Blockchain Technology is making its impact in almost every industry like from medical to banking it is having its use and applications. Like this, it is also playing an important role in government sector because of its unique features. One of the main important role of government is managing civilians’ private and personal information like birth and death certificates, educational data, and real estate records. It is very important for government to keep this records and data safe, and Blockchain is helping to manage this data more securely and in effective way.
Blockchain is real-time and online record on which we can record anything like supply-chain information, contracts and financial transactions. One of the most important feature of Blockchain Technology is that no any person can interfere the chain. We can see the details of each block and record but only the person can edit the record or block who is owning the Blockchain or having the private key. Blockchain technology offers data security and reducing some transaction costs and because of this, global Blockchain market can exceed to almost $19 billion by 2025.
Also Read: How much will it cost for Blockchain Training in Bangalore?
In future, Blockchain is going to affect most of the public sector functions:
Data Security:
Any organization or entity is having risk of cyber-attack who is handling large amount of personal information or data. In 2015, hackers stole all the personal information, fingerprints and records of America citizens. Blockchain security is not fully guaranteed but it definitely create hurdle to hackers.
Voting:
As Blockchain technology is having transparency, government thinks that it can help to prevent election fraud. One of Blockchain startup is already working in Boston to integrate a secure Blockchain in voting process including identity verification. This type of application also compatible with mobile and tablets, which can provide voting access in rural areas too.
Simplifying administrative processes:
Blockchain Technology can streamline government processes by removing mediators. For now, any third-party or bank acts as a trust agent between two parties in any contract. Instead, if there is use of Blockchain Technology, both parties can share data and quickly and in safe way. For example, property owner can use Blockchain to enable a real-estate transaction, with all the appropriate information being recorded and approved by both parties, seller and buyer. If there is use of Blockchain technology in real estate transactions, approval time and the paper work will definitely decrease.
Streamlining educational data:
Putting professional and educational accomplishment information on Blockchain allows entities to control and access their data. It also enables employers and universities to verify attestations for courses and certifications achieved.
Vaccination tracking:
Vaccination is very important part of government activities. Putting vaccination data on encrypted chain enable government schools and medical providers to confirm vaccinations rapidly. This process activates related micropayments and representatives access to benefits depending on medical status.
Tracking student loans:
One of application of Blockchain technology is smart contract. This smart contract can be programmed for government use to manage and track student loans with all the term and conditions. Such system increase transparency and security in tracking and managing loans with real time data access.
Collection of payroll tax:
Tax collection is one of the main and bit difficult, time consuming process for government. Blockchain technology can help in tax collection with smart contracts. This smart contracts can simplify the tax collection process by matching income transactions with tax amount and other deductions. With Blockchain based system, tax payment will automatically send to individuals which brings transparency, security and speed in tax collection process.
Currently, many government entities started using Blockchain Technology such as banking, education, manufacturing and many more. Likewise, leading technology industries also started introducing their Blockchain projects for government use, which is helpful in secure, transparent and efficient transactions.
If we see Blockchain Technology in employment sector, there are so many career opportunities related to Blockchain technology. And now days all the government and private organizations started using Blockchain transactions in their day to day activities and this is because it is transparent secure and efficient. So in future, definitely there will be more number of jobs opportunities available with attractive salaries. NearLearn is one of the best institutes in Bangalore providing Best Blockchain Training in Bangalore. If you want to know more about our course and information related to it, please contact www.nearlearn.com or call: 8041700110
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