How The Public Sector Can Be Transformed By Blockchain In The Future?
The future of public sector can go Blockchain in the following ways:
Blockchain helps in securing data- Cyberattack is nothing new, we all have heard cases on it before. Any organization that carries a large amount of personal data is at the risk of being cyberattacked. With blockchain, more and more industries are coming under the radar of better security.
NOTE: Even though Blockchain is the most secure platform in this age the encryption isn’t 100 percent foolproof. But unlike other platforms, Blockchain’s main feature is its decentralization which is why it would create significant software obstacles to hackers.
Voting- Election frauds can be prevented with the help of Blockchain. A Blockchain startup based in Boston which goes by the name Voatz will be applying the secure and immutability of Blockchain into its voting process. This
Streamlining administrative processes- Blockchain helps in the elimination of intermediaries in government processes. Today a bank is the third-party between two parties in a contract. Blockchain helps in safe information sharing between the two parties even providing them the liberty to see edits or additions.
Smart incorporation- Business is going paperless and opting for Blockchain-based smart contracts instead. These digitalized approaches are of great help to companies and organizations will complex equity structure as rules for investment can be outlined on the blockchain via embedded smart contracts. Automating corporate voting can also be made possible.
Banking, manufacturing, education, retail have all started shifting towards a digitalized approach. This digitalized approach involves Blockchain because of the better security, transparency, and decentralization that it ensures. There are government agencies that are taking these public sector transformations into notice to see how Blockchain to help with governmental activities.
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