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Blockchain is one of these things, quite associated with cryptocurrency. Together with the IA, Blockchain is also a fundamental pillar called the "Fourth Industrial Revolution". Blockchain is a database of transactions. When transactions are peripheral in the form of blocks, all the blockchain copy of the network participants together. Few blockchains are public, others are private.
In particular, this ASX update reduces the $ 100 million spent each year to compensate and pay taxes. Therefore, market participants no longer need to appease their database with ASX. Since they have an updated version of the ownership property is available.
This is just a radical demonstration of the private sector that uses emerging technology to reduce costs and improve efficiency. Including how the public sector can exploit this new strength. Governments do not have an enviable track record in keeping private information. But governments are looking for new ways to innovate.
What are the solutions to these problems?
To overcome the problem of widely dispersed and incomplete databases, the Australian government is developing Govpass. With the coming years, eight high-volume government services could pilot the digital identity system. This includes over 500,000 Australians. Once completely unrolled, it will be safer and easier than before the Australians prove who they are when they are dealing with the government.
When investing in Govpass, the 2018-19 budget includes $ 700,000 for the blockchain survey for government services. In this situation, it has numerous advantages: it allows the services to function without problems between the parties that do not know each other. Thus, creating a chain of trusted records that help with the security and responsibility of transactions.
IP Australia will soon use Blockchain to manage the patent registries and improve the notorious illiquid patent market. Currently, the Department of Agriculture and Water Resources is investigating the possibilities of using a $ 16 billion blockchain water trading platform in the Australian water market.
What will this mean when Blockchain centralizes databases? Share your thoughts in our comments section.
Summary
Item name
Blockchain centralizes databases to improve the efficiency of the Australian government
Description
During the previous week, Canberra directed Blockchain's parliamentary friends, where a group of leaders was leading change in the rapidly moving economy.
Author
Elena R
Publisher name
Coinpedia
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