Overstock.com founder and CEO, Patrick Byrne, who is also a crypto evangelist, believes that blockchain technology can bring about drastic transformation in government services. He even bets that Venezuela issues could be fixed easily with the help of just six laptops with emerging technology. For his company, the digital coin supporter is having some brave intentions in the field of distributed ledger technology (DLT), which goes beyond the cryptocurrency platform.
One of the initial promoters of digital coin and Distributed Ledger Technology, Byrne thinks that it is the right time to have blockchain technology for drastic transformation. He said that his focus is on creating government-as-a-service, which means a set of apps and firms since both can bring various services that the establishment provides.
As a result, the government will become super efficient with less cost involved besides eliminating bribe from the system. In some of the frontier nations, his vision has reached a culmination point of encouraging emerging technology.
For instance, in Zambia, Medici Ventures has executed DLT in land-governance services with close to 50,000 homes. Medici’s parent firm is tZero where Byrne is the chairman. Aside from this, the government has given rights to 300,000 more homes with the hope of extending it to the whole of the country.
Byrne indicated about creating a platform from which one could interact with the establishment digitally, i.e., paperless. Incidentally, he reached a concluding point that DLT could overall the conventional financial services considerably than anyone would have thought it to be.
Overstock.com CEO Contention is that if DLT could be used in frontier nations, then it could be useful for Venezuela also to overhaul its services. The South American country is already facing numerous issues from economic and politic fronts due to corruption and the dysfunctional financial system there.
He believes that a central bank could be brought in on the laptop:
“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.”
“Everyone in Venezuela downloads a free app, and suddenly you have the most advanced monetary system on the planet.”
As far as his company is concerned, it is clear that it is moving towards the DLT basket and intends to divest retail wings in the upcoming months. Significantly, tZero unveiled the security-token trading platform only a few weeks ago. Though he has set his agenda clear about DLT disrupting financial services, he is not ready to bet any price target on big cryptocurrencies like bitcoin.