Transforming Services: Top Ways Governments are Leveraging Blockchain
Governments are leveraging blockchain in these top ways to transform services
Blockchain is the hottest term in the cryptocurrency market across the world for the last few years. Recently, it has been incorporated in multiple industries such as education, healthcare, manufacturing, sports, and many more. The smart functionalities of blockchain technology have instigated Governments to allocate millions of dollars of funding for the implementation of blockchain technology. In this current scenario, different blockchain applications are transforming services of the government across the world and have started helping citizens in different ways. The Governments have recognized how blockchain transforming services efficiently and effectively.
Top ways Governments are leveraging blockchain technology
Gaining citizen trust is essential for Governments to stand in the ground for years in the future. It has started leveraging the transparency feature of blockchain technology that enables citizens to see and verify data. Blockchain can allow independent verification of government claims without any intervention from third party or agents. This can help governments and citizens to share and provide access to different records while gaining the utmost trust.
On a regular basis, traditional systems of applications for any issue from the government offices take more than a week to start the process and it gets completed within a month. Blockchain is transforming services like this for the welfare of citizens efficiently and effectively. Blockchain technology transforms the entire application process and the final outcome takes less than two days to complete. It reduces redundancy, streamlines processes, as well as provides utmost security to confidential and sensitive data.
Tackle government corruption
Blockchain technology helps to tackle government corruption with the help of tamper-evident as well as a permanent database within a legal framework. Blockchain is transforming services in the government sector by addressing corruption-risk factors through the applications of automated smart contracts with the accountability of transactions over a long period of time.
There have been a lot of concerns over the voting system and rigging in the last few years in multiple countries. This has created a fear in the minds of citizens to go out and vote for their favourable candidate during the elections. Governments have realized the potential for blockchain technology to provide blockchain-based voting platforms to participate in the democratic processes for the elections. This holds the potential to enable citizens to cast e-votes without any fear and obstructions from the opposite party. The decentralized, encrypted, and poll accessibility can minimize potential election tampering and increase the safety of citizens.
Protection of patents
Traditional government processes take a long period of time to apply for patents across the world. Blockchain technology can time-stamp transactions at any time permanently for any company or an individual to file patents without waiting for a long time. It will efficiently and effectively solve different patent-related issues and concerns while reducing the expensive lawsuit costs. Block chain is known for providing a transaction hash that can provide utmost protection through its encryption.