The blockchain technology is been considered as one of the most influential technological marvels of the Digital Era, one that has the potential to reform the legacy systems and empower us to live smarter and better.
The technology was introduced to the world via the launch of the first cryptocurrency Bitcoin. Since then it has been on a disruption spree, invading and reforming the traditional systems, even though quite a few of the use cases are still in its initial development phases. Blockchain, when implemented, has shown an exceptional potential to reform the financial and payment processes, supply chain, etc. by minimizing paperwork, making it more secure, and adding transparency to the processes. It also takes less time on a blockchain-based system to execute the most complex of processes, due to its collaborative approach.
While it is true that most of the blockchain use cases hail from the banking, finance, and supply chain sectors it has also shown promise in the media and entertainment industry, law enforcement, etc.
Blockchain has displayed its potential of creating a very positive socio-economic impact in recent years, has urged even the government bodies to leverage the technology and streamline their respective administrative systems.
Blockchain Use Cases
Over the years various blockchain projects have been started on the government level in many countries.
Argentina
Recently the Argentinian Natural Gas Distributor, Gasnor launched a permissioned blockchain network that seeks to increase efficiency, information management, and transparency of the distribution. Gasnor uses its blockchain platform to fast-track the usually cumbersome and time taking gas certification process. It enables a swift and transparent process of gas registration, keeping a track of all the transactions that are involved in the process.
Apart from that, they are also using the DLT platform to register, verify, and implement digital identities of more than 10 thousand service providers. What used to take more than a week is now taking a few days to get completed. The government is hopeful that it will revolutionize the natural gas and energy industry in Argentina.
By using blockchain Gasnor will get higher control over the security and traceability of end to end process starting from registration and verification to providing service to the people. The regulators will be able to quickly identify and troubleshoot any problem that may arise making the entire process highly streamlined. It would ultimately have a positive impact on the overall energy sector.
Various other governments are working on ways to use blockchain to foster a more sustainable urban future through digital transformation and automation of government systems. They want to eliminate the existing fragmented and disconnected organizational structure that stands in the way of socio-economic and environmental development.
Singapore
Singapore government’s Project Ubin has integrated Blockchain into the banking industry for interbank and transactions related to cross-currency payments with Europe and Canada. The project is a collaborative initiative by the Monetary Authority of Singapore (MAS), the Bank of England and Bank of Canada.
Dubai
By now we all are well aware of Dubai’s blockchain-based Smart City which is focused on the adoption of the technology across verticals such as finance, education, banking, public sector, etc.
Read Also: Blockchain Paving a Future for Secured Communication
Other countries like the Republic of Georgia, Brazil, Venezuela, United Kingdom, South Korea, Denmark, Estonia, Malta, Switzerland, South Africa, etc are all working their blockchain projects trying to integrate and leverage the power of the technology to modernize the existing systems and processes.
In the wake of the recent COVID-19 outbreak, governments have seen first-hand the positive impact of blockchain technology, which has been a boon in this dark time. The faith in technology has been fostered and the governments all over the world are trying to make the best out of the technology so that they can provide the populace with a better and more secure future.
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