(MENAFN- Khaleej Times)
Published: Mon 24 Jan 2022, 12:06 PM
But first, how does a blockchain work?
Each 'block' of data on the 'chain,' or network of computers, has a timestamp and is encrypted. Anyone can view this data online, but only the person who owns a block (of data) can edit the info through a private key. Any change on an individual block updates and syncs with everyone's distributed blockchain in real time.
So you can imagine how blockchains will enhance transparency in government sectors. Its most interesting use case yet, however, is how blockchains will hold people accountable. Here are some other uses of blockchain:
1.How blockchains will transform geo-politics
Information recorded on a blockchain is 'immutable' or impossible to change. Blockchains can streamline elections because an immutable record of votes can minimize election tampering. In 2019, cities in USA, like Utah County, already used blockchain-based mobile voting app 'Voatz' in their municipal elections.
2.How blockchains can build public trust
Blockchain-based grants, and other public funds could minimize opportunities for illicit finances. Because no one person is in charge of the entire chain there are less number of people involved, especially those who mediate between parties.
3.How blockchain could transform health and travel sectors
It's nearly impossible to fake data on a blockchain - a feature that is useful in the wake of the pandemic. Today, blockchain-based vaccine passport apps like VeChain and COOV, aim to protect privacy and provide 'verifiable digital credentials.' Meanwhile, blockchain experiments have already begun in UAE. Last August, Dubai Police used a blockchain-enabled platform to issue 3,991 lost passport certificates since February 2021.
4.Can blockchains protect people's rights
Blockchains deploy smart contracts - or computer programs that execute predetermined commands. These automated contracts will guarantee people's rights and allow them to exercise their public privileges. Blockchain-based registries can also provide a secure, publicly verifiable record system through which people can prove their ownership of property, and other assets.
However, blockchains make us all the more dependent on technology, which may have many perks, but it also has limitations that can't be disregarded. In the case of smart contracts where codes are set in stone, this could force people to comply with smart contract rules that don't take emotions into consideration.
As more people adopt blockchains, ease of use could also make the tech more vulnerable to hacks. In another case a blockchain provider who is not a vetted developer may have their own malicious intentions.
In Conclusion
In the end, every technology is a tool and its success depends on its impact on our lives. If governments implement blockchain they would need to standardize regulations that guarantee decentralization, data privacy and security - the very purpose of blockchain tech.
To learn more about cryptocurrencies and blockchain, visit BitOasis , the region's largest and most trusted crypto-asset platform.
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