06-13-2021, 02:44 AM
The real innovation would be adopting a cryptocurrency as Hawaii's alternative to credit networks. Hawaii has a 90 billion GDP. Not sure what portion of that goes through payment and payroll processors, but 1-3% of it is taken off the top and sent straight out of the state. Say only half of those transactions are skimmed by the mainland, that's still about $900 million leaving our economy every year. If Hawaii created a "stablecoin" pegged to the US dollar, say with a fixed number of nodes run by local banks and credit unions, the transaction fees could be much lower. Local businesses could pay less than 0.5% in transaction fees, and there'd still be millions of dollars going to the banks to operate the blockchain. Credit terminal hardware could be replaced with Android and iPhone apps. Those without smart phones could continue to use cash or have paper wallets printed at the nearest bank or convenience store. Discounts for tourists to use the system. No more ridiculous processing fees for online payments to the county/state. NFTs storing all land ownership records, vehicle titles, registrations, insurance, business registrations, etc etc...
There is real value in a more efficient medium of exchange.
There is real value in a more efficient medium of exchange.