The Blockchain is definitely the world’s best technology now. This is because of its decentralized nature, data protection and very high speeds of data processing. Blockchain technology can e customised to suit ant service required.
Many sectors are already taking advantage of this impressive technology to better their services. Fields like Finance, health, security, and logistics are already using Blockchain. Many players in the mentioned fields site Blockchain as private secure and immutable making it the ideal technology to use. The technology is also very effective in the elimination of middlemen making transaction faster. The elimination of middlemen also reduces transactions fees as there are no people to break the fees.
Through Blockchain smart contracts are allowed. The smart contracts execute themselves automatically after the minimum conditions are met. Again in smart contracts, no third parties are involved, and there is no paperwork which is also an added advantage.
With blockchain artificial intelligence, machine learning systems can be used. With this, a new channel of huge data analysis can be done and used in different industries. Blockchain had been originally created as a support for Bitcoin, but since then it has been adopted for other purposes.
Adoption in Government
The reasons why Blockchain should be integrated into government systems is to eliminate middlemen who are often the biggest causes of corruption. More to that Blockchain is secure, fast and private. This means with government conducting millions of transactions and activities daily that can be fastened using the Blockchain technology.
Governments have been accused before of shrinking budgets, being rigid, having poor services and in most cases not changing with the demands of its citizens. Many governments are not taking advantage of the Blockchain technology because they feel that the technology is too straightforward and may restrict them. However, some governments like Australia are working towards integrating Blockchain into government processes.
Not only Australia. The likes of Dubai, Japan, India, China and the UK are already adopting the technology. Actually, Dubai believes that all government processes will be controlled by Blockchain before 2020. The US is trying to understand Blockchain and is developing regulation around it.
The world is changing very fast. Governments that are not ready to evolve with technology maybe left behind and catching up may be very hard. Governments should, however, take time to study Blockchain to determine if it’s the best for them and whether it suits their services.
Through Blockchain governments and industries will be able to save money, streamline their activities more by offering efficient and secure services. More to that Blockchain being the mother of Cryptocurrency its huge adoption could bring Cryptocurrency closer to fill mainstream. This could be a huge step in the digital currency world.