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How has Blockchain impacted the Public Sector?

Vrinda Mathur
Feb 14, 2022

Blockchain today is comparable to the Internet in the early 1990s. While we have seen how the "Internet of Information" has altered our lives, we are now approaching a moment in which blockchain may accomplish the same by ushering in a new era of civilization.

A paradigm consisting of the Internet of Trust and the 'Internet of value' which the financial services industry was among the first to use.

Adopters of this technology will find applications in a variety of sectors. Blockchain technology has the potential to change the financial industry and the global economy in its entirety. Firstly let's understand what is blockchain?

Blockchain and the Public Sector

What is Blockchain?

A blockchain, in its most basic form, is a digital repository of transaction information. This is also known as a ledger, which is why the term "blockchain technology" is frequently used.

Blockchain is a distributed, unchangeable ledger that makes it easier to record transactions and track assets in a corporate network. An asset can be either physical (such as a house, vehicle, cash, or land) or intangible (intellectual property, patents, copyrights, branding). On a blockchain network, virtually anything of value may be recorded and sold, lowering risk and costs for all parties involved.

What makes Blockchain so important?

Information is the lifeblood of business. The sooner and more precise it is received, the better. Blockchain is excellent for delivering such information because it delivers instantaneous, shareable, and entirely transparent data kept on an immutable ledger that can only be viewed by network members with permission.

A blockchain network can monitor orders, payments, accounts, production, and a variety of other things. And, since members have a unified perspective of the truth, you can see all aspects of a transaction from start to finish, offering you greater confidence as well as new efficiencies and possibilities.

What is the Public sector?

The Public Sector is often made up of government-owned and run enterprises that exist to offer services to its population. The public sector often provides services such as health care, national defense, public education, water management, and others. Organizations in the public sector, like those in the voluntary sector , do not strive to make a profit.

Public goods and governmental services such as the military, law enforcement, infrastructure, public transportation, and public education, as well as health care and those working for the government itself, such as elected politicians, are examples of public sectors.

The public sector may offer services that a non-payer cannot be denied (for example, street lighting), services that benefit society as a whole rather than simply the individual who utilizes the service. Public businesses, often known as state-owned firms, are self-financing commercial companies controlled by the government that sell a variety of private goods and services on a commercial basis

Organizations that are not part of the governmental sector are classified as either private or volunteer. The private sector is made up of economic sectors that are designed to make a profit for the enterprise's owners.

The voluntary, civic, or social sector encompasses a wide range of non-profit organizations with a focus on civil society.

Also Read | How Blockchain is transforming Gaming Industry

Impact of Blockchain in Public Sector

Let us now understand the role of blockchain in public and government sectors:-

Role of Blockchain in Public Sector

Digital Identity Management

Blockchain and digital identity are seen to be a fantastic match since technology uses a decentralized method to maintain identities, which aids in the elimination of current difficulties such as lack of accessibility, data insecurity, and false identities.

In contrast to centralized government databases, Blockchain plays a critical role in Digital Identity Management. It assures that all digital identities are cryptographically safe, and the owner produces these IDs themselves.

Furthermore, technology may be employed for the DID registry, where users can save all of the IDs' information on an immutable ledger, ensuring that no one can access and steal the userID and critical information. Blockchain in the public sector aids in the development of a comprehensive degree of confidence and peace of mind for citizens.

Fair Voting Mechanism

When it comes to voting, electronic voting machines are subject to assaults, and there is no indication that they have been hacked. Furthermore, there may be software flaws on such voting devices, which might account for issues such as insufficient voting performance.

Another application area in which Blockchain plays a critical role is voting. Citizens may cast votes in the same manner they begin other secure transactions, and the system even validates that their votes were cast. DLT protects digital identities, avoids hacking and fraud, and, most crucially, allows individuals to vote anonymously.

Also Read | Blockchain ETFs

Maintaining Registries

Governments and their legal divisions serve as the primary source of truth for everything from property titles to corporate company registration, marriage and divorce records, criminal records, and more.

However, managing such registers is a difficult undertaking because the entire process is riddled with corruption, high expenses, and delayed processing.

Using Blockchain to manage registries provides the necessary transparency to eliminate fraud and corruption while also allowing for real-time notifications. This is critical for expediting traditionally sluggish operations such as property title transfers and others

Pharmaceutical Industry

The pharmaceutical sector is today plagued by fragmented information, delayed interaction between stakeholders, and a lack of interoperability. The goal of blockchain is to make medical records held in fragmented databases more accessible.

In addition to speeding up clinical and biological research, technology offers the potential to improve the insurance claim procedure and medical record administration. This is why nations all over the globe are embracing Blockchain in the healthcare arena.

Recently, it was announced that authorities in Chengdu intend to employ Blockchain for a variety of objectives, including healthcare for electronic medical records, electronic prescription circulation, material verification, vaccination traceability, and medical data exchange.

Also Read | Role of Blockchain in Financial Services

Why are Blockchain experiments growing in the Public Sector Globally?

Due to a lack of decentralization, the public sector has a complicated infrastructure. Blockchains might be employed in existing systems to increase efficiency and reliability of public service delivery. It may be used to improve openness and accountability in government and the public sector by streamlining procedures.

Furthermore, technology can assist back-office tasks in coordinating and streamlining tendering and purchasing across several departments. Because it provides an unbroken and current record of information in real-time, blockchain is receiving a lot of public interest. It makes any alterations difficult, reducing the possibility of fraud.

Making records permanent reduces the possibility of fraud and mistake, enhancing accuracy and simplifying back-end procedures while providing significant benefits in terms of efficiency and productivity.

So far, it is evident that Blockchain, if embraced on a worldwide basis, has the potential to provide this industry a new dimension. It has the ability to transform in ways that no one could have predicted. However, in order to fully realize its potential, the government must act as a facilitator by creating an enabling environment for interested parties.

Aside from that, it is critical to develop common standards, examine infrastructure needs, alleviate security concerns, promote awareness among stakeholders, and instill trust in the ecosystem as a whole.

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How has Blockchain impacted the Public Sector?

Blockchain and the Public Sector

What is Blockchain?

What makes Blockchain so important?

What is the Public sector?

Impact of Blockchain in Public Sector

Digital Identity Management

Fair Voting Mechanism

Maintaining Registries

Pharmaceutical Industry

Why are Blockchain experiments growing in the Public Sector Globally?

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