Ways in which Blockchain Technology will transform the Public Sector?
Throughout this article, I will look at ways in which Blockchain Technology will transform the public sector, in addition to exploring the benefits it will have on the public sector. Blockchain is a form of technology which allows transactions to be verified electronically over networks without a centralized ledger.
With cryptocurrencies increasing, Blockchain technology is getting a lot of exposure. Governments are considering this technology to increase the efficiency of their services in addition to reduce fraud and corruption within their institutions.
Blockchain has the potential to change the future of identity management by taking up this technology.
There are 5 ways in which Blockchain technology can transform the public sector which is explained below.
1) Identification – With digitised birth certificates and ID documents, Blockchain allows a single personal identifier. It’s a new way of identifying members of an ecosystem from citizens to government agencies allowing everything from digital voting to confidential legal disputes.
2) Registries – Blockchain enables the digitalisation of property titles, car registration, and medical records and more recorded, documents become digital proof.
3) Payments – Blockchain technologies have potential to eliminate fraud and tax avoidance, thanks to the built-in transparency and trust protocols.
4) Accountability- Blockchain makes ultimate accountability in all spheres possible. Financial transactions can be recorded and traced, or voting results can be updated keeping voters in the loop.
5) Automation – The process of filling applications, making and receiving payments or benefits, getting visas and transferring permissions or titles can be all streamlined beyond what was previously possible making Blockchain particular beneficial in developing markets whose existing infrastructure cannot otherwise accommodate radical change.
A benefit of Blockchain within the public sector is the security, efficiency and speed which is readily applicable to public sector organisations. The technology has the potential to help explain why so many government leaders are exploring its uses in government.
If you would like to learn more about Blockchain and the ways in which Blockchain Technology will transform the public sector, attend this year’s Government Computing 2018 event. Register today and quote MK-BP1 to reserve your place.
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