5 Interesting Ways the Governments are Embracing Blockchain & Why it’s Important
Governments around the world are jumping on the blockchain wagon because they can see the benefits of the enhanced security that blockchain offers.
Many are at different stages of implementing or investigating blockchain technology because they see that it can lead to substantial cost savings in staff, systems and reduced human error which leads to greater efficiencies.
This article will outline why there is a widespread adoption and a growing interest from governments in the blockchain technology and we will show you some examples of how blockchain is being used and this will give you a glimpse into the future of how things are going to operate.
While you hear in the mainstream media that bitcoin is a bubble and cryptocurrencies are worthless scams for the gullible, hopefully this article will help you to understand that there is a practical application for the technology that is behind all the FUD – Fear Uncertainty & Doubt that is circulated through mainstream media and while bitcoin bears the brunt of the hype in the media weâ€™d also like you to recognise that Bitcoin has been a catalyst for massive change and transformation.
Discontent is the catalyst for change – Mike Murdoch
Bitcoin was released when confidence in governments, corporations and the financial Â industry was at an all time low in 2008 amidst the Global Financial Crisis (GFC) where corporate corruption and greed was riding high. What everyday people witnessed was corporations being bailed out of financial difficulty by the government despite
Bitcoin is about embracing the change and offering a way to bring transparency, integrity and accountability to government, corporations and industry – thatâ€™s why Lisa & I love it and see it as a vehicle to move humanity forward.
There are a number of ways that governments are embracing this new technology including:
A number of countries have started Land Title projects using blockchain. These countries include Georgia, Sweden, Ukraine, India who see the value in having an immutable record of ownership.
The benefits of blockchain in this area include:
- Cost savings with transitioning from paper based records
- Elimination of missing or waylaid records
- Time savings utilising digital signatures vs circulating hard copies
- Visibility of transactions throughout the process
- Reduced scope for fraud
- Tamper proof records
Spain is using blockchain and AI to fight corruption by bringing transparency to the public procurement process and aims to use it as a preventative measure against corruption and anticipates benefits in the following areas:
- Bringing fairness to the awarding of public procurement contracts
- Increasing the quality of basic public services
- Opening up opportunities to develop a competitive private sector
- Building trust in public institutions
6 Different Initiatives for Korea
Korea is investing in 6 different blockchain initiatives and has committed $9 million between July 2018 – Dec 2019 into pilot projects in these areas.
- Livestock supply chain management
- Customs clearance
- Online voting
- real estate transactions
- Cross-border e-document distribution
- Shipping logistics
In addition to this Korea also has a plan to educate students on blockchain technology and to nurture 10,000 blockchain specialists by 2022.
UK the Official Archive is looking at ways to adopt blockchain technology to archive all of their knowledge. The research project, dubbed Archangel is looking specifically at how to use blockchain to determine legitimate changes to documentation in order to maintain a trusted authentic record.
Blockchain Powered Government
Dubai is setting its sights on becoming the worldâ€™s first blockchain powered government. They are looking to save 21.5 million man hours and $1.5 billion per year with an aim Â to have all visa applications, bill payments and licence renewals to be transacted digitally using blockchain by 2020.
There is an abundance of blockchain innovations going on in government departments across the globe and one of the main reasons that you need to be aware of this is because the efficiencies that this disruption will bring is going to have a huge impact on jobs. In the Dubai example above, a saving of 21.5 millions hours per year equates to more than 10,000 full time jobs.
During the global financial crisis we all heard stories of people being blindsided by layoffs, redundancies and Â companies folding. This article serves as a heads-up that massive change is coming.
In our book Love & Money: Embracing the New Economy we share ways to find your passion and to start cultivating it in order to be proactive about the changes ahead.
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