Will governments embrace the blockchain in 2018?
If they want to use blockchain, governments will have to face a couple of challenges. As we know, governments are citizens' most trustable custodians, because they are holding the peoples' most valuable information. For example, the governments are holding citizens Social Security numbers, their votes, their tax information, and even their identities.
So, when opting for using blockchain, governments will have to fix the trust and transparency issues. Moreover, people will also want to trust the government when it comes to data protection and privacy.
Is it a good idea for governments to embrace blockchain in 2018?
When it comes to blockchain, citizens expect the same efficiency and ease as they have from public services. If they opt for blockchain, governments will have to change everything, starting with how organizations carry out trusted transactions.
However, the good part is that a few governments are already exploring blockchain. For example, the Sweden government is using blockchain to test a land registry where banks, property buyers and sellers can view and approve transactions.
Moreover, the US state of Delaware is using this technology to help companies incorporate. Dubai wants its entire government to run on blockchain by 2020.
This includes digitalizing public documents, which will increase the speed for new transactions. But, not every country is open when it comes to blockchain.
For example, China has decided to ban initial coin offerings and it is sceptic about this new concept of technology.
Japan is another country that doesn’t agree with the blockchain system. The government has sanctioned the use of bitcoin and it wants to create its own digital currency.
Huge tech companies think that 2018 will be the year of blockchain. IBM thinks that next year governments will accept and appreciate the innovation of blockchains.