Blockchain technology and virtual currency are taking over the new age technological developments rapidly. In a recent update, Colombian Senate organized a unique debate over the same. The political squad argued over the methods to modernize the virtual economy.
The exceptional debate was conducted on June 6, 2018, Wednesday. The debate was conducted by Colombian Senate Third Committee. It included participants from eminent backgrounds like the Ministry of Finance, the Financial Superintendent of Colombia, the Central Bank of Colombia and the ICT Ministry. The entire argument was moderated by Antonio Navarro Wolf who is also the party senator of Colombia’s Green Alliance.
Party Senator Wolf began his speech by mentioning his extending support for enhancing the advancement in the field of blockchain technology, The Currency Analytics reported. In his words, this technology has the ability to bring immense change in Colombia. This can be used extensively in the domains of administration, commerce, and politics as well. In addition to this, he stated that there is a huge possibility to explore the advancement in the blockchain to strengthen the security and precision of the electoral system in Colombia. In return will make the system work efficiently for the benefit of public sector units.
Senator Wolf expressed his clear views in support of the blockchain along with virtual currency and presented its various effective measures. The digital economy modernization is gradually taking over the market and the virtual assets of the people.
How Does Blockchain Technology Works?
Blockchain technology is a virtual ledger of the economic transaction which is considered as incorruptible. Also, the system is capable of recording value of all kinds of financial transactions. It stores the data in the form of blocks within its networks and doesn’t have a breakdown point.
Earlier this year, Colombian Blockchain Associated was formed to promote and execute implementation of upgraded finance systems in government sectors.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]