If you think that the advantages of blockchain technology apply only in the business world, that’s where you’re wrong. Blockchain sparks innovation in all sorts of areas, it practically can be applied to politics and regulation. The advantages of blockchain to political globalization are numerous, some stand out more than others. Here are the important things that you should know:
Initially, we must know what Blockchain is.
Often, “blockchain” and “bitcoin” are used interchangeably, however, these are two different things. Blockchain is a unique technology that is entirely decentralized - meaning it does not rely upon a central point of control, it removes a powerful central authority. The lack of single supremacy makes this technology more secure and considerably a fairer system than others.
Generally, blockchain is not just about money, even though it is the underlying technology of bitcoin trading and mining.
Advantages of Blockchain in Politics and Regulation
1.Ownership and Patents Registry
One of the most important features of blockchain technology is its public digital ledger that records much information that can not be altered retroactively.
One of the many regulatory works that are under politics is land ownership and titles. With the use of the blockchain system, all data, information, and records stored are almost impossible to alter which lowers the chances of any disputes. In the case of disagreement, your land title can be tracked through the path of the origin. This shows the revolutionary concept of secure ownership of property.
Not only on land titles, but blockchain can also be used in keeping research articles, product patents, and many more.
2. Blockchain in Digital Identity Management
This is quite similar to ownership and patent registry. However, digital identity management (DIM) forms a different case since it involves the storage of an individual’s identity or organization’s identity.
A secure and successful information society is the one that highlights the value and extracts strong importance on each member’s identity.
In the manner of regulating a country that has many citizens, blockchain in digital identity management adds integrity, transparency and combat different versioning of each citizen’s identity and necessary information.
(*When a country provides digital identity management, all of the citizens will have unified or national digital identity, all of the methods mentioned below will be easier and safer to access)
Blockchain technology is convenient and practical for almost all types of data transmission. Not only on financial transactions but this infrastructure system is very useful in voting. A single vote from any election is a piece of high-value data. The blockchain serves the voters especially in modern voting systems that are adopted globally.
Through encryption and decentralization, the database of transmissions can't be manipulated or taken down by a single party because all stored information does not exist in one place, thus making it incorruptible.
In the aspect of healthcare, the lack of identifiers to the patients and even to healthcare providers are notable. The lack of information from a single patient may make a longer chain of error rate.
Blockchain technology can secure a network of accurate demographic information of all participants where healthcare providers such as physicians may check a patient’s health history record or patients may locate accrediting agencies for credentialing.
And since healthcare systems also involve the transaction of drugs, the ability of blockchain to track data chronologically may also help in tracking, perceiving and eliminating counterfeit misbranded and harmful drug chains.
Blockchain in digital identity management can be used for identity fraud, emergencies, civil registry, court cases, and police records.
Nowadays, almost all online transactions require you to disclose your specific personal information before you can proceed to any services. For instance, in any financial or product transaction services systems such as eBay or Amazon, you are always required to sign up or input your financial and personal data.
If you do it this repeatedly, your disclosed information will be stored on numerous internet databases since the digital clone of your information exists across the different transacting platforms. This specific problem exposes a lot of security problems and issues.
Talking about the traditional market chains, in every trade or transaction there is always a third party or commonly called as “middlemen” that would process your transactions so you can have access to any products or services.
In order to process your transaction, your information contained on these online databases will be shared with this third party without your consent. Further, there is this thing called “mark up’ which you will be paying as part of the deal.
The blockchain technology will secure your disclosed information, with there being multiple copies of your transaction information out in the open that requires complex consensus to be modified in its ledger. In addition to that, it will let you transact directly to your seller or buyer and there’s not a need to pay for middlemen. Hitting two birds with one stone.
In the same manner as regulating transactions, blockchain technology will lower the risk of corruption in political governance.
1. This technology is ruled by a cryptographic hash function in the system. All information are coded messages to keep them secured so it is almost impossible to manipulate and breach.
2. If there are any disputes or attack in one point storage, there would be no loss of data since all of the transacting information is stored on multiple devices around your country even to the world.
3. You can see the status quo and real-time transactions being processed through the public ledger, even transactions of money, trades, and products.
4. This technology uses an innovative consensus protocol, which is a set of rules for transmitting data. It is a governing protocol that is scattered globally to conclude an agreement and what should be recorded, allowing blockchain to function with no corruption.
5. There is no reliance on a single central authority or storage, it reduces the risk of destroying, losing or the manipulation of single information.
Undoubtedly, blockchain technology will operate efficiencies, drive innovation and produce positive changes towards political globalization.