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BLOCKCHAIN-TECHNOLOGY-FOR-E-GOVERNANCE

Blockchain has gained a spectacular success in a short time. Since its launch, it has been on the headlines and expecting it to be one of those trending technologies that would make a marvelous impact on the fast-paced digital world. Blockchain has been a game-changing technology that is underpinned with cryptocurrencies like Ethereum and Bitcoin that eventually closed the doors for hacking activities. Not just with blockchain software development companies, it is also very helpful in E-Governance sectors.

Table of Content

This article elaborates on how Blockchain is used in Government sectors. A few decades ago, Governments started using the internet to improve their operations, they may soon start using Blockchain, as it has several benefits. Lately, Governments have been interested in this technology. Government trying to use Blockchain technology in traditional systems because the advantages of using blockchain into current systems are immense, especially in some specific public-sector areas. Apart from Blockchain's benefits, let’s focus on Blockchain in E-Governance as suggested by 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.

Real Estate

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. To fetch some real estate data or change ownership of a piece of land, it doesn’t require any intermediary. Because Blockchain is immutable, it is capable of stopping property fraud. Besides, 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.

Voting

Voting is one of the most researched areas of Blockchain development  as 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 the 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 the 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 means that you create one transaction directed to one of the parties in the elections. The winning party will have the most transactions received.

Taxes

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.

Healthcare

Health systems are typically fragmented means there are several hospitals, community clinics, specialists, diagnostic clinics, etc. We may create a private Blockchain network and add all the hospitals in this network. To build a private Blockchain network, integrate and execute 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.

 

Planning to Hire Blockchain Development Company ?

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Banking

The current banking system is centralized and relies on a third party. The Transfer of money is slow and expensive. Software outsourcing companieshave witnessed that cyber breaches are rising at a higher rate than technology advancements. 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 costs and gives real-time information. A Smart contract triggers financial transactions once a certain set of criteria has been achieved.

Few Governments that accept Blockchain Technology.

  1. 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.
  2. Estonian government also adopted blockchain technology for the implementation of a sustainable Blockchain-based solution.
  3. Brazil’s government announced to move supplications and popular voting onto Ethereum.
  4. 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.
  5. Switzerland began offering digital IDs registered on Ethereum in 2017.
  6. Canada is using Ethereum to provide transparency to the use of government grants to ease citizens’ concerns of corruption.

BLOCKCHAIN-TECHNOLOGY-FOR-E-GOVERNANCE

Blockchain has gained a spectacular success in a short time. Since its launch, it has been on the headlines and expecting it to be one of those trending technologies that would make a marvelous impact on the fast-paced digital world. Blockchain has been a game-changing technology that is underpinned with cryptocurrencies like Ethereum and Bitcoin that eventually closed the doors for hacking activities. Not just with blockchain software development companies, it is also very helpful in E-Governance sectors.

Table of Content

This article elaborates on how Blockchain is used in Government sectors. A few decades ago, Governments started using the internet to improve their operations, they may soon start using Blockchain, as it has several benefits. Lately, Governments have been interested in this technology. Government trying to use Blockchain technology in traditional systems because the advantages of using blockchain into current systems are immense, especially in some specific public-sector areas. Apart from Blockchain's benefits, let’s focus on Blockchain in E-Governance as suggested by 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.

Real Estate

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. To fetch some real estate data or change ownership of a piece of land, it doesn’t require any intermediary. Because Blockchain is immutable, it is capable of stopping property fraud. Besides, 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.

Voting

Voting is one of the most researched areas of Blockchain development  as 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 the 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 the 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 means that you create one transaction directed to one of the parties in the elections. The winning party will have the most transactions received.

Taxes

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.

Healthcare

Health systems are typically fragmented means there are several hospitals, community clinics, specialists, diagnostic clinics, etc. We may create a private Blockchain network and add all the hospitals in this network. To build a private Blockchain network, integrate and execute 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.

 

Planning to Hire Blockchain Development Company ?

Contact Now

 

Banking

The current banking system is centralized and relies on a third party. The Transfer of money is slow and expensive. Software outsourcing companieshave witnessed that cyber breaches are rising at a higher rate than technology advancements. 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 costs and gives real-time information. A Smart contract triggers financial transactions once a certain set of criteria has been achieved.

Few Governments that accept Blockchain Technology.

  1. 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.
  2. Estonian government also adopted blockchain technology for the implementation of a sustainable Blockchain-based solution.
  3. Brazil’s government announced to move supplications and popular voting onto Ethereum.
  4. 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.
  5. Switzerland began offering digital IDs registered on Ethereum in 2017.
  6. Canada is using Ethereum to provide transparency to the use of government grants to ease citizens’ concerns of corruption.