For sectors mired in stodgy, conventional paper-based systems brimming with red tape, bureaucracy and protracted approval processes, meaningful ...For sectors mired in stodgy, conventional paper-based systems brimming with red tape, bureaucracy and protracted approval processes, meaningful change requires actually moving mountains. Government agencies own some of the most sclerotic processes and systems, but legislators and the public are demanding better.
Last year, Gartner predicted that around 5% of government entities would adopt blockchain technology as part of digitization or improvement efforts. As transparent, secure solutions for digital interactions, smart contracts and distributed ledgers enable government entities to elegantly synchronize data across systems and produce immutable records for businesses, property, goods and services.
In 2022, we are already seeing more government entities announcing blockchain initiatives—including state-sponsored cryptocurrencies—to solve big issues and in efforts to guarantee data security and integrity.
Recent headlines tout the deployment of an Indian government-backed blockchain platform to issue financial contracts and guarantee payments between domestic businesses. Another effort seeks to ensure secure and seamless documentation to streamline the logistics space. Likewise, the United Nations is looking to blockchain, calling out the need for "multilateral solutions" and regulatory capabilities of the digital technology, particularly in its cross-border functionalities as the world moves to a new era of digital transformation.
SOURCE: FORBES https://www.forbes.com/sites/forbestechcouncil/2022/04/13/governments-are-testing-the-state-backed-blockchain-water/?sh=2db0411464cd