Benefits of Blockchain in the Public Sector
While blockchain is most notably used in the financial sector,
I have been studying the application of blockchain technology in various industries. According to an article on the Oracle website titled The Benefits of Blockchain Across Industries. (n.d.). there are benefits to be derived in the public sector by the use of this technology.
The blockchain is an encrypted, distributed database shared across multiple computers or nodes that are part of a community or system. Transactions and data that use blockchain technology do not allow changes to data once it is written unless all or a majority of participating computers agree to the change. Blockchain has the ability to make the secure transfer of data simpler and easier between entities. This article notes the potential uses of blockchain technology in the defense, legal and energy industries.
It also discusses that the ability of blockchain to link data between government departments that typically work is silos. This can benefit citizens because the exchange of information between departments is in real time, after the agency and the citizen agree to share data. Information would no longer be delayed, resulting in greater efficiency and better service to citizens. It could also increase transparency and reduce fraud and abuse. It is clear that blockchain holds much promise in the ability to provide secure and transparent transactions. We will continue to study the evolution of this technology.
Alan Zibluk Markethive Founding Member