When a new development is introduced it is only to be expected that governments will look at them to see if they can assist their organizing in any way. This is the case with Blockchain but what is perhaps surprising is the speed in which the Indian government has taken to it.
Blockchain is an innovation which can help accounting and analyzing aspects of that accounting and perhaps its best feature is that once data is placed in its system, it cannot be altered. This means that all records are accurate and transparent, two qualities most governments will appreciate. As data is placed on record in one location, it can immediately be seen in any other linked location and therefore acted on. A second location can then add to that record so that the expanded record can be seen by a third linked viewer and so the pattern grows but regardless of how much data is added to the original data, the original data remains on record in exactly the same way. This means that analysts can view all aspects of a process and determine where and if improvements or adjustments can be made.
In India, although Blockchain is relatively new, over 40 initiatives using it have come into effect in the public sector alone. 8% of these initiatives are already in the production stage whilst the other 82% are still in different projects pilot stage but all will be in full use sooner than many outsiders would have thought. Although India does at the moment seem to be leading the field in the use of Blockchain in the public sector, it is expected that many other governments will respond similarly given the time.
The benefits which Blockchain can offer governments, are very visible but what may be less visible are the benefits it can have in many fields of business, especially in the financial sector and larger organizations. The system allows for easier analysis in many areas and that better analysis can lead to better cost efficiency and therefore a more competitive edge and higher profits. It will be of particular benefit to businesses which have multiple locations such as the agricultural industry and the travel industries.
The particular features that Blockchain possesses has already been discovered to have great potential benefits to the gaming industry in order to help provide a better gaming experience for their players. Many companies in this industry have already taken on Blockchain and are finding positive results in two aspects, the awarding of tokens or advancements to the actual game play itself.
It is not a question of if Blockchain will affect our lives in any way but how it will affect our lives. In most instances such as when it is used by governments, the effects of it may not be particularly noticeable to us but when it is used by the gaming industry its benefits may be very apparent and therefore more likely to be appreciated but either way it will affect our lives somehow.Published: Apr 16,2019 01:15:00 PM IST, Updated: Jun 26,2019 06:00:25 AM IST