“Digital sectors witnessing buzzing attention in the recent time. Apart from the fall in crypto value, there is a big revolution evolving silently in the global ecosystems. Where there is a lot of tension among the critics, to conclude their statement about this uncertain space.” - I guess now you are into a lot of tension standing uncertain about the non-sync that you think. But it's the other way.
Yes, we are all taught this new crypto mania is going to fade with its drop but the possibilities of its system don't show such insights. Blockchain In Government Organizations is bonafide with triumph - is true as the decentralization concept and theory is now proposed in the parliament table. And on the other hand, the hype of Non-fungible tokens in 2021 engraved a strong position for digitalization, while this following year was not so favorable for digital currencies.
This decentralization shift has traveled and explored majorly in teeny tiny sectors while big industries now are eventually stepping in. Government institutions on the other hand are looking toward upgrading and unifying operations. In such a need, blockchain networks can be made the best use as it favors the highest priority demand, i.e security, and safety, while DID (Digital Identities) can be managed and maintained through the unique decentralized mechanism.
From here let us now head wider on the topic and understand how this new decentralized infrastructure adaptation helps government and public sector operations.
Seeing blockchain as a technology for the future with global impact, but in the real eye, it has almost washed out other adaptations and kicked its imprint very boldly in the market. And that has led a few economies to adopt the system to them.
Blockchain is a distributed ledger that is shared and immutable, that facilitates the process of recording transactions and their history in the network that is also capable of managing assets firmly in the digital space.
It intruded the global market with digital currency evolution and today it has been very much active in every industry. Let it be gaming, trading, and from there it has now spread to almost every nook and corner. Let it be healthcare, agriculture, logistics, transport, law, education, and almost anything and everything. But as we assume this was not an evolution of a decade but the traces appreciated since the start of the era.
And as a noticeable point, when we consider Estonia is one of the forefront countries that is now completely digital and backed by the abilities of Blockchain. From getting individual identity proofs to voting in recent times, everything is made online through integrated blockchain networks which had a lot of confusion and doubt. Yet the country proved to be consistent and educated the citizens, giving them their time in the process of building trust was more emphasized. And now it stands ahead to lead other nations in the counter to evolve with the tech.
Maybe we say Estopia now, but other economies have involved themself in a lot of testimonials and are identifying new abilities in the blockchain networks. Apart from privatization, Governments and public sectors are also in serious discussion for transformations.
Many other countries are leading in the market, for all of them to be more prominent in the market all because of their new implementations in terms of relegation, and alterations in the operating system. Digitalization on that note has been a great gig for data management and access. Meanwhile, bringing in the blockchain network to implement, process, and store information, data, bills, and others, from digital identity management to rules and regulation check-in, are simply eased with efficiency - where transparency and security would stand as an additional edge in the process.
The Digital transformation happening in the Government and public sectors have a lot to contribute in terms of 3major operations - Services, Processes, and Data Sharing.
1. Services rendered through digital tools are seen to interact with citizens and businesses more frequently and easily. Moreover, digital transformations make it easy to handle high-volume activities. The essence to render good services is in understanding user perspectives. The government needs to be willing to refurbish the process, products, policies, and other demands. The UK started its journey by fulfilling 25 basic services including voting registration online. Norway's based-on-demand returned citizen tax that is filled that encourages 70% citizens to file theirs. Nowadays, mobile platforms are a plus to render any government service online in just a click.
2. In terms of Process behind the scene digitization offers productive gains and tough challenges equally. In terms of digitizing high-volume services digitizing labor intensive is a high priority. The process of digitization is scheduled based on streamlining. This helped Denmark to account for 98% of registration-related tests with no human interventions.
3. When it comes to the public sector, Data sharing is one majorly important aspect that has been dealt with. And one of the spaces that handle big data and analytical defenses where public safety, healthcare, and other areas are widely concentrated. The Australian Tax office analyzed the return for more than 1 million small and midsize enterprises to derive industry-specific financial benchmarks to identify firms with under-reported income and notify them of possible discrepancies.
Here is the list of different use cases that entrust bigger governments to make use of the situation to meet their requirements. These use cases detail how governments can make use of the Blockchain Networks in their systems exploring their spectrums and solving real-time problems.
