Reference: Rothwell, James R. "Venezuela protests: 200,000 march against President Maduro as riots and looting spread across country." The Telegraph. Telegraph Media Group, 21 May 2017. Web. 26 July 2017.
As most of you may know, Venezuela's economy is facing hyperinflation, riots, starvation, and numerous other problems. Most all of this was caused by it's governmental structure and leadership. I think the above picture effectively sums up the situation that people are facing. However, despite the horrific state of the once great latin country, there is opportunity.
This is where blockchain comes into play. Not many governments in the world are fond of cryptocurrency, but Venezuela presents the first use-case opportunity to allow for the first blockchain structured government. In theory, this would be a decentralized system organized perhaps through smart contracts and would have a national digital currency that could stabilize the country and replace fiat entirely.
If this were to occur and it succeeded, then why wouldn't the rest of the world jump on board the blockchain express? It's only a matter of time before a tangible use-case is initiated that changes the entire gut feeling of blockchain for government. The western hemisphere better catch up, because Asia and many Arab nations have purchased a one-way ticket. In the case of Venezuela, they very well could be the first nation in the western hemisphere to full adopt blockchain technology.
If you want my opinion on Venezuela, I would have to say yes. The tech industry is exponentially growing and changing our world every day. About 30 years ago we created the internet. 10 years ago we invented the iPhone. 2 years ago we measured the first gravitational waves and were stunned by the beauty of Pluto. At this rate, it may only take one successful and viral implementation of blockchain and cryptocurrency to establish the crypto renaissance, which is inevitable.
An ambitious Neuroscience Major, Entrepreneur, and Athlete.