Blockchain Technology for E-Governance
Blockchain consulting companies.
In India, Finance Minister Arun Jaitley has recently said that the country would “explore the use of blockchain technology proactively,” as reported by CNN.
There are some sectors in which Blockchain may apply.
Nowadays every land and property related task is paper-based so it is very time-consuming, inefficient and costly. Tampering of data is also possible with the current system. Blockchain would provide a distributed database where all these land registration records can be saved permanently. No intermediary would be required to fetch some real estate data or change ownership of a piece of land. Because Blockchain is immutable, it is capable of stopping property fraud. In addition, any government action or financial transaction is a completely transparent and unchangeable ledger of data, no one will be capable to hide their illegal deeds, if there are any.
Blockchain developmentas the Blockchain provides a reliable and transparent way to record transactions. The voting system implemented using Blockchain technology is very robust and trustworthy and no need to blindly trust the mostly hidden centralized voting process. In Traditional Voting System, the final result is declared after 24 hours or more than that while in the Blockchain-based voting system real-time transparent results will be available. Like current traditional system you have a voter ID card, you can have a unique digital identity that allows you to send a single transaction in a voting-specific Blockchain network. Basically, giving your vote mean that you create one transaction directed to one of the parties in the elections. The winning party will have the most transactions received.
Current tax systems were designed primarily for the trade of physical goods, now everything is changed and made digital so problems are arising and Government’s tax authorities are struggling. How can Blockchain help in the area of taxes? It is definitely not the one-that fits-all the solutions to make the perfect tax system, but it can reduce the administrative complications and collect taxes more efficiently. Since Blockchain is an open ledger, all the transactions in a Blockchain are clearly visible and it can be noted whether VAT has been paid or not, reducing VAT fraud to zero.
smart contracts, linking healthcare providers together and allowing them to share their data. Medical providers execute a program to access the patient data from the database, as instructed by the smart contracts, which are initiated by the patient.
The current banking system is centralized and relies on the third party. Transfer of money is slow and expensive. Software outsourcing companies have witnessed that cyber breaches are rising at a higher rate than technology advancements. The Blockchain is the best solution for the banking system. Blockchain technology provides a secure way of transaction, without the need for trusted third parties and reduce fraud in the financial world. It provides a fast and secure payment service. It also reduces operational cost and gives real-time information. Smart contract triggers financial transactions once a certain set of criteria has been achieved.
Few Governments that accept Blockchain Technology.
- Dubai is working on flying taxis, self-driving vehicles, literal “Robocop’s.” The state of Dubai started an initiative called “Smart City” that aimed to run all government transactions on the blockchain by 2020.
- Estonian government also adopted blockchain technology to develop a sustainable Blockchain-based solution.
- Brazil government announced to move supplications and popular voting onto Ethereum.
- Chile uses Ethereum to track the data and finances from the energy grid to resist corruption and exploitation through transparent, immutable data available for every citizen to see.
- Switzerland began offering digital IDs registered on Ethereum in 2017.
- Canada is using Ethereum to provide transparency to the use of government grants to ease citizens’ concerns of corruption.