The strong functionality of blockchain technology has caught the eyes of different governments all over the world. However, few said that “blockchain is good while cryptos are bad” and for that number of countries have either banned or introduced strict crypto regulation.
Many countries studying the potential of blockchain-based applications have started researching and implementing the solution for better utilization.
Today we are discussing governments who have already adopted blockchain technology for improved future. Healthcare, national identity management systems, voting, tax and internal audit, banking services are some of the crucial areas where blockchain technology can help.
According to Statista, global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over 23.3 billion U.S. dollars in size by 2023. The financial sector has been one of the quickest to invest in blockchain, with over 60 percent of the technology’s market value concentrated in this field.
Let’s check the list of governments using blockchain around the world:
The government of the European nation of Estonia was among the first to adopt blockchain technology in 2008. After research, from 2012 they began to put blockchain technology in a number of government tasks.
Estonian government first uses it in the country’s registry database across several sectors, such as health, legislative, security, and the judiciary. They also created a national identity management system to reduce bureaucratic red-tape and improve the quality of service delivery to the citizen.
Dubai government is working on a city-wide blockchain project to streamline identity verification to reduce registration time by digitizing & tracking citizen’s health records, contracts, and wills, among other assets.
Dubai government also started with a fully paperless transaction system which is hosted entirely on the blockchain; this will save both manpower and billions of money, offering error-free complete task.
States like Illinois in the US have gladly accepted blockchain as a state weapon and recently launched a series of the proposed birth registry and identification system. The aim is the individualization and enhanced security identities. It is the result of the collaboration between Illinois state government and a big tech company.
On the national level, US government is trying to work in the area of national security. Besides this, they want to use blockchain in exchanging encrypted intelligence information without the threat of hacking.
The government of Gibraltar started with blockchain in fintech. They launched a financial services license for blockchain operation. It is one of the first to approve a blockchain Exchange. It is a subsidiary of the state’s exchange framework.
Well, these are just a few use cases of blockchain technology development from around the world. Blockchain technology is here to stay and it is almost ready for government, now the government has to use it for a smart future.
The emergence of blockchain accelerated different IT companies to come up with blockchain-based application development.
Guest article written by: Anand Mahajan, CEO, Sphinx Solution -an accredited company rendering Blockchain, web, eCommerce, mobile app development, big data, and business intelligence services