Japan Is Testing The Blockchain This Year

Japan Is Testing The Blockchain This Year

The government of Japan is reportedly testing a blockchain platform for processing government tenders this year. In the next fiscal year, the coutr

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The government of Japan is reportedly testing a blockchain platform for processing government tenders this year.

In the next fiscal year, the coutry plans to create a roadmap for incorporating distributed-ledger technology in e-government systems.  The ministry is planning to introduce a system based on blockchain technology that is to make private applications easier for both the private sector and the government.

“Instead of applicants collecting the tax payment certificates and other necessary documents from various government offices, for example, the agency issuing the tender would be able to gather the information electronically.”, according to an excerpt that appeared in Nikkei Asian Review (asia.nikkei.com).

Later on, the Japanese government could consider sharing blockchain-related know-how with the private sectos, as the article elaborated.

Currently, centralized systems are expensive to maintain, since there are cybersecurity-related costs. There is also a risk of a data breach, according to officials quoted by asia.nikkei.com and cryptocoinnews.com.

For this reason, the use of blockchain technology may be a reasonable solution. The latter is said to enhance security and cut administrative costs.

It remains to be seen how the trial will be realized in practice.

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