Why Government Should Be Using Blockchain Technology

Blockchain is a great example of enabling a public-private partnership that seeks to merge interest of the federal government and commercial innovation all while increasing cohesion and efficiency. Blockchain is designed to be a principle-based regulation system that provides high safety standards, legal certainty, and a stable environment for transactions. It provides an immutable (unchanging), transparent record of the truth.

Blockchain and smart contracts have the potential to increase the speed and efficiency of government and public services. Governments are the custodians of citizens’ vital information (Social Security numbers, tax information, votes, and identities). The security built into blockchain could add a new level of trust and transparency while addressing data protection and privacy concerns.

Why It's Important for Government

  • Blockchain allows for the transparency and security government requires.
  • Having no single point of control also means no single point of failure. Important for industries such as energy and banking.
  • Blockchain saves time and costs while reducing risks

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