The Need for Blockchain in Government and the Public Sector
Beyond the realm of hype, Digital Ledger Technology(DLT) or Blockchain technology has tremendous capacity to fuel development in whole new spheres. Governments can experience a steep surge in productivity upon employment of this technology in various levels of governance and dealing with public registers.
The modern day challenges involve huge amounts of data being generated each day. Those that need to be securely stored and selectively allowed access for the common benefit without compromising on citizen’s privacy.The level of performance, transparency, accountability and cost minimization can be achieved only upon implementation of a blockchain technology powered architecture.
The Governments across the world are being swift to adopt blockchain that has the capacity to lay the foundation of a connected society which offers an architecture with maximum flexibility, security for high performance government functions. Blockchain driven government agencies offer a promising solution to the citizens of the country
- Generating the trust factor with the Citizens
- Securing Vital Data & Information
- Minimizing Cost & Enhancing Efficiency
- Minimizing the chances of corruption
Blockchain in Government
The below map shows that there are a minimum of 202 government blockchain initiatives in atleast 45 countries globally
Potential Verticals for Government Applications in Blockchain
Of these 202 cases, several key use cases are beginning to emerge.
Top 10 Types of Blockchain Projects
|Rank||Type of project (count)|
|2||Identity (Credentials/Licenses/Attestations) (25)|
|3||Personal Records (Health, Financial, etc.) (25)|
|4||Economic Development (24)|
|5||Financial Services/Market Infrastructure (20)|
|6||Land Title Registry (19)|
|7||Digital Currency (Central Bank Issued) (18)|