Applications of Blockchain
How Government can apply blockchain technology?
1. Proof of ownership and transfers
Land transactions and proof-of-ownership often burden government agencies with documentation and administrative work. Through blockchain, administrations can permanently store transactions like land, property, and vehicles on a public ledger.
The Georgian government’s land registry department, as an example, pioneered a land registry tool to trace land ownership and land transactions within the country’s borders. As a result, the govt. has greater transparency in land dealings, and interested citizens can hunt a chunk of land and obtain accurate information, as all initial and subsequent sales are recorded, time-stamped, and stored permanently. This process also greatly reduces the likelihood of corruption, since the distributed ledger is safer.
Another example, the Swedish land registry uses a blockchain-based solution for land-title transfers. The disintermediation and removal of notarization through smart contracts has reduced the transaction time by quite 90 percent.
2. Social-benefits management
Government systems that provide social benefits, like unemployment. Blockchain can improve record management and supply protection.
European nation, for example, is employing a blockchain to administer its pension program, which has the additional advantage of reducing management costs, because it is simpler to control.
3. Validation of documents
Governments are consistently searching for centralized cloud-based solutions to validate the documents of all their citizens, and blockchain might be that solution. The technology can store hash values of citizen documents on the blockchain, allowing governments to produce an attested and permanently time-stamped electronic version of those documents anytime.
4. Patent protection
Since blockchain can permanently time-stamp transactions at any time, companies or individuals can file patents without enduring the bulky submission process. While the particular patent verification might take time, the time stamp related to the filing can help solve multiple patent-related disputes and potentially prevent costly lawsuits.
For example, an organization could time-stamp a document before it undergoes the total application and filing; thus, if a competitor tries to register the same patent, it’s easy to prove which party had the thought first.