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HOW BLOCKCHAIN-BASED SOLUTIONS WILL IMPROVE PUBLIC SERVICES
When applied in government sectors, blockchain solutions have the capability to streamline processes and improve public service delivery, which in turn garners public trust. In relation to mature economies, the government must prove that blockchain technology is a worthwhile investment in terms of saving money and improving operations. In emerging markets, companies must decide how they can use blockchain to gain an edge over the competition and foster trust with their clients.
Speed, Efficiency and Security the 3 proponents of blockchain, are readily accessible. For this reason, many government officials who see the massive potential of blockchain are pushing forward for integration in their systems. Countries such as China, India, the UK, Canada and Brazil are running trials, and pilot tests to see how the unique architecture can be applied to day-to-day government operations, mainly for internal use. It’s worthy to note that each application is different and depends on the municipality, state and country.
Uses of Blockchain in Public Services
Blockchain is the technology behind cryptocurrencies and other assets. In order to have a successful integration, the asset must be transferred digitally from paper to digital form in order to exist. The owner must also create a digital link or identity that could act as a medium for transactions. Public sectors realize that the challenge stems from the fact that 20% of the world doesn’t have an official or legal recognized identity.
Current Pain Points:
· First, there’s a lack of standards that come with identity establishment.
· Identity entry points and differing attestation processes hinder public service provision and prevent economic engagement.
Value Proposition of
· A self-contained, secure identity that enables efficient transactions across different asset classes.
· Both explicit and individual control over which identity data may be shared for what purpose.
Titling and land deeds form a cornerstone for economic and investment growth in developing nations, while protecting landowners. Blockchain can provide a non-corruptible, unique record that can be changed in a secure manner. Moreover, blockchain allows for property records to be created for stovepipe systems or for land areas that have no owners.
Current Pain Points:
· As of today, registry processes and licenses are all paper-based, which makes transactions largely inefficient, costly and vulnerable to unauthorized changes.
· In the US alone, landowners paid $800 million to cover real estate title risks during 2014 and 2015.
Blockchain developers are spending most of their efforts looking for ways on how they can integrate blockchain in this critical public function. Casting a vote can be likened to conducting any other secure transaction; voters can also confirm their votes aren’t tampered with along the way. Solutions are being generated to combine vital voting aspects such as individualized ballot processes, anonymous vote casting, digital identity management and ballot casting confirmations.
Current Pain Points:
· High costs associated with electronic voting machines, ballot printing, maintenance, etc.
· Rising cyber threat attacks could delay or compromise election results.
· No transparency regarding audits of election results.
· Added inefficiencies regarding absentee/remote voting and delays.
Value Proposition of Blockchain:
· Blockchain-based voting can reduce voting costs significantly.
· Better vote audibility and enhanced security.
· Chances of higher participation, including remote areas.
· Greater transparency.
Tech analysts have claimed that blockchain technology can potentially save the financial services, health care and insurance industries somewhere between $2 to $4 billion per year. With the ongoing research, experiments, trials and prototypes happening all over the world, it’s just a matter of time before governments start looking into blockchain as a viable platform to integrate in their public sector systems. The only question is if there’s a public servant who’s forward thinking and motivated enough to start implementing blockchain solutions in order to enhance mission delivery, improve overall cyber-security and cut down on government operational costs. Blockchain solutions shouldn’t just be viewed at a technological standpoint. It’s a game-changer that can modernize whole business processes, models and even affect stakeholders and how they function. One thing to keep in mind is that blockchain is not a silver bullet that solves any problem, and that it’s not the end-all solution to every situation. Developers and users must still seek out and address managerial and other technological challenges.
Blockchain can still improve in terms of systems integration, data standardization, validation methods and platform scalability. On the managerial aspect, there are still challenges regarding maturity, transaction scale, incentive structure and business model transformation. Blockchain can still improve in terms of systems integration, data standardization, validation methods and platform scalability. On the managerial aspect, there are still challenges regarding maturity, transaction scale, incentive structure and business model transformation.
Governments can start on this one single question – Do you want to take advantage of the newest technology and capture all the inherent benefits of blockchain and its potential to change the whole world?
Check out Omni Integrations Blockchain Solutions to learn more!