There is a lot of documentation involved in transactions based on land, and transfer of ownership, and the paperwork is huge. By implementing blockchain technology here, governments can obtain a permanent solution that helps in recording, registering, and retaining pieces of information safe and secured through the Public Ledger system. Not only land, but it can also be properties, vehicles, buildings, and others.
With a pioneer land registry tool tracking land ownership and real-estate transactions, the Georgian Government is within the borders of the country. This enables the government to act transparently by providing land details, dealings, and citizens' interests, along with fine minute details of the land. The information consisted of data from initial and Subsequent sale records, time stamps, etc., that are all permanently stored. This reduces the presence of corruption on a large scale as distributed ledgers are way more secure and transparent.
The traditional legal contract execution is time-consuming and at the same time costlier for both governments and citizens. However, Smart contracts that are self-executing, and enabled by blockchain eliminate the need for intermediaries. It completely improves in creation and execution of smart contracts that are enabled by blockchain networks. These contracts are accessible to the public, it is still safe within the network.
Here let us take the Swedish Land registry system that is using blockchain-based solutions to transfer land titles. The removal of notarization through smart contracts and the elimination of intermediaries, cut down the time of transaction involved. Industries that have tried to create consortium networks, make use of the smart contract in blockchain that improves the flow of goods in various countries.
Social benefits such as unemployment reduction are provided by the Government system and are prone to risk and miss usage, infiltrated by certain users and individuals and groups like cyber attackers. Bringing in Blockchain-implemented solutions improves record management and provides added security and protection. This heals the issues of privacy which are important to be addressed. This also keeps the IDs and data of Employers anonymously in the database with encrypted ash keys in the chain that safeguards data.
The Netherlands uses blockchain-based infrastructure in administering pension programs. This is witnessed as an added benefit to reducing management costs and ease of operation.
As governments are looking for centralized cloud solutions to validate documents of the citizens, blockchain-based solutions can give a better answer for the same. This technology helps in storing the hash values of the documents of the citizens and allows the government to give a permanent electronic version of the documents that is time stamped and confined.
Let us here take MIT which created blockers, where academic certification and other documentation are issued through an open standard application via blockchain. And similarly, the Maltese government used the same standards to implement this system in their education for employment ministry to verify academic credentials through blockchain.
Blockchain has the ability to time stamp every transaction at any time, all time it makes it more convenient for companies, individuals, and organizations, to conveniently file their patents without involving third parties, and enduring the long run tiring process. Where the patent verification process is long and takes time, this can be a great solution to solve the disputes arising from filling patents, and they can potentially prevent high-cost lawsuits.
This can help companies timestamp their documents before the full patent application process is done. This helps in notifying, and makes it convenient for the claimers and when the competitors try to register a similar Patent, it makes it simple to Claim who had the idea first. In addition, the transaction hash is given to the patent document which is protected via encryption.
With worldly transformation interconnecting economies, the need to be secured and efficient in all possible forms is very important to manage huge data resources. Blockchain technology provides a safe infrastructure in managing smart city applications which includes energy management, transportation, etc. This is done combining blockchain security with the efficiency of smart city technology, helps the government to curate a seamless and secure experiences in the ecosystem.
Let us take Dubai in that case, they use blockchain networks to store and manage health records and Illinois is a state that has been using blockchain to streamline the birth certificate issuing process.
This is one ultimate use case that completely eliminates the need for central authority that can manage and issue Currency through blockchain. The Blockchain network can provide an Efficient and democratic alternative for the traditional banking system. Implementing blockchain technology in banking, enhances transparency in the sector. And helps banks To act more accountable. This cuts down corruption, and fraud RTGS supporting blockchain can ensure real-time payments without any delay.
HSBC and Wells Fargo use the help of Blockchain networks to carry out their International payments and moreover we could also see a lot of big banking networks are also planning to execute the same for them at the right time.
With the help of potential blockchain technology to Transform the management of digital identity. Through decentralized solutions, storing and manage data especially digital identities are way more comfortable and secured. The access and Services are ensured and given only to authorized individuals. This method of implication is a cost-cutting system that is keen about verification and prevents Fraudulent activities.
Blockchain in government organization is process that increasing with trend. The more we accept the change, the more we could evolve with trends. To be the change, to adapt and accept is very important. With wider technological expansions, the Government is implementing blockchain solutions in the space part way to explore more transparently and act with confidence on secured networks.