The Blockchain technology is mainly known for its use in the financial industry and for the electronic coins that are disrupting the banking system, but its distributed ledger can be applied in so many other fields. Through technology, we can communicate, transact money, watch movies, and even work at home. It simplified our lives so much, but if we need to set up a new company or pay our taxes, we still have to fill out a ton of papers and sign hundreds of pages. We have to go in person to vote for the people who run our countries, buy and sell property through such a long and complicated process that involves so many parties, sign contracts on paper. Why all these complications when we could press a button and do everything online, in a simple, cost-effective and time-saving way?
Blockchain Benefits in the 21st Century
Big IT companies like Oracle, IBM, Google, Apple, and Microsoft are incorporating Blockchain into their products, as they recognize its utility. Banks are also starting to implement Blockchain technology into their programs, trying to remove the administrative barriers. Government has kept us enough in the 20th century. It’s time for them to wake up and take a step into the 3rd millennium. Implementing Blockchain technology would improve record keeping for health records, voting, business transactions, etc. and it would be a great evolution of the system.
Governments from European countries as Estonia, Georgia, Sweden, and American states like Illinois, and Delaware have started to integrate Blockchain technology into their operations. They understood the benefits of this revolutionary technology and in developed countries, Blockchain will help simplify government functions and make them more efficient, in order to see a positive change in people’s lives. In developing countries, Blockchain has the ability to help governments achieving objectives as eliminate the obstacles for people who don’t have bank accounts or credit cards or securing the health records. Implementing Blockchain in Government institutions can simplify many complicated processes that make people waste a lot of their time, like paying taxes, buying or selling property, starting a business.
Digitised Technology For A Digitised World
Why using so much paper when we live in a digitised world? Step by step, all the important fields should start using Blockchain technology. Why can’t we vote, pay our taxes, and run our businesses without any physical effort or a waste of time and money? We live in the 21st century, and if a small Eastern European country like Estonia can digitise its governance, then this should be an example for all the other nations.
Blockchain is secure due to its distributed, unchangeable and encrypted ledger, and it is a change that nobody can escape if they want to keep up with the evolution of the world. Blockchain has the power to remodel the whole digital infrastructure behind all the big fields, from Banks and Financing to Real Estate and Government. If simple things as the way we watch movies and listen to music have changed, why not making easier other processes as finance or government? We already have the proof that the future belongs to technology, and those institutions that cannot adapt to the requirements of the future, will become obsolete and eventually will be eliminated by more effective innovations.
Secure And Accurate Financial Process
Blockchain technology is the revelation that made banks scared of it and enthusiastic about it at the same time. Bitcoin and other Cryptocurrencies are in fact the scary parts of this new technology for all the banks, considering that the financial sector is competing now with transactions that take minutes and fees that cost a few cents. But besides this, the Blockchain technology is welcomed by many important banks as JP Morgan, Bank of America Corp, Goldman Sachs. It is a very secure technology, and banks want security for their (and our) money, hence the interest in this innovation is growing each day. Also, the financial process is more accurate, transparent and efficient, let alone the speed of the transactions. So, if the institution that is threatened by cryptocurrency can admit that the technology behind it can be very useful, Governments should learn from them. If we have FinTech, PropTech, EduTech, why can’t we have GovTech?
The tons of papers that are used every year in our relationship with the government can be replaced by the online data kept in the distributed ledger of Blockchain. These records are secure, non-corruptible and make a more efficient process that involves fewer costs and less time spent queuing for papers or for paying taxes. In an insecure world, a secure democracy means progress.
Author: Mru Patel, Partner and COO of Flash Group, CEO of Sapian Capital