A national blockchain refers to a blockchain network developed, controlled, or sanctioned by a national government or state entity. These blockchains are often permissioned, meaning access and participation are restricted to authorized entities. They are typically used for specific governmental purposes, such as digital identity, supply chain management, or central bank digital currencies (CBDCs). The objective is to leverage blockchain benefits while maintaining sovereign control.
Context
News frequently covers countries exploring or implementing national blockchains for various public sector applications, aiming to enhance efficiency and security in government services. Discussions often involve the trade-offs between decentralization and state control, as well as concerns regarding privacy and data sovereignty. The development of CBDCs is a prominent example of a national blockchain initiative attracting significant global attention.
The Vietnamese government's strategic launch of a regulated crypto asset market and national blockchain platform formalizes digital finance, enhancing oversight and integrating a $100 billion industry into the domestic economy.
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