Blockchain to Break the Block

By: Banking CIO Outlook | Tuesday, June 25, 2019

Blockchain Technology

Emerging technologies like Blockchain and cryptocurrency can improve data transparency, accountability and security, as prescribed by government reports and officials. Blockchain will lead to a safer data transmission and data processing.

FREMONT, CA: Government agencies are already investigating methods to use Blockchain for making data more secure, transparent, and connected for federal acquisitions. Cryptocurrencies, with the application of Blockchain, is an emerging technology that has been mostly linked with the deep dark web and its illicit transactions, more than any legitimate purpose. However, aloof from the dark web marketplace dealings, Blockchain is best thought of as a distributed computer for metadata for running processes on a decentralized platform.

Data Standardization is Critical:

Data is one of the biggest challenges that this age is going to have to work through. The idea is to use the Blockchain to have better built-in transparency. While transferring software licenses from previous employees to current ones in the Department of Treasury, data proved to be the obstacle. What has been learned, government-wide, is that data standardization is vital. A massive data standardization attempt would have to take place all over the government infrastructure for processes to run smoothly.

Blockchain to Amplify Transparency and Lower Costs: 

According to Treasury reports, the government invests $750 billion a year into communities around the world through grants. The grant recipients have reported that roughly 30 to 40 percent of their time functioning on federal grants ends up ending in administrative activities and dollars are being misused in this mission. The government has been focused on trying to connect those communities to decrease costs, and Blockchain could be the perfect match for it. It will also enable the government to store and update their data safely.

Change toward Information and Data Sharing:

The government has found that the customs of sharing is significant for people to realize the power in sharing information. And sharing information will make the government processes a little closer toward standardization. A lot of this has to do with organizational change as the functionality strictly depends on the amalgamation of people and technology. 

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