How can Blockchain redefine the politics: For good or for bad?

It would not be an exaggeration to say that the politics has the capability to change the world- for good or for bad. However, the corrupt politicians are giving it a bad name by misusing the power and position for their vested interests. They are assisted by other officials, bureaucrats and relevant “sources” in their malicious intentions.

Some widely accepted manners of misusing politics are sabotaging the records, disrupting accuracy and influencing various officials to compel them to divert from professional integrity. Technology can help here a great way as it is free from the human weakness. One such technology is Blockchain Technology– a decentralized, transparent and immutable technology.

The Blockchain technology is fully capable of ensuring maximum accuracy and data integrity and requires no or minimum human intervention in its processes. Hence, if the Blockchain technology is strategically utilized in the politics it can have a very positive impact. However, there are a few disadvantages or rather concerns that are not unfounded. Let us know about the various good and bad ways in which the Blockchain technology can influence the politics:

No way to influence election outcomes

The global election scenario is largely dependent upon the digital capacities. While it has certainly helped to bring numerical accuracy, it has also augmented the concerns about manipulating the digital ecosystem to align with the vested interests of the politicians.

There are many real-life cases where the digital ecosystem has been manipulated by the cunning politicians to influence the election results. It cannot be done without human intervention (read bureaucrats and relevant officials). Blockchain can play the heroic role here if it is used efficiently.

• Human officials are employed to monitor, examine and maintain the security and integrity of the process.
• Hence by bribing, building relations or simply threatening the officials the unscrupulous politicians can get an undue advantage and win the election.
• Blockchain has the exact capabilities for maintaining the integrity and accuracy of that can be comparable with the human professionals.
• Blockchain also has an added advantage. No one can influence the “Blockchain Technology” as it is free from human weakness.
• Hence, the better accuracy with zero possibility of being bribed, threatened or influenced in any other way ensures the maximum integrity.

Reduced chances of to “hiding” or “whitening” the Black Money

One of the most eloquent examples of Blockchain’s capacity is the case of the Georgia region. It is a small region that unfortunately lost its land to Russia. It was in 2008 that Russia managed to quietly usurp some of the Georgian territories on some “officially sounding” logic. So it is not difficult to infer that if the entire geographical territories can be usurped by a Nation then how easy would it be for the politicians to manipulate the land registry process for their own benefits.

Coming back to the case of Georgia, it is again the best example of how can the blockchain be recorded be used as a powerful tool to prevent the politicians from manipulating land records.

• In fact, Georgia has now secured the land records with the help of Blockchain technology and it is simply not possible to manipulate the land registry records of Georgia to quietly seize its land (even a single square meter) on one pretext or the other.
• So the Blockchain technology can help in maintaining the accuracy of the land records and more importantly no one can disrupt that accuracy quietly or secretly.
• Accuracy engenders integrity and transparency and hence it will simply not be possible to manipulate land records for personal interests.

Blockchain can stop misuse of charities or donations

Unscrupulous politicians also alter or manipulate the charity funds or donations in order to hide their assets from official scrutiny. While the records of charities and donations are also maintained physically and digitally there is the human intervention involved in the process. So there are good chances of corruption.

• If the Blockchain technology is used to maintain the expenditure records for the grants and donations then there would be no way to corrupt the data.
• In short, the politicians and public officials cannot take home the money in the name of “virtual” spending of charity or grant.
• Likewise, it will also help to cap the donations to the political parties by keeping the accurate record of the amount as well as the source.

Apart from all these benefits, there are some disadvantages and concerns associated with Blockchain technology. Here are a few of them:

Tedious verification process

Unlike the traditional digital processes, say the centralized system, the verification process is widespread and deep in the case of Blockchain technology. In fact, the Blockchain technology goes through more or less the same level of tediousness that was in prevalence before the digital era.

• It is because it has to obtain the consensus for each step of the transaction.
• That not only adds to the overall time but also multiplies the complications.

More computational power for the same results

Another major limitation with Blockchain technology is that it uses extensive computational power. In fact, the same results achieved in the traditional centralized system with modest computational power would require Blockchain to go through a huge stretch of processes and thus compels it to utilize the humongous amount of computational power.

• So, if it is implemented on a huge level the total budget may get inflated with unnatural amounts
• It makes it commercial difficult to implement on a very large level.

Conclusion

Digital technology is already playing a great role in today’s political scenario but it is still largely controlled by the officials and there are many loopholes. If the present centralized technology and processes can be replaced with Blockchain technology then the chances of corruption can be minimized. However, there are still some concerns regarding the viability of using Blockchain technology. This blog concentrates on key advantages and disadvantages of Blockchain technology if it is used in politics.

Guest article written by: Annette is a content writer and director of operations. She writes for various industries like travel, wildlife, history, art, and of course technology! She works with B2B and B2C businesses providing digital marketing content that gains social media attention and increases their search engine visibility.