About Blockchain Technology
What and How?
Blockchain technology is a shared database that stores transactional records through a network of connected peer-to-peer nodes, or blocks, linked together via cryptography. Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering.
In more details, as new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order. Meaning, this technology allows digital information to be recorded and distributed, but not edited.
Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for financial transactions. It is highly decentralized and secure. Because of its characteristics, the blockchain ensures that any copy of the data is always available, verifiable, and trustworthy.
Why Is it Helpful?
At the administration level, a blockchain-based ‘’digital government’’ can safeguard data, improve operations, and prevent fraud, waste, and abuse in government services while also increasing trust and accountability. Because of blockchain security characteristics, it is an ideal solution for such service delivery areas such as:
Healthcare and safeguarding medical records;
Recording property records;
Operating smart contracts;
Facilitating processes related to managing accountability;
Guaranteeing traceability of supply chains;
In addition, blockchain inherent transparency reduces potential for corruption and abuse, saving government funds & taxpayer money. As an added benefit, widespread adoption of blockchain technologies would increase trust in government and online civil systems. It could even be used for voting. blockchain could be used to facilitate a modern voting system. Voting with blockchain carries the potential to eliminate election fraud and boost voter turnout. The only question remaining is why government are still reluctant towards blockchain?