Dr. Jane Thomason, the CEO of research firm Abt Associates-Australia quoted at London Blockchain Week "Blockchain offers governments a fast, secure, efficient, transparent means of being able to deploy government services and communicate with their populations"
The blockchain technology has the potential to modernize the public and government sectors. Blockchain’s distributed ledger system lay the foundation of secure, flexible, and high performing government functions. It streamlines processes, reduces waste, fraud, and abuse while simultaneously increasing trust.
The blockchain-based government model can overcome the following challenges
- Securely stores businesses and citizen’s data
- Reduces labor-intensive processes and excessive costs
- Reduced chances of corruption and abuse
- Increases trust in government and online civil systems
Businesses, individuals and governments can use a blockchain-powered government model to share resources over a distributed ledger, secured using cryptography. It enables businesses to eliminate a single point of failure and inherently protect citizens and governments' sensitive data.
Prevent Voting Frauds through Blockchain: According to the Heritage Foundation’s Election Fraud Database, a total of 1217 voting frauds to date are reported in the U.S. Using the Blockchain technology government can prevent the integrity of the voting process. The blockchain technology reduces foreign intervention in the voting process. It enables voters to vote at their place of convenience using the Internet. The immutable blockchain record can flag redundancies of the voting process to ensure only eligible voters vote.
Companies using Blockchain solutions to reduce voting redundancies:
- Votem: A blockchain-based mobile voting platform designed for voters to securely cast votes in elections across the globe.
- Democracy Earth: A blockchain-based “Sovereign” voting platform implements quadratic voting to build a consensus of human participants available to all networks.
- FollowMyVote: A secure citizen feedback blockchain online voting platform that ensures greater voting transparency.
Transparent Budgeting: Half of the people's hard-earned money is not utilized efficiently because of the corrupt middleman involved in the completion of the project. They misguide the government by presenting wrong figures to them. Taxpayers demand answers from the government when their hard-earned money is not used for destitute welfare but to fulfill politicians' illegitimate demands.
The blockchain-based government model eliminates the role of middleman, thereby, reducing the cost of the overall project. It provides a clear overview of who conceived, voted for or encouraged wasteful spending practices while commencing a project,
Companies using Blockchain for transparent budgeting
- National Research Council of Canada – National research council of Canada uses Ethereum blockchain to increase transparency in Government contracts.
Replaces Paper-based Systems: Government every year spends a huge amount of money to maintain files of different projects including taxes collected, from what sources it is collected, where it is spent, how much is invested for the homeless and whatnot. The 70% of Taxpayer investments are used in maintaining a single five-drawer filing cabinet, a clerks’ salary, and other indirect costs including file transfers. Government organizations are now emphasizing on reducing the digitizing the storage of records using blockchain technology.
Blockchain has reduced the need for paperwork by storing every data in the form of blocks. Every detail stored on the blockchain platform consumes no storage space and the crucial data is 100% secure and free from errors.
Blockchain technology improves coordination and communication between the government authorities, intermediaries, and stakeholders. It automates various processes to overcome the inefficiencies of the government. The government can use blockchain technology to digitally store data and prevent data breaches.
Would you like to enhance the operational efficiency of the public and government sectors? Contact Oodles Technologies, a re-known blockchain app development company providing business solutions using NEM, Stellar, Ethereum, and other blockchain technologies. Our blockchain solutions facilitate coordination between different departments to meet organizational goals. We build smart contracts to automate transactions, eliminate third parties, and enhance user trust.
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The blockchain is advancing with the latest technologies, aids a lot of business automation with the help of smart contracts, and they are highly efficient in handling business processing.
The Blockchain global market worth climb to more than $23.3 billion by 2023.
The name itself denotes its structure like Blocks interconnected with previous and successive data blocks encrypted with hash cryptographic functions, where no can alter the data on the distributed ledger, higher transparency, and trust.
Let us see the Advantages of Blockchain Technology, A high degree of security The Blockchain provides a high degree of security with the immutable feature, where no can alter the data if somebody tries to hack the data, and that is impossible due to complex cryptographic functions involved in encrypting data and each block connected to the previous and successive blocks.
The human resource required for every transaction validation has eliminated the speed of processing transactions is efficient, leads to reduced cost.
Digital and Real-world integration Blockchain is not only used for information but also anything of value can be moved and stored on it.
In the current scenario, there new and innovative idea is emerging in technological advancements with enhancement.
Blockchain is one of the latest technology widely adopted in global business sectors due to its unique features that address the security features of the business.
Blockchain is a collection of nodes that are connected to the previous and successive blocks of data that are encrypted.
Blockchain address the challenges in the business operations over a well-secured platform.
The Blockchain has cryptographic functions protecting the data from hackers with the help of public and private keys.
Blockchain is highly efficient in handling huge transactions with the help of deploying smart contracts for efficiency and trust by avoiding central control like banks.Smart ContractsThe smart contracts are the self-executing programs that are precisely described publicly among the parties involved in the transaction.
Blockchain technology is one of the most considerable and innovative developments on earth.
Importance of Blockchain in Healthcare enterpriseThe factors at the back of why the blockchain has picked up a lot of emphases are that: Blockchain is obviousIts miles decentralized because a single person does now not personal it.The statistics are saved cryptographicallyThe blockchain is permanent so no one can meddle with the facts that are within the blockchainHow does blockchain working?Blockchain is a shared dispersed ledger and has three noteworthy segments: Allotted gadget: The decentralized peer to look engineering has nodes comprising of device contributors, wherein every part shops an indistinguishable replica of the blockchain and is approved to validate and verify digital exchanges for the device.Shared report: The individuals in the machine record the continued automatic exchanges right into a shared report.
Algorithms are run and check the proposed transaction, and as soon as a majority a part of people approves the trade, it's far then brought to the shared file.Advanced change: Any records or the digital aid that may be saved in a blockchain ought to qualify as a complicated trade.
Blockchain, succinctly positioned, offers security, adaptability, and facts safety.The idea of blockchain in medicinal offerings is unsettling; perhaps, it might be a developmental adventure where blockchain is accomplished in a step by step way.Distinctive methods of blockchain can gain medicinal offerings:Long term patient data: long term affected person information, like registering the sicknesses, lab results, medicinal drugs may be done via blockchain, which includes inpatient, cellular and wearable information helping providers through arising with higher techniques for conveying care.
Cases arbitration: considering the fact that blockchain deals with approval based totally trade, the claims can be therefore confirmed wherein the device has the same opinion on how a settlement is performed.
Presently, these institutions and experts want some times of blockchain, and how it has a tendency to be useful for their area.
The healthcare industry is plagued by errors, bureaucracy, inefficiencies, and high administrative costs.
To deliver a single healthcare service, healthcare providers need to access patients’ critical data which is typically scattered across different departments and systems.
A hospital's administrative staff is responsible to accumulate the required data.
However, a complex and sluggish information ecosystem renders the administrative staff struggling to collect vital data.
Following are some stats that highlight the inefficiencies the healthcare industry suffers from:The medical industry produces a lot of valuable patient data that can be used for treatment.
Since the data is distributed across different networks it becomes difficult for healthcare providers to deliver appropriate care or necessary treatment in real-time.
