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Could blockchain run a city state?

Nov 24, 2017 Posted /  5850 Views

Could blockchain run a city state?

This seems bizarre idea, blockchain is not running Presidential elections. At least for now. Though it can absolutely promote its services to facilitate the improved functioning of the state. And even if you ask the researchers of Blockchain technology, they will absolutely certify that Blockchain solutions will perform the highest degree of functions in future, bringing about a revolution in almost all the sectors of the economy.

It is noteworthy that in the year 2016, more than 30 government organizations and international private companies from around the world collaborated together to form Global Blockchain Council. The member entities also shared their intentions of initiating various projects like the proof-of-concept, which will cover everything from medical records, logistics, shipment, business affiliations. Also, the projects backed by blockchain technology which can reduce the chances of frauds, thefts and manipulative wars.

Multiple businesses are assured that Blockchain can play an affirmative role in furthering the development agenda for their respective countries.

The Dubai Example

Dubai has stunned the world by advocating the use of Blockchain and announcing its agenda of converting Dubai into a Blockchain powered state by the end of 2020. This proclamation spread optimism around the people who are already bolstering the benefits of the technology. Dubai already holds a reputation for being a state benefited by a curative economic planning.

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Smart Dubai is a government organization which has been given inquisitive the duty of exploring the different smart technologies beneficial for the country. The entity says that it is not just enough to digitally maintain the records, rather one has to perpetually keep exploiting the technologies which can empower the citizens as well. The foremost devoir of an administrator is to make the living more seamless and secure.

The Ingenious Government

The significant most responsibility that many of the states administer fail to subdue is registering the security of the official data. Hackers have exposed the limitations of the safety grid, immensely exposing the dark side of bureaucracy. The corrupt and inefficient framework makes compliance suffer a great deal.

Here the blockchain echnology can prompt the task for the government. The technology solutions are determinantal at optimizing the business decisions. The risks and the financial crunch which are the very results of data thefts, frauds, compliance will be greatly eliminated once the blockchain technology will be employed.

Blockchain runs on a peer to peer open source network system. It deploys the distributed digital ledger technology, which provides a platform for sharing, duplicating and advancing the data on a network. The Blockchain network includes thousands of computer systems embedded together to work consensus.  These characteristics accord this technology with extensive productivity by keeping the data secure, trackable and un-meddled. Moreover, the records are permanent and displayed to everybody in the network.

The government can achieve great deal success by not only going paperless but by also substantiating entrepreneurship. The official authorities can acknowledge this and strive to change perceptions of how the state's objectives can be accomplished.  


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