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Can Blockchain bring complete transparency to Governance?

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When it comes to the multiple applications of the Ledger based technology, it will never cease to amaze how quickly the world is willing to adapt to it. Apart from the conventional technological applications blockchain might offer, transformation of unconventional databases is another major application. Owing to its speed of access, decentralization and complete transparency, blockchain is being preferred in storing Government documents. The main intention of such tectonic shift is to provide complete transparency to the people when it comes to Government. Let’s look into how Government has adopted Blockchain for governance across the world:

Russian Government’s surprise move:

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Surprisingly for a country that has been an active non supporter of cryptocurrencies, this is a pleasant surprise. An anti-trust agency within the Russian government is testing a blockchain-based document management system. Named as “Digital Ecosystem” the project involves creating a completely digitalized document ecosystem. The project aims at developing tools that can increase the speed, reliability and quality of interaction during document exchange.  This project is one of the most notable ones to emerge from the country given the debate about cryptocurrencies. This makes Russia one of the first countries in the world where the state and market participants are looking at these innovations as a way to simplify business operations.

Vermont pioneered to be the ‘Smart State’:

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Vermont has taken some legislative steps in 2015 to enable the state using Bitcoin’s technology for state records. It also planned to launch smart contracts and other applications in a drive to become a leader in the field. The major plan was to create a blockchain based public records system to ensure complete transparency. The other benefits include identifying of erroneous records and wrong data capture. The order, signed by the governor, called for a report that elaborately discusses the risks and benefits of blockchain technology.  Owing to cost of implementation of blockchain for public records management system, Vermont dropped the plan in 2016. However, Vermont is still driving to be technologically ahead and is looking into ‘Smart Contracts’ for governance.

Dubai jumps into action:

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The Crown Prince of Dubai recently announced strategic plan that would see all government documents secured on blockchain by 2020. The prince revealed that the goal of this initiative is to open the platform to other cities around the world

He said:

“The emirate is building on that achievement by constantly working to foresee the future and keep up with the fourth industrial revolution and all the prospects of increased efficiency that come along with it.”

Further, officials believe that this strategy will be built on ‘three pillars’, including government efficiency, industry creation and international leadership. The expected result of this project is increased government efficiency by speeding up the transactions. Once the documents are on blockchain, the innovators believe that the project will create business opportunities for the private sector.

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