What does the future of government look like with blockchain? Find out the uses of blockchain in public sector, and why you should know about it.
Throughout its existence, blockchain has evolved from its roots as a ledger technology devised for cryptocurrencies. With features such as decentralisation, transparency, and encryption, blockchain shows clear applications for a multitude of purposes. These features are of particular interest in situations where speed and efficiency in administrative work are crucial, to which, Governments are no stranger.
In this article, we explore the potential applications of blockchain in public sector operations. We will uncover how blockchain can revolutionise different processes, and pave the way for a more secure future in government.
Why Blockchain?
As a computational model, blockchain is a highly secure ledger system that records transactions via thousands, if not millions, of connected computers. The transactions are secured via cryptographic methods and distributed over a network of clients to ensure even control.
When used in the public sector, blockchain can provide total transparency over financial transactions, contract exchanges, and other sensitive information. This efficient approach allows for high productivity gains and cost savings thanks to reduced paperwork, management, and verification requirements.
For every transaction or piece of data that is processed in blockchain, a cryptographic process takes place to ensure the integrity of the information is protected from tampering.
How Can Blockchain Be Used in Government?
Blockchain’s utilisation in public sector falls into several categories:
Voting Verification
Current voting systems rely on decade-old methods to ensure the authenticity of a vote during elections. Transitioning toward a blockchain-based voting system can allow governments to independently prove the authenticity of a given vote by processing it through the blockchain. Each vote can be verified, confirmed, and tallied via the numerous checks undergone in each swarm, reducing the risk of election fraud.
Healthcare
In the UK, blockchain is already being utilised to some degree by the NHS through its partnership with Patient’s Know Best. This collaboration currently allows diabetic patients to privately share data from health monitoring tools with healthcare professionals.
Scaling such practices could allow for entire health records to be stored, accessed, and shared on blockchain-based systems between hospitals and patients.
Finance
Given its roots in cryptocurrencies, the financial applications for blockchain with public finance management are apparent. Such a database can be used to track and account for government budgets, spending, and tax records, while providing total transparency to the public about where money is being spent, how, and what for.
Identity Management
With fraud, especially digital fraud, continuing to be a prominent crime across the globe, there is a high demand for a secure method of verifying the identity of individuals.
Alongside an increase in the use of biometric identity verification systems in banking and smartphones, blockchain could be used to create authentic digital identities to be used in various places.
Such identities can be used to support voting systems, prove online identities, and fight back against identity theft and fraud, thanks to a highly secure and verified database of identity information.
Administration and Auditing
Due to its transparent nature, blockchain technology would be especially useful in government settings when it comes to auditing. Transactions, activities, and records can all be recalled and verified with timestamps relating to each occurrence, the source of each one, and details of any recipients. This results in further administration reductions, and a subsequently more streamlined auditing process.
Learn More About Governmental Blockchain Applications
Taking place at ExCel London on 21-23 May, the London Blockchain Conference will provide educational seminars about the future of blockchain technology and its applications in both public and private sectors.
Featuring some of the most successful thinkers in the blockchain field, attendees will leave feeling empowered to innovate via the blockchain after picking up the skills, tools, and techniques needed to embrace the digital future.
The London Blockchain Conference takes place on 21-23 May at ExCel London
The post Why Governments Should Care About Blockchain appeared first on Politics.co.uk.
Throughout its existence, blockchain has evolved from its roots as a ledger technology devised for cryptocurrencies. With features such as decentralisation, transparency, and encryption, blockchain shows clear applications for a multitude of purposes. These features are of particular interest in situations where speed and efficiency in administrative work are crucial, to which, Governments are no stranger.
In this article, we explore the potential applications of blockchain in public sector operations. We will uncover how blockchain can revolutionise different processes, and pave the way for a more secure future in government.
Why Blockchain?
As a computational model, blockchain is a highly secure ledger system that records transactions via thousands, if not millions, of connected computers. The transactions are secured via cryptographic methods and distributed over a network of clients to ensure even control.
When used in the public sector, blockchain can provide total transparency over financial transactions, contract exchanges, and other sensitive information. This efficient approach allows for high productivity gains and cost savings thanks to reduced paperwork, management, and verification requirements.
For every transaction or piece of data that is processed in blockchain, a cryptographic process takes place to ensure the integrity of the information is protected from tampering.
How Can Blockchain Be Used in Government?
Blockchain’s utilisation in public sector falls into several categories:
Voting Verification
Current voting systems rely on decade-old methods to ensure the authenticity of a vote during elections. Transitioning toward a blockchain-based voting system can allow governments to independently prove the authenticity of a given vote by processing it through the blockchain. Each vote can be verified, confirmed, and tallied via the numerous checks undergone in each swarm, reducing the risk of election fraud.
Healthcare
In the UK, blockchain is already being utilised to some degree by the NHS through its partnership with Patient’s Know Best. This collaboration currently allows diabetic patients to privately share data from health monitoring tools with healthcare professionals.
Scaling such practices could allow for entire health records to be stored, accessed, and shared on blockchain-based systems between hospitals and patients.
Finance
Given its roots in cryptocurrencies, the financial applications for blockchain with public finance management are apparent. Such a database can be used to track and account for government budgets, spending, and tax records, while providing total transparency to the public about where money is being spent, how, and what for.
Identity Management
With fraud, especially digital fraud, continuing to be a prominent crime across the globe, there is a high demand for a secure method of verifying the identity of individuals.
Alongside an increase in the use of biometric identity verification systems in banking and smartphones, blockchain could be used to create authentic digital identities to be used in various places.
Such identities can be used to support voting systems, prove online identities, and fight back against identity theft and fraud, thanks to a highly secure and verified database of identity information.
Administration and Auditing
Due to its transparent nature, blockchain technology would be especially useful in government settings when it comes to auditing. Transactions, activities, and records can all be recalled and verified with timestamps relating to each occurrence, the source of each one, and details of any recipients. This results in further administration reductions, and a subsequently more streamlined auditing process.
Learn More About Governmental Blockchain Applications
Taking place at ExCel London on 21-23 May, the London Blockchain Conference will provide educational seminars about the future of blockchain technology and its applications in both public and private sectors.
Featuring some of the most successful thinkers in the blockchain field, attendees will leave feeling empowered to innovate via the blockchain after picking up the skills, tools, and techniques needed to embrace the digital future.
The London Blockchain Conference takes place on 21-23 May at ExCel London
The post Why Governments Should Care About Blockchain appeared first on Politics.co.uk.