Streamlining Government Service Deployment
The effective allocation and distribution of government resources is a complex issue that grows evermore challenging with population growth and ballooning bureaucracy. While technological innovation over the past few decades has certainly helped, especially in the large-scale management and calculation of data, there remains a great deal of friction in the system. Today’s write once, read many (WORM) systems, such as accounting software, are in wide use but suffer from a lack of control and the threat of record manipulation. These issues result in reduced accountability, lack of trust and overall inefficiencies across the economy and its government. We combine our expertise with our diverse capabilities, to create products and services for governments to offer optimal delivery of public services and engagement with citizens.
The costs of ensuring better visibility weigh heavily on the economy as a whole. That value, which could otherwise be used to foster growing sectors and industries, is instead earmarked for treating the administrative symptoms of this issue and not the underlying problem.
Blockchain technology represents a number of key opportunities to both alleviate the symptoms and counteract the problems that create them. As a perfect record for audit, blockchain can provide unmatched data insight, giving all parties access to not just a clearer picture of the data, but also a shared, unified understanding of it.
Blockchain provides the means to update, rather than erase, records so that errors can be addressed and audited in a transparent manner. The blockchain registry is thereby more analogous to traditional paper and ink ledgers and journals, yet combines their benefits with those of modern convenience, presenting new levels of efficiency and effectiveness.
At nChain, we specialise in understanding and evaluating government-scale needs. We turn our knowledge and craft into solutions that realise the potential of sharing information through modern technology.
Knowledge is power.
Start your blockchain transformation with nChain today
Opportunities in Government
1. Financial Inclusion
nChain has developed close relationships with central banks across Europe to evaluate the feasibility of different forms of central bank digital currencies (CBDC). Combined with our efforts to strengthen land registry in less developed regions, we are providing the set of tools needed to accelerate growth and global trade in an evermore interconnected world.
2. Growing Innovation
The ability to manage risk and innovate marks a cornerstone in the efficient allocation of resources and wealth of nations. We see open blockchain technology and our suite of applied solutions forming the backbone on which nations can provide stronger incentives across economies, encouraging businesses to nurture and take advantage of their innovative power. Our focus on enduring global jurisdictional compliance and cross-border interoperability marks a key aspect that helps reduce friction and fulfil our clients’ goals.
3. Sustainable Growth
Business progress, until now, has largely suffered from the drawbacks of the cumbersome yet necessary requirements of contracting in paper and ink. Our blockchain solutions offer both the attributes that comply with legal ‘in writing’ requirements, and the benefits of connectivity and interoperability at an unprecedented level of security and efficiency. Unlocking these efficiencies provides a stepping stone towards modern and sustainable government
Featured Case Study
Continuous Government and Citizen Engagement
By introducing the concept of automated bookkeeping and accounting, financial modelling can be applied on an individual level across the economy. Government plans and action can be fed with new information and updated on an incremental and immediate basis, allowing for direct responses in the form of informed fiscal spending and monetary policies.