Blockchain is proving to be the hottest fintech trend. The potential of this technology innovation is already being leveraged in multiple walks of life. The governments of many countries are showing interest in this tech innovation.
Before we get to the point, it is important for you to understand Blockchain. Well, it is a chain of many data blocks connected to each other. You may also call it a digital decentralized ledger used to keep records of every single transaction carried out.
Coming back to the point, Blockchain could be the best technology required for the government sector for a number of reasons. For example:
· Fairness and Efficiency of the government system could reach the next level.
· Eliminates every chance of corruption in the government systems at all levels.
· Offers the capacity and capability required to take the quality of transparency and disclosure of procurement processes and investments.
· It is also capable of improving the quality of transparency and registration in the domain of land and property registration systems.
· Most importantly, it is capable of streamlining the processes.
· Offers solid protection of people’s rights.
The list does not end here only.
Meaning, the implementation of Blockchain technology in the government system could be a great opportunity to ensure fairness and efficiency at every level.
Let’s talk about some of the key values this technology could add to the government systems. Understanding in this regard will help you know about the way it is likely to be used for almost everything.
Blockchain for procurement, land, and property registration:
Public procurement is a process followed by the governments to acquire goods, services, and works. All governments assign special packages of money for this. Usually, the lion’s share of the money allotted for public procurement is gulped by corrupt people involved in relevant processes at every level.
On the other hand, the land and property registration process also become a victim of corruption at various levels.
Blockchain offers the capability of ensuring foolproof protection against weaknesses involved in the process of public procurement and land & property registration.
Blockchain for elections:
Elections are an important process to form a new government in every country. This paramount process is also not untouched by the devil of unethical practices and processes. Therefore, it is important to ensure the fairness of relevant processes.
Some governments are already planning to explore the values Blockchain technology can add to their election process. If the latest reports are to be believed, the Telangana government, India is already planning to conduct Blockchain-based elections soon in near future. The aim is to ensure fair elections and the elimination of unethical practices and processes followed.
The bottom line:
This decentralized technology innovation is capable of adding many more values to the government systems and processes at every level. India has already prepared and launched its own national Blockchain strategy. Many more countries are also doing the same to rub shoulders with the future. This is likely to change the systems and life in many ways. Get ready!