Can Local and State Governments Benefit From Blockchain Technology?
Cryptocurrencies such as bitcoin have gotten a bit of a bad rap lately in the regulatory sector.
Accusations such as being a haven for tax evaders and a method of money transfer among criminals are some of the more recent allegations.
But blockchain technology, the root of cryptocurrency, has plenty of uses in federal, state, and local government. There are many blockchain applications in public sector technology.
Crypto and blockchain may at times be in the crosshairs of a government authority. Despite this, these technologies have the potential to be of use to them as well.
Read on to find out how all levels of government stand to benefit from blockchain.
Blockchain Technology for Record-Keeping
Fraud is an ever-prevalent menace for record-keeping. Now that most federal, state and local records have been digitized and put into cloud format, the door is open to hackers to corrupt these records.
Blockchain technology produces a veritable unfalsifiable ledger. Each subsequent part of the ledger (or node) cannot exist without the prior one.
The entire “chain” of “nodes” links back to the original root record. If you want to have a truly secure public record that is virtually immune to the threats of hackers, blockchain technology is the key.
Establishing Government NFTS
Non-fungible tokens or NFTS are a popular way of protecting digital and intellectual property rights. They have taken the private sector by storm.
From digital collectibles to property deeds, NFTS provides the owner with an unfalsifiable digital unit. This unit provides proof of ownership. There are numerous applications for NFT’s in the governmental sector.
To check one of them out, read up a bit about DAO so you can find out more information about this exciting application.
Ability to Track Funds
Having accountability is very important in the governmental sector. No matter what level of government you operate on, massive pools of capital are essential to fund operations.
With blockchain technology, all of this money can be tracked. From the initial input of taxpayer dollars all the way to where it is spent. Blockchain offers total accountability down to the last dollar.
Seamless Transfer of Funds
Red tape can make it difficult to shuffle money between different departments in government. If a pool of money is stored in a crypto account, it can be seamlessly accessed by all necessary governmental parties.
Blockchain technology eliminates the need for banking authorities. Now no entity needs to play middle-man with taxpayer dollars.
Blockchain Can Benefit Government
With all the hype around cryptocurrency in the news, it is hard to zero in on its fundamental uses. Blockchain technology has the potential to revolutionize the way government organizations function.
Blockchain has a ton of public sector applications. From providing unfalsifiable record-keeping to legitimizing and digitizing intellectual property,
If you work in government, incorporate blockchain into your operations today. If you are a citizen, use the knowledge in this article to support blockchain changes with your local ballot. For other great info like this, check out our blog.