As per the new survey, 90% of the government leaders predicts that they are going to implement the blockchain technology by 2020. However, there are s
As per the new survey, 90% of the government leaders predicts that they are going to implement the blockchain technology by 2020. However, there are some trailblazers that are expected to start using the technology this year.
As per the recent survey, North America is lagging behind in the adoption of blockchain technology in four majors sectors where others are leading. The four sectors are regulatory compliance, citizens services, contract management and the identity authentication.
There is a survey that has been done by the Economist Intelligence Unit in 200 government executives in 16 countries where they were asked about the experience and their expectations about the technology.
The results were published this week by the sponsors of the survey, The IBM Institute for Business Value, in a full report which is entitled Building trust in government Exploring the potential of blockchain.
The reports states that 14 out of 100 of the government organizations are expected to implement the use of blockchain in 2017.
the report reveals that most of the users of this technology are many in Asian Pacific and in Western parts of Europe.
The blockchain technology which is also termed as distributed ledger technology utilizes a network of some computers and a special distributed cryptographic software to generate a permanent record of events which is shared between all the parties to it. This makes it very useful in maintaining digital identity records and land registries.
Reports reveals that 90% of the trailblazers considers the same four key sectors in enjoying the greatest benefits of this technology. That is why about 70% of government users are focusing on the same sectors.
On citizen services, the blockchain will be mainly used in voting, tax collection and many other relevant digital services. The participants will have access to the records in blockchain and this means that there will be no need of the third party to validate or verify the entities or ownership. The property titles, business license, vehicle registration can be shifted to this technology to make work easier.
On the Regulatory Compliance, blockchain’s benefits are ranked first in the North America’s Governmental organizations. The technology has established a transparent audit trail and ensures that there is timeliness. Besides, it reduces the overall cost of managing contracts and that of enforcing regulations.
On Identity Authentication, the blockchain technology is capable of compiling, cross-referencing and verifying many data sources. The U.S. Postal Service and the Department of Homeland Security are doing research on the potentials of this technology when it comes to identity management.
Finally, on Contract Management, as time goes, the history of all vendors found in blockchain can be used to validate the trustworthiness and the reputation. The transparency obtained by using this technology can improve the performance management. For instance, in waste management, the citizens can post on blockchain platform problems such as garbage that has not been picked and the collectors are notified immediately. Also permanent records are created.