Benefits of Blockchain in Government
A blockchain is a digital, tamper-proof ledger that can be used to store data and track transactions. In recent years, blockchain technology has been gaining traction as a potential tool for governments. Here are three ways that government can benefit from using blockchain.
1. Increased Transparency
One of the most frequently cited advantages of blockchain is its increased transparency. With blockchain, it is possible to create a permanent, public record of all transactions that take place within the system. This increased transparency can help to combat corruption and increase accountability within government – especially when integrated with the transparency and accountability portals of the FreeBalance Accountability Suite™.
2. Improved Security
Another benefit of using blockchain is improved security. Because each transaction is recorded on the blockchain and verified by multiple parties, it becomes very difficult for bad actors to tamper with the data. This makes blockchain an attractive option for storing sensitive data such as medical records or voting results.
3. Faster Transactions
Blockchain technology has the potential to streamline government transactions and make them faster and more efficient. For example, land titles or birth certificates that are stored on the blockchain can be issued almost instantaneously instead of taking weeks or months to process.
Building Trust in a Trustless World
Blockchain is a promising new technology with the potential to provide significant benefits for government. By increasing transparency, improving security, and speeding up transactions, blockchain can help government to become more efficient and effective which is critical to rebuild trust in government.
Doug Hadden, Executive Vice President, Strategy and Innovation at FreeBalance will be speaking at the ICGFM 2022 International Conference on how blockchain can improve Public Financial Management and address the trust deficit that government’s currently find themselves in.
To receive a copy of his presentation after the event, please get in touch.