Can blockchain, a decentralized ledger system, really work within the strongly centralized public sector?
In the past few years, there had been a fundamental shift in the technology of blockchain. The longstanding problems are already been resolved through the innovation made by blockchain.
We are in the stage of development, with banks, industries, government, and business analysing blockchain technology with proof of concepts.
A lot of technical committee for blockchain standards, and is looking at standards, definitions, rules, and other elements of the technology. This will provide a clear decision framework on issues such as governance, authority, and interoperability of the technology.
One of agency is taking a lead in exploring blockchain uses in government. My working with the government on behalf of the blockchain and cryptocurrency industries, assisting with the design of policy, guidelines, and legislative changes to encourage innovation in the area.
Solving problems with blockchain
In developing and adapting blockchain technology, within a remarkably short period, however, the internet became a central part of both business and social life. I believe blockchain technology will follow a similar path.
“Like the internet, we did solve the problems of scale, improving its use and imagining new applications, there are thousands of very smart people around the world working on blockchain infrastructure development, many of them are done by open data protocols."
Blockchain provides a neutral place for a transaction to occur, calls “a shared truth” of data.
The crucial thing is when the government takes the role of the authentication of data and, through rules, determine the allocation of resources and benefits. A change of thinking will be required. The blockchain is not owned or governed by a central authority, and the data is decentralized and distributed across thousands of computers.
Government agencies are inherently centralized, so change management in relation to issues of control and the future of work will have to take place as the technology is being explored.
Peer-to-peer blockchain platforms
The key issue was how to improve information in the legal paper industry to increase participation and confidence in the legal paper industry.
RevInfotech developed legal industry, based on the public blockchain. The blockchain-enabled platform provides a means to verify all legal trades and update state registries in real time to prove that a legal paper trade has happened, as well as showing the location of the trade.
“It showed how blockchain technology could address very complex problems involving many participants and many rules – in fact, over a thousand rules,”
RevInfotech has developed similar solutions for other agencies Key points about blockchain are as follows