Blockchain technology has been quite popular ever since it was launched in 2009. Initially, it was used for cryptocurrencies like Bitcoin and Ethereum, but later it was found that it had far more uses than anyone could have imagined at that point of time.
Apart from being safe and secure, the most important benefit of a blockchain is the level of transparency it brings on the table. This is the reason why companies across the globe are applying this technology in the processes for a better understanding of shortfalls and reducing unnecessary expenses. What was once believed to be just another internet bubble has now become an integral part of several organisations.
Citing the transparency factor of the innovative technology, Republican House Leader Kevin McCarthy requested the Selected Committee for Modernization of Congress, that blockchain should we adopted within the US government. McCarthy testified history before that committee on 13th March.
He said that the governments should not use any public cryptocurrency network. In fact, McCarthy proposed the US government to create its own blockchain. However, he opined that the government would require assistance from outside as the private sector has more tech-savvy individuals than the public sector. McCarthy stated that adopting blockchain in government operations will help the citizens to have a clear idea about what the government actually does. This will, in return, increase trust for the government among the public. The proposal is expected to garner support from the public.
Every year, the US Federal Government spends about 80% of the total $60 billion IT budget on managing outdated technology systems. Implementing blockchain technology in government processes can significantly reduce costs and time taken by the department. While addressing the Congress Committee McCarthy said that blockchain technology has revolutionizing the finance industry, and it is time that the government starts adopting the technology.
While addressing the Congress Committee, McCarthy said,
”What I’m looking for is building greater confidence in the institution that we have – utilizing the 21st-century technology to make us more customer friendly but at the same time give us greater information that can hold us accountable in this process.”
The popularity of blockchain has been growing worldwide, with giant corporations like IBM, TCS, Facebook, HSBC, etc., investing substantially in revolutionary technology. In fact, HSBC completed forex transactions worth over $250 billion in 2018 alone using blockchain. Technology behemoth IBM has rapidly grown its presence it the market by acquiring smaller companies and expanding its services. Recently, JPMorgan became the first bank in the US to launch its own cryptocurrency.
Transparency in government has been in discussion for decades, and now with technological advancements, the dream might certainly come true. Not only in the United States where people have voiced for the use of blockchain in governance. Technology enthusiasts in India have also been echoing the same voice since the past few years.
If the government agrees to implement blockchain in governance, a lot of confusion among the masses will be eliminated, creating a trust for the government. The best part about a distributed ledger system or blockchain is that it is designed in a way when nobody can alter the information each block contains. Therefore, the possibility of corruption and tapering data is completely ruled out in this system.