THE BLOCKCHAIN BELIEVER BLOG: How Blockchain is used as a tool for Governance across the World

Happy New Year! Hope you’ve had a great start to the New Year!

Today is a great opportunity to look what is being done with Blockchain around the world and what Governments have decided to do with the technology to facilitate governance in their countries.

The United States

The US has become an ardent supporter of Blockchain in recent times. They have a private Blockchain, powered by Grant Solutions, through which annual grants are given to different departments. Grant Solutions creates a centralised access point for records to grants making it easier to note when recurring grants need to renewed every year.  

The US government is in the process of rolling out a program whereby citizens can sell their healthcare data to researchers. It is the objective of an encrypted healthcare data exchange that came out of their INFORMED incubator signalling the intent in seeing Blockchain as part of a long-term solution.

Additionally, Chiefs of Staff started a pilot using Blockchain to send 3D printing files to military bases. As they recognise the difficulty in replacing older equipment or repairing broken parts the military now print the 3D parts they need for repairing their weapons and vehicles. The blockchain enables communication of these files in an encrypted way that cannot be intercepted, or tampered with, by anyone but the intended recipient of the information.

Venezuela

Petro Cryptocurrency is the country’s first state-backed currency which came out in 2018. Issued by the government of Venezuela and backed by Venezuelan oil and the country’s reserves especially mineral reserves, it was launched as a token on the NEM Blockchain platform.

It was intended to supplement Venezuela's bolívar fuerte currency and the original aims outlined by Venezuelan president Nicolas Maduro was to allow Venezuela to "advance in issues of monetary sovereignty,” and that it would make "new forms of international financing." It was created to put a more stable alternative to a national VEF (the currency code for Venezuelan Bolívares, their currency) in place which has been impacted by hyperinflation.

Malta

While most Governments embracing Blockchain are doing so with the view of boosting their economy and improving their infrastructure with Malta their intentions go a little deeper emanating an atmosphere of innovation.

Recently formed and massively growing cryptocurrency start-ups are moving operations to Malta taking advantage of a DLT (Distributed Ledger Technology), Blockchain and crypto-friendly regulatory environment.

British Virgin Islands

Due to the country’s intent on being a leading global FinTech hub there have been major efforts to invest in the Financial Technology Sector and Blockchain is part of that. They are recent adopters of cryptocurrency as a fiat currency (or cash) alternative and have begun to digitise their economy through the national virtual currency.

Conclusion

Blockchain’s properties include transparency and immutability these are incredibly attributes for a nation considering adopting it in their country. Blockchain is also a key tool and levels the international playing field in the rate of speed of adoption between Emerging and Developed Economies. Hopefully this new year can be the start of other countries (who maybe have not made their intentions clear) to follow suit and see the value Blockchain adds to them.

This is not a plea or appeal to nations to incorporate Blockchain tomorrow but rather an objective look at what others are doing abroad so it stimulates idea creation of what can be done with this technology in their local jurisdictions.