While global banks and financial institutions search for ways to integrate blockchain technology into their existing systems, here are eight ways governments could implement the technology to improve efficiency.
1. Provable Facts
Perianne Boring, president and founder of the Chamber of Digital Commerce, a trade association focused on promoting digital assets to policymakers, told Govtech.com:
“We are talking about radical transparency. Anyone can look into the blockchain and look into every transaction that ever happened on the blockchain. And you can use it for any type of provable fact.”
2. Accurate Voting
One of the most anticipated proposals that governments could consider is electronic voting. Keeping accurate record of votes can be expensive and inefficient. According to an article published by Motherboard, crypto voting has already been used in elections in Norway, Denmark, Europe’s Pirate Party and the Spanish Congress since early 2014.
3. Government Accountability
A 2016 mayoral candidate of London has suggested implementing the technology to upgrade the existing government ledger for land and for the city’s financial and budget records. Because these records are kept permanently, without the blockchain there is a high possibility for them to be altered or faulted.
4. Increased Security
Governments could also upgrade