The world has been hit by the novel coronavirus which has turned to be an epidemic. At this situation the world has faced a plenty of crisis which includes the financial drawback. However, it is believed that a North Dakota cryptocurrency could help the state fight against the crisis situation, its representative Nathan Toman believes so.
With Blockchain set to be a reality in North Dakota, Toman said that, “What I came up with when I decided to propose the study was ‘How can we track the state of North Dakota’s finances and also provide a service to the taxpayer?’
The Blockchain, in the state, could be used to provide services to taxpayers and constituents. “You could go onto a single portal with your identity and the blockchain network would make sure that everything is tied into whatever those services would be,” he said.
The blokchain is now believed to track communications between state agencies and track funds in budgets on its own.
“Since the blockchain network is a self-governance kind of thing, even if it were a private one and not owned by the state government, it would still validate all of those transactions without having to have a third party do it,” Toman said. “As long as your programming is sound and it’s all tested and vetted, it runs itself at some point.”