Unpacking the Implications of Web3 for Local Government
This project sought to help GFOA members better understand both Web3 technologies themselves and the social phenomena around them – as well as the potential risks and opportunities they present for local government finance.
The Challenge
With all the excitement and money circulating around Web3 and crypto, questions naturally arise as to whether these new technologies might provide valuable ways of tackling old challenges.
In the wake of MiamiCoin and other embraces of web3 technology by the public sector, the Government Finance Officer's Association – the largest members' organisation for local government finance officers across the United States and Canada – requested the support of Life Itself Labs to help its members understand the role such technologies might play in rethinking local government revenue systems.
Our Approach
Life Itself Labs produced technical papers including a technological explainer and field overview, exploration of the social phenomena around Web3, and critical analysis of key potential use cases in the local government context. This was followed by an interactive workshop, to guide stakeholders through the topic and help them to draw strategic conclusions about how to implement learnings in their own contexts.
Publications
- Theo Cox and Shayne Kavanagh, 'What's the Real Deal on Web3? Examining the revenue potential and potential risks of blockchain and cryptocurrencies for local governments', Government Finance Review (June 2023)
- Liam Kavanagh and Shayne Kavanagh, 'Cryptocurrency: Fairy Tale or Future?', Government Finance Review (April 2023)