traditional governance systems while allowing them to set the parameters according to their need.
Forward Protocol does not compete with anybody. We collaborate to make blockchain adoption easy, straightforward, and rewarding.
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About Forward Protocol — Forward Protocol uses an easy-to-use WordPress-like model to facilitate a no-code environment that users can use to deploy their blockchain applications without technical knowledge. Forward Protocol has elements of NFT, DeFi, Gamification, AI, ML and Social Tokens inbuilt that connect the value-driven economy. Applications and smart contracts from Forward Protocol can be deployed on any EVM compatible chains in one click. Forward Protocol is cross-chain compatible, industry-agnostic, and adoption-focused, with an ultimate goal to fast-track mass adoption of Blockchain Technology.
