Outdated systems are beginning to plague the modern world leading to bleeding fingers pointing at the culprits.
Physical money worked well because it was easier to carry around paper than anything else at the time. Lengthy voyages would take place, many carrying banking, real estate, and governmental documents.
Paper was an excellent medium of exchange, and much easier to build infrastructure around at the time. The next logical step would be to upgrade the system again, this time from paper to digital. However, closed door deals and cash contributing to modern day corruption have largely stifled these innovations from taking deeper root.
To express this, I have chosen an ongoing and modern economic market that is plagued by paper corruption.
Not a pretty sight to see a currency falling, with no sign of recovery in the near term. According to residents of Argentina, the reason primarily is due to government corruption, nepotism, and backdoor deals. Crimes perpetuated by the circulation of physical cash.
Criminal transactions, bribery, theft, tax evasion, money laundering you name it, cash has been used for it.
An economy is hard to move forward when it is more easily exploitable in its current, weakened state. Bad actors can exploit the system more easily. However, the proposed solution lies in blockchain.
By having an entire countries monetary system built on digital blockchain/similarly based methods, we can hold everyone accountable. From the taxpayer to government officials, even the countries financial spending can be viewed on the blockchain. Contracts for future payment can be mandated to be on the blockchain, or arrangements in general, creating a more interwoven, more accountable, legal/financial system.
Among other things, potential costs for such a project are hard-fought to gain support. However, as we see with Apple, ease of use is all people want. Blockchain is so exciting as an investment because the most extensive argument against it boils down to 'if it isn't broken, don't fix it.' Innovation requires we take a working system and change it. Even if that system is 1% better, it will be so for all of humanity.