Dr. Jane Thomason, the CEO of research firm Abt Associates-Australia quoted at London Blockchain Week “Blockchain offers governments a fast, secure, efficient, transparent means of being able to deploy government services and communicate with their populations”
The blockchain technology has the potential to modernize the public and government sectors. Blockchain’s distributed ledger system lay the foundation of secure, flexible, and high performing government functions. It streamlines processes, reduces waste, fraud, and abuse while simultaneously increasing trust.
The blockchain-based government model can overcome the following challenges
- Securely stores businesses and citizen’s data
- Reduces labor-intensive processes and excessive costs
- Reduced chances of corruption and abuse
- Increases trust in government and online civil systems
Businesses, individuals and governments can use a blockchain-powered government model to share resources over a distributed ledger, secured using cryptography. It enables businesses to eliminate a single point of failure and inherently protect citizens and governments’ sensitive data.
Prevent Voting Frauds through Blockchain: According to the Heritage Foundation’s Election Fraud Database, a total of 1217 voting frauds to date are reported in the U.S. Using the Blockchain technology government can prevent the integrity of the voting process. The blockchain technology reduces foreign intervention in the voting process. It enables voters to vote at their place of convenience using the Internet. The immutable blockchain record can flag redundancies of the voting process to ensure only eligible voters vote.
Companies using Blockchain solutions to reduce voting redundancies:
- Votem: A blockchain-based mobile voting platform designed for voters to securely cast votes in elections across the globe.
- Democracy Earth: A blockchain-based “Sovereign” voting platform implements quadratic voting to build a consensus of human participants available to all networks.
- FollowMyVote: A secure citizen feedback blockchain online voting platform that ensures greater voting transparency.
Transparent Budgeting: Half of the people’s hard-earned money is not utilized efficiently because of the corrupt middleman involved in the completion of the project. They misguide the government by presenting wrong figures to them. Taxpayers demand answers from the government when their hard-earned money is not used for destitute welfare but to fulfill politicians’ illegitimate demands.
The blockchain-based government model eliminates the role of middleman, thereby, reducing the cost of the overall project. It provides a clear overview of who conceived, voted for or encouraged wasteful spending practices while commencing a project,
Companies using Blockchain for transparent budgeting
- National Research Council of Canada – National research council of Canada uses Ethereum blockchain to increase transparency in Government contracts.
Replaces Paper-based Systems: Government every year spends a huge amount of money to maintain files of different projects including taxes collected, from what sources it is collected, where it is spent, how much is invested for the homeless and whatnot. The 70% of Taxpayer investments are used in maintaining a single five-drawer filing cabinet, a clerks’ salary, and other indirect costs including file transfers. Government organizations are now emphasizing on reducing the digitizing the storage of records using blockchain technology.
Blockchain has reduced the need for paperwork by storing every data in the form of blocks. Every detail stored on the blockchain platform consumes no storage space and the crucial data is 100% secure and free from errors.
Blockchain technology improves coordination and communication between the government authorities, intermediaries, and stakeholders. It automates various processes to overcome the inefficiencies of the government. The government can use blockchain technology to digitally store data and prevent data breaches.
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