Blockchain Technology uses in government sector
Published By: Jayita Shome
Blockchain can help government to achieve an efficient and transparent governance.Blockchain tends to display existing intermediary institutions.Banks will explore various cases in blockchain in areas like payment and settlement of currencies,asset registries,enforcement and clearing derivative contract,regulatory reporting,KYC,AML registries,improving post trade processing service etc.
Media sector applications include low cost micro transaction that can be processed without the fees that existing payment network require.The blockchain can secure intellectual property and creative digital product like music and image etc.
In the telecom sector, blockchain can support IOT(Internet Of Things) applications by supporting transactions supporting devices.The distributed nature of the ledger can foster coordination among multiple devices.
A shared distributed ledger can simplify the settlement process.Blockchain technology can support loyalty points programming that include a more advantageous accounting of liabilities of real time updating of points balance and improve points management across franchised operations.
In healthcare and life sciences,blockchain technology can secure digital assets.It can be used to store healthcare records.It would be easier for patients to share records with numerous providers while keeping control of the records.
The blockchain technology can improve record keeping in public sectors.It helps to reduce fraud and corruption by substituting the system with a transparent ,distributed ledger.Blockchain can be used for vehicle registries,digital identities,voting records and benefits disbursement etc.
Blockchains are working with a number of government bodies to help them build blockchain applications to improve the efficiency and enable them a true transparent corruption free E-Governance.
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