Blockchain technology is emerging as a transformative force in public service delivery. It is offering a level of transparency, efficiency and security. Blockchain and emerging tech evangelist Sharat Chandra lately pointed out that distributed ledger systems are becoming important tools for addressing the inefficiencies in governance structures. Governments in many countries are adopting blockchain and it is clear that we are on the cusp of a major shift with respect to how public services are managed.
The recent launch of the Vishvasya-Blockchain Technology Stack in India is a prime example of how blockchain-as-a-service (BaaS) is set to revolutionize governance. The initiative has the potential to simplify the integration of blockchain technology into various governmental applications. States like Tamil Nadu, Odisha, Bihar and Karnataka will likely lead the way in its implementation.
One of the most compelling aspects of blockchain is its ability to protect sensitive data. This is an era of technology and data breaches are common. Aadhaar has played an important role in identity verification, but it lacks the means to make the data tamper-proof. Vishvasya can ensure that the linked data remains safe.
Central Bank Digital Currencies (CBDCs) demonstrates improving of cross-border transactions through real-time settlement. It may not replace SWIFT and other network, but can offer an alternative to faster and transparent transactions.
Tokenization is another area where blockchain holds promise and especially in sectors like real estate and financial assets. It can democratize access to illiquid assets. It can enable fractional ownership. Regulatory frameworks need to evolve and the innovations is to ensure the benefits of blockchain are fully realized.
More industries are to recognize the value of blockchain gradually. It can transform public services, financial markets and many more.
