April 24th, 2018
We are now in a new phase in this world, where technology is changing the world. Technological innovation is taking control all over and making sure that human error is controlled or non existent. Every day new technological advancements are taking place at every corner of the globe; Blockchain is one evolution that is expected to bring many changes in days to come.
Paper heavy administration, human involvement, and room for error are decreasing, as technologies such as blockchain are digitizing and automating entire processes, as well as, interactions. Blockchain technology started as a platform for the transaction of digital currencies and now has the potential to span industries all around the globe. There is already so much hype with this new digital technology, major financial banks are eager to implement this new concept for faster and more efficient results.
The blockchain is a new technology that makes transactions fast and safe. Every time a transaction takes place with this new technology, a network of systems carry out algorithms, identify the originating device and the user, thereby validating the transaction. The transaction is then added to a private or public digital ledger on an irreversible chain of blocks. All verified transactions are reordered, updated and traceable across the network of computers in every ten minutes.
The blockchain is a new decentralized system, that doesn’t have any central administrator or server; it is managed by the network itself. The best thing about this new technology is that there aren’t any vulnerabilities and chances of corruption. Ultimate control and visibility, make all kind of unauthorized actions impossible with this new technology. This makes blockchain technology entirely secure, whereas human-led threat, continue to create fear.
It’s not only the blockchain security that makes this technology so special, but its automation makes traditional systems seem redundant, decreasing issues related to delayed payments or lost documents. With this new technology, you can start thinking of a future that is automatically recorded, as well as, irreversible; citizens can all transact confidentially without seeking the help of any third party. This new technology will reduce cost, provide better efficiency, and ensure transparency. All private and government organizations can achieve competitive advantages with this new blockchain technology.
Still not sure how this technology will change the world? Here just five ways that the blockchain will transform the public sector:
The days of ID checks are in the past now. With digitization of ID documents, birth certificates and other documents will get replaced by single personal identifier enabled by blockchain technology. It is one of the best and reliable ways to identify individuals, from government agencies to citizens.
Blockchain technology enables digitization of car registrations, property titles, medical records and many more important documents. Once recorded, all these documents can be considered as digital proof ideal in legal battles. Tracking and printing costs will also decrease paving way for a better option.
There is enough room for Blockchain technology in existing banks or financial institutes. Blockchain technology has the potential to eliminate tax avoidance and fraud from the system, thanks to its trust protocols and transparency, which makes it unique. Using this technology, government payment, tax returns, compensation, social benefits, and grants can be automated.
Blockchain technology makes accountability possible in all spheres. All financial movements and transactions can be permanently tracked and recorded; all voting results can be entered onto a public network, to make sure everything is transparent. Blockchain technology’s transparency makes it widely popular and ideal for today’s world.
Several processes, like filling applications, receiving and making payments, transferring permissions, and getting visas can all be streamlined using this new technology. Blockchain technology will be beneficial to all developing markets.