Home » The quest for value: Using blockchain to help create better public services

The quest for value: Using blockchain to help create better public services

by admin

It is a popular belief that blockchain technology, not cryptography, is required for most decentralized use cases. It is important to note that the inclusion of cryptographic solutions can amplify blockchain use cases many times over. These assets have another important role in encouraging long-term governance participation in public blockchains.

See the big picture

It is important to note that the inclusion of cryptographic solutions can amplify blockchain use cases many times over.

Emerging block (crypto) chain technology is expected to create a wave of new use cases. When government agencies incorporate them into several operations such as digital governance, funding of MSMEs, and public services such as food distribution, sanitation, grid stability, power transmission, education, and employment, they significantly improve public services, We can make your service efficient and efficient. An example of a recent use case is Firozabad police using blockchain technology to register police complaints and assist in investigations.

For example, a well-known use case is the tokenization of land and real estate ownership records.self-doer smart contract The former process is so economical and efficient that blockchain-enabled ones could be a great alternative to traditional legal contracts. The Swedish Land Registry uses such a blockchain-based solution for land title transfers. The removal of notarization by smart contracts reduced transaction times by over 90%. Smart contracts are publicly accessible and secure.

Several state governments in India are also looking to enable land records on blockchain. Interestingly, one of his most popular solutions isNFTsOr Non-Fungible Tokens, a subset of virtual assets based on token-based blockchains. Andhra Pradesh has introduced a blockchain system to record land holdings.

Multiple stakeholders, including governments, businesses, and users, can benefit from token-based digital identities, allowing users to retain self-management of their ID tokens with a self-sovereign identity (SSI)-based approach. This enables a powerful combination where users can manage their girlfriend identities and regulators can set rules and enforce controls within their environment.

The Government of India’s digital life certificate scheme for pensioners, known as Jeevan Pramaan, can address the logistical challenges faced during self-identification of pensioners. Digitizing the entire process of securing a life certificate can make it more seamless and effective.Digital Life Certificate Tokenization and Use zero-knowledge proof UIDAI-based oracle services also eliminate barriers to the seamless transfer of pension amounts to pensioners.

Tokenization is used by RBI to enable secure credit card payments. Similarly, tokenization is also used in crypto wallets to validate digital credentials or identities. For example, MIT created Blockcerts. It’s an open standard that lets you build apps that issue academic certificates and other documents via blockchain. With development work, Blockcerts works across public chains and can be easily extended to private chains as well.

The Maltese government has also used this standard to implement a system that allows the Ministry of Education and Employment to verify educational credentials using a token-based blockchain. Ethapali, a subdivision of Gachirori district in Maharashtra, will issue caste certificates to its 65,000 residents via Polygon public blockchain-based platform, LegitDoc.

Governments can greatly improve transparency by tokenizing public distribution system (PDS) supplies and payments on the blockchain. A token-based system could be created to allow anyone, regardless of socio-economic background, to access their share of the ration without a mobile device or internet access. A secure paper wallet makes this possible and can be used by PDS beneficiaries to sign transactions whenever they use the PD service. , can guarantee finality of distribution.

Another area where blockchain (crypto) chains can help is agricultural financing. For example, Bru Finance is working with the Polygon blockchain to issue lines of credit to farmers based on tokenizing real-world assets such as surplus crops stored in warehouses.

An ongoing research project aims to split stocks listed on the stock market in the form of tokens. Since the token will be part of the blockchain network, stock issuance and transfer tracking can be done securely on a distributed ledger. Additionally, when shares are registered on a distributed ledger, investors and issuers can interact directly 24/7 with instant settlement and guaranteed finality.

Allowing decentralized networks to thrive in tandem with centralized networks can yield amazing results. At a fundamental level, the creation and adoption of public goods or centralized services requires central authorities to build, maintain, and expand the infrastructure requirements of any application. Web3 allows this entire layer of infrastructure requirements to sit on the blockchain instead of a central server.

To harness the potential of innovative block (crypto) chains, we need to adopt a future-backed approach. Its success depends on its ability to properly leverage and deploy it. India has always been at the forefront when it comes to technology adoption. This time is no exception!

Disclaimer: This article is a paid publication and has no journalism/editorial affiliation with The Hindustan Times. Hindustan Times does not endorse/subscribe to the content of articles/advertisements and/or views contained herein.

Readers are further advised that Crypto products and NFTs are unregulated and can be extremely risky. You may not be able to rely on regulators for losses from such transactions.

Hindustan Times does not take responsibility in any way for anything stated in the article and/or for any views, opinions, statements, declarations, affirmations, etc. expressed or expressed in the article. same. Your decision to read the following is purely a matter of choice and as an express undertaking/guarantee upheld by Hindustan Times that you are immune from any/all potential legal actions or enforceable claims. shall be interpreted. The content is for informational and educational purposes and does not constitute financial advice.

catch all business news, market news, breaking news event and the latest news Updated Live Mint.download mint news app Get daily market updates.

more
Less than

Related Posts

Leave a Comment