Four Ways Blockchains Could Transform These Important Government Sectors – News

Thanks to Bitcoin, the world finally has blockchain: a new kind of data management technology that keeps an immutable record of everything digital. More and more governments have seen the potential of blockchain, which has generated a lot of excitement among crypto enthusiasts.

By Alisha Roy

Published: Mon 24 Jan 2022, 12:06

Last update: Wed 23 Feb 2022, 10:41

But first, how does a blockchain work?

Each “block” of data on the “chain”, or network of computers, has a timestamp and is encrypted. Anyone can see this data online, but only the person who owns a block (of data) can modify the information via a private key. Any changes made to an individual block are updated and synced to everyone’s distributed blockchain in real time.

So you can imagine how blockchains will improve transparency in government sectors. Its most interesting use case so far, however, is how blockchains will hold people accountable. Here are some other uses of blockchain:

1.How blockchains will transform geopolitics

Information recorded on a blockchain is “immutable” or impossible to change. Blockchains can streamline elections because an immutable record of votes can minimize election tampering. In 2019, cities in the United States, such as Utah County, were already using the blockchain-based mobile voting app “Voatz” in their municipal elections.

2.How Blockchains Can Build Public Trust

Blockchain-based subsidies and other public funds could minimize opportunities for illicit finance. Because no one person is in charge of the whole chain, there are fewer people involved, especially those who mediate between the parties.

3.How blockchain could transform the healthcare and travel industries

It is almost impossible to tamper with data on a blockchain – a useful feature in the wake of the pandemic. Today, blockchain-based vaccine passport apps, such as VeChain and COOV, aim to protect privacy and provide “verifiable digital credentials”. Meanwhile, blockchain experiments have already started in the UAE. Last August, Dubai Police used a blockchain-enabled platform to issue 3,991 lost passport certificates since February 2021.

4. Can blockchains protect people’s rights

Blockchains deploy smart contracts – or computer programs that execute predetermined commands. These automated contracts will guarantee people’s rights and allow them to exercise their public privileges. Blockchain-based ledgers can also provide a secure and publicly verifiable system of record through which people can prove their ownership of property and other assets.

However, blockchains make us all the more dependent on the technology, which can have many benefits, but also limitations that cannot be ignored. In the case of smart contracts where the codes are set in stone, this could force people to comply with smart contract rules that don’t account for emotions.

As more people adopt blockchains, the ease of use could also make the technology more vulnerable to hacks. In another case, a blockchain provider who is not an approved developer may have their own malicious intentions.

In conclusion

Ultimately, every technology is a tool and its success depends on its impact on our lives. If governments were to implement blockchain, they would need to standardize regulations ensuring decentralization, privacy, and data security – the very purpose of blockchain technology.

To learn more about cryptocurrencies and blockchain, visit BitOasisthe largest and most trusted crypto-asset platform in the region.

About Tammy N. McFarlane

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