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Case points to prove that governments are taking small, careful and innovative steps towards using blockchain technology for problem-solving.
Blockchain, Technology

Blockchain Technology In Governance – A Quick Brief

A look at how governments are gradually leaning towards blockchain technology
for better and easier governance.

Blockchain, also known as Distributed Ledger Technology (DLT), is nothing but a platform where digital asset transactions are recorded and stored transparently and chronologically. Almost all government departments require asset management and transactions. So, why depend on blockchain technology for this? What pushes the governments to choose this and win the public’s trust? What does the future hold for governance and blockchain technology? Why Should Governments Invest In Futuristic Technologies Like AI?

Blockchain and Transparency

The foremost difficulty faced by the public with government transactions is the slow, long and opaque processes. People are even unwilling to go through the expensive paper works and are tired of corruption as they are unable to see through the processes. Apart from creating easier processes, blockchain also became a platform for governments to gain people’s trust and engage them better in governmental transactions and procedures. Government identification numbers verified on a blockchain would result in easier voting system, taxation processes, gain more control over transactions, tamper-proof storage of government documents like passport, visa records, property titles, etc.


Though governments were hesitant to the point where cryptocurrencies were made illegal, countries like Chile have started accepting taxes in cryptocurrency. A section of the world views it as a coming-of-age development and more governments are expected to use this as a source of income. Another instance was when the US government started auctioning all the bitcoins seized in criminal offenses. In 2015, the US Service Marshalls auctioned about 44,000 BTC that was seized, proving that the governments need not always follow the mainstream route for cryptocurrency income. A series of auctions have happened ever since. Rootquotient is recognized among Top Fintech Software Development Companies.

The Dark Web

Since cryptocurrency is not monitored by a central authority, criminal offenses have plagued the system beyond measure. To curb this, the US government has been vigilant with strict ID checks and photographing people using the machines for the exchange to enable tracing. A strong case point for this is the Silk Road online drug market. The drug lord of Silk Road used a bitcoin platform to promote his illegal trade of mushrooms and could not handle the influx. Though he reached an all-time high immediately, it was short-lived. The US government insisted on the DEA and the FBI shut down the Silk Road due to several complaints on illegal activities and transactions.

The Other Side

A section of experts argues that central banks do not guarantee fraud-free transactions. In fact, there have been instances where their tinkering has resulted in corruption, increased unemployment, and recessions. Though this argument is legit, it has remained theoretical and the discussion has not taken a full charge to support the usage of cryptocurrency.

Where Do We Head From Here?

Innovation experts hail blockchain technology as the future. In 2017, the Canadian government launched a discussion on using blockchain technology in enterprises with the help of the National Research Council involving all governmental departments. In 2018, they successfully launched their first-ever blockchain trial publicly on Ethereum and tested the transparency of a large number of financial transactions and recordkeeping.

The US government has signed a contract with IBM Watson Health to experiment with the usage of blockchain to share patient data securely. This was to reduce the problem of lack of transparency in the health department.

Four major blockchain companies have launched the “Blockchain for Europe” association to be a unification point for all blockchain-related governmental organizations. They also aim to clear the air around the legalities of this technology, hoping to create a stamp of positive views on blockchain among people, with government approval. This will see the light of its day considering several governments are open to welcome cryptocurrency and other technology for transparent governance and futuristic policies.

These are case points to prove that governments are taking small, careful and innovative steps towards using blockchain technology for problem-solving. This might attract more investors and consumers, making it a part of mainstream governance in the future.

Written by Jayashree in August 1, 2019
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A look at the highly influential areas of technology like artificial intelligence for governments. Right investments and applications, will augment rather than replace human resources.
Artificial Intelligence, Technology

Why Should Governments Invest In Futuristic Technologies Like AI?

A look at the highly influential areas of technology like Artificial Intelligence, which the governments gain on.

Throughout the years, technology has played its part in shaping the modern digital world. With dependence on technology becoming more of a need, one must agree that it is only in the recent past that the government investment in futuristic technology has come on par with private investors. What makes it crucial for the governments to step in rather than watch the private sector take over the arena? What difference does it make compared to the technological advances the world has seen so far?

Upskilling The Workers Towards Artificial Intelligence

As technology takes over, workers in different sectors should be upskilled rather than simply complaining that humans are losing jobs to technological advancements. There will be jobs created by technology like AI, which would require more than normal skills found today. The finance sector is the best example of this today. AI is already assisting financial officers in augmenting financial planning and enhance investment strategy. Being a relatively conservative area, AI is used to track data-driven investments enhancing business modules. They are also used to prevent fraud, create better security mechanisms and track culprits based on their activities and so on.

An All-round Influence By Technology

Investing in futuristic technologies not only helps in better returns but also improve every field they are used in. For instance, robotic surgeries are far more accurate and precise than human surgeons; better infrastructure planning, citizen response systems to address their issues instantly and directly, defining policy requirements based on data collected, etc. are some of the areas where the governments are already using technology. While increasing their chances to retain power, technology also means immediate government regulations based on what algorithms indicate. Influential technologies like AI cannot be sent back to the start. They need to be used constructively like having a more open government, assisting in smart citizenship, resulting in a good balance between democracy and technocracy.

Industrialization of AI

A study suggests that about $15.7 trillion will be added to the global economy by 2023, thanks to AI, out of which North America alone will be responsible for 14.5% of the boost. With giants like the US and Canada spending actively on AI, such a massive impact can be achieved with the industrialization of Artificial Intelligence. As already seen, the wide range of applications and influences in various industries results in a constant state of innovation.

Growth becomes inevitable with innovation, especially in fields like agriculture, labor markets, energy management, etc. This is already in progress with the governments investing highly in researches and working closely with Universities to use fresh minds for development and innovation.

Right investments and applications will augment rather than replace human resources. Citizens are in touch with the most advanced technology as soon as they see the light of the world. Time is not in the governments’ favor. Hence, it is ideal that they start investing in these technologies today rather than watch the private sector make use of the gap and influence the people in their own ways. The government also could prove to be the point of control in not letting technology influence people in a bad way.

Most of the developed nations like Canada are focusing on technology as a driving force for a global society instead of simply looking at a national gain. A quick brief on the AI scene in Canada. In return, one can also say that globalization has impacted the perspectives of countries investing in futuristic technology.

Written by Jayashree in July 25, 2019
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