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Blockchain Technology and Government Sector.

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blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology.

Countries which have embraced Blockchain in the Government sector.

Introduction

The cryptocurrencies in this modern world have become one of the primary means to undertake all the financial transactions. It has incentivized the whole financial economy around the corner globe which has rendered it to become a staunch enemy of the centralized banks of various countries. This automatically follows that the government of different countries are eagerly looking for an opportunity to get the cryptocurrencies and blockchain technology under their control and if they aren’t able to do so, would at least try to completely void its usage in their respective countries.

 

Prominent Countries which have adopted Blockchain Technology

In a nutshell, there are many countries around the world which try to restrict the usage of cryptocurrencies but on the other hand, the underlying Technology for the cryptocurrencies which is the blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology. Some of the countries like Sweden, Denmark, United States, United Arab Emirates, Malta, Singapore, etc have initiated Blockchain research and development industries, in order to explore its use cases. According to reports, it is estimated that there are more than 200 government ventures, under collaboration with the Blockchain Technology in 45 different countries around the world.

 

Major areas of interest

Most of the Blockchain development in the public sector is with respect to Research, Identity credentials like attestation or licensing, land title ownership, personal records like Healthcare, economic, as well as the financial structure. Although most of the ventures are in their developmental stages, or rather technically known to be in the form of Pilot projects, there is also a number of nations which has conducted their Senate election process on the Blockchain Technology in an easy and a transparent way. Below are insights on some of the prominent Blockchain initiatives by various countries.

 

Denmark

The Government of Denmark has initiated a Blockchain project named, Vehicle wallet. It is nothing but powering the Supply Chain Management process of a vehicle with the Blockchain Technology, under which a Proof of Work concept is being implemented on the digital assets to handle the complete lifecycle of the vehicle.

Estonia

The European country Estonia has been concentrating on the Blockchain research and development since 2008 and is currently been able to deploy the Blockchain based solutions for Healthcare, the judicial system, security, as well as the legislation domains.  

Georgia

Land titling has been one of the longest unsolved problems, for which the Blockchain Technology provides an effective answer. The Government of Georgia through the joint venture of the IT service company, The Bitfury group along with National Agency of Public Registry (NAPR) has been experimenting with the land titling project with respect to the Blockchain Technology. The blockchain concepts have been successfully implemented within the digital record system of NAPR. The Distributed Ledger along with the Time Stamping Technology has rendered NAPR for an efficient land titling process, which was earlier used to take a lot of time and also was expensive.  The online and digitized nature of the Blockchain technology has made the land titling process available to a number of unprivileged and illiterate citizens who are restricted from the land titling system.

Singapore

Even the Central bank of Singapore, popularly known as The Monetary Authority of Singapore, has consistently been working on Project Ubin. The main goal of the project is to develop a Blockchain based solution to track all the transactions of the Singapore Dollars. The bank has collaborated with a major firm like R3, which itself is a collaboration if more than 200 financial firms, vesting with the research and development of the distributed ledger. This project would enable the transactions to be undertaken all the time and the decentralized nature would automatically deploy trust within the system.

 

Bottlenecks in implementation

Regardless of all the developments in the field, the governments are still struggling to successfully implement them into their operational processes. With illicit activities like money laundering, hacks, and scams, the cyber security experts of the government are speculative about the disruptive side of the technology too. In some of the cases, the key members in the government sector, fail to understand the Blockchain technology completely and hence are uncertain about future results of its adoption. In a nutshell, they would rather be slow in adopting the technology even though they possess a greater potential. After all, it is self-evident from the fluctuating cryptocurrency market, that how vulnerable the technology can be, to the market conditions.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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