How the world is experimenting with the blockchain


Blockchain technology offers the promise of more efficient and accurate processes thanks to how it works. And for governments it is exciting given the amount of data they hold about citizens and how they are pushing to digitize much of this. Nations are also responsible for a huge amount of recordings that could move on the blockchain.

Let's take a look at some key evidence of blockchain technology in the government.


Elections are susceptible to fraud and human error. Blockchain has been advertised as a solution to solve it. A number of trials have happened all over the world. One of the most recent occurred during the primary West Virginia elections in May. Selecting votes could use a & # 39; blockchain-based mobile app to vote. It was created by a company called Voatz.

So how did the blockchain vote work in this situation?

People voted through a "mobile app" that was essentially the equivalent of a ballot. Mobile cards are "tokens" or potential votes that are cryptographically linked to a candidate. The voter makes his decision, is checked by several servers or computers known as "validation nodes". After verification, the token or ballot is charged from the electoral ledger and entered in the candidate's ledger. This is an automatic process and means that a single person can not vote twice. And it's now on a blockchain that can not be tampered with.

Credit check

China has made a hard lap around the cryptocurrencies and ICOs, but has focused a lot on the DLT. At the start of this year, Chinese President Xi Jinping said the blockchain has "revolutionary" applications.

Parts of the Chinese government have worked with blockchain companies in various areas such as credit scoring. One of these companies is Points that has partnered with a branch of the Chinese Ministry of Industry and Information Technology and the Chinese Academy of Information and Communication Technologies to create a solution blockchain to get to know your client (KYC) and credit score.

The KYC product eliminates the need for institutions to repeatedly execute the process manually.

"Thanks to its partnership with the Chinese government, Points has access to the verification of identity documents and criminal records on a billion people in China. Thanks to the blockchain protocol of Points, the KYC process, which normally takes time and which it would normally be done manually, it increases efficiency for institutional partners, "Sarah CN told CNBC founder via email.

"It does so by reducing the need for the institution to store data on its servers as points because they can simply verify identities or other pertinent information via blockchain that has already been verified previously."

This process could be used all over the world but requires the opening of data to allow verification of a person's identity and their credit score.

Supply chains

Supply chains are very complicated with different parties involved in many countries. The goods have passed between the various parts and many of the contracts are involved in the process. This is a scenario in which the DLT has been tested.

At the government level, the UK watchdog made a pilot using blockchain technology in a cattle slaughterhouse. In the pilot project, both the Food Standards Agency (FSA) and the slaughterhouse were allowed to access the data. They were able to share information on the supply chain, working on a ledger, rather than on various different documents.

Supply chains based on the Blockchain are something that many companies also try.

These are just some examples in which the blockchain has been experimented with many others in process.

What will happen?

Blockchain is undoubtedly one of the most advertised technologies this year with people working in industry seeing it as a silver bullet solution for many processes, which in fact may not be. The trials are under way but there is still a long way to go before this becomes mainstream.

A number of competing blockchain platforms from Ethereum to Hyperledger are fighting to become the dominant player. But a big problem for DLT is scalability, which is if it can work efficiently on a large scale, which would be crucial to be effective at the national level.

Hileman said that with the price of cryptocurrencies increasing and decreasing many developers of the underlying blockchain technology may have taken their "eyes of the ball", but now they are back to creating solutions that may soon arrive on the market.

"We will see further work over the next 12-18 months in testing various scalable solutions that will deliver the promises we have heard of," Hileman told CNBC.

"There are questions that have no answer, but I'm sure they will be There are intelligent people with different blockchain projects and one of these will work, many of these will work." The resources are there, the power of the brain is there , it's just a matter of time and I think we will see great progress in scalability. "

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