The rise of cryptocurrencies and their underlying blockchain technology has the ability to render government impotent. Globally interconnected "private" economies are emerging with the potential to threaten the idea of the nation-state. Policy makers and regulators are likely to struggle to handle the repercussions of blockchain-based organisations handling structures traditionally handled by government, such as monetary management. Blockchains have been used for years in financial services but they were not widely adopted until recently.
The rise of cryptocurrencies and their underlying blockchain technology has the ability to render government impotent. Globally interconnected "private" economies are emerging with the potential to threaten the idea of the nation-state. Policy makers and regulators are likely to struggle to handle the repercussions of blockchain-based organisations handling structures traditionally handled by government, such as monetary management. Apple and Alibaba are examples of platforms with wider business activities, and blockchain and cryptocurrencies are essentially follow-ons.