Integrating blockchain by governments will help streamline its functions and bring in security and transparency. Know how
Over the last few years, Blockchain has already generated a lot of buzz. If you consider Blockchain technology for cryptocurrency transactions, then you need to expand your knowledge.
Almost every organization is opening their eyes towards its immense potential. This is a decentralized technology which can be implement in everyday transactions. So, this is why industries look up to this technology.
Bitcoin and Blockchain are the two terms which you would not have missed on while hearing it on TV, seeing on the internet, or scrolling through social media over the past few years. Blockchain is an underlying technology behind bitcoin(Cryptocurrency). The more bitcoin’s price skyrocketed, the more attention blockchain and bitcoin got on social media and news platforms.
Blockchain technology is a special kind of distributed database which has the ability to be widely implemented for keeping records safer. Around the globe, there are several governments which are backing up Blockchain integration and its innovation. While some are thinking over the uses of blockchain for many objectives. The technology creates a chain of blocks that cannot be modified. All blocks added to a chain, are permanent. For that reason, governments can start using the technology to secure data records and for transparency.
This decentralized ledger system can offer a number of benefits to the governments. Let’s find out how can governments incorporate blockchain in to how they function.
For keeping records
In public sector institutions, Blockchain technology has the potential to bring in security, transparency, speed to its processes. It offers secure, quick and immutable transactions. Clearly, all the records are safe with cryptography. Further, the other use of it is in keeping digital identity records. It has a number of uses in the government sector, starting from supply chain management of government departments. The Government in many countries is notorious for their high corruption rate and rapidly shrinking budgets, and inefficient processes. Academical and Staff certificates which have high chances of manipulation. Then also, Voting systems which are not trustworthy now with EVM’s hammer. These are some departments where this decentralised technology has numerous use cases.
Rajneesh Kumar Chadha, a digital transformations and blockchain expert, also give credence to Blockchain’s use in land registry and judiciary.
Digital environment embraces Blockchain Technology
Governments are encouraging and implementing digitisation largely. In digitisation, cloud technology stores every piece of data. Thus, the technology may drive the following flood of digitization and everything that is related to it. Moreover, it will be easier to see credit history and doing a background check on government officials. All records on Blockchain are easily accessible at one place with complete history.
It also eliminates the need for creating many IDs for investment purposes or insurance . A person has to make only a single ID for all reasons which smoothens the works for the user and for the one who uses it. Because everything is on one centralised system. Additionally, it has also the possibilities in audit trails as one can trace transactions clearly through it. As there is one platform for everything, no need to become apprehensive about the risks involved with it. According to Rajneesh Kumar Chadha, there is no risk involvement in it as the data is secure on the this technology.
More benefits of Blockchain
The technology has numerous advantages for keeping and maintaining records. Governments can become ready for start investing in blockchain technology. Also, they observe its ability to record transactions on distributed database systems. Governments should take advantage of it to build trust, save money and time, provide transparency and stop frauds.
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