How Blockchain Can Transform Government The blockchain is one of the most important, fundamental advances in digital platforms. It is also probably the most overhyped technology in current times, according to Kevin Werbach, Wharton professor of legal studies and business ethics. He said it at the inaugural annual Penn Wharton Budget Model Spring Policy Forum, held recently in Washington. Though blockchain is still in its early stages, now is the time for the public and private sector to experiment, and figure out where the real opportunities are, says Wharton’s Kevin Werbach. To be sure, one doesn’t need the blockchain to keep a record of transactions. Any centralized database can do the job. However, there are large swaths of activity where no database will actually get deployed, or actually be successful, because of basic trust problems. Sometimes the level of trust is too limited. Blockchain Shows Promise If two companies that enter into a transaction typically will not trust each other. So, they each maintain a record of the transaction. If it’s a more complex deal, they have more copies and have to reconcile them back and forth. That leads to delays, duplication, additional costs, and errors. While most people use the terms Bitcoin and blockchain interchangeably, they are very different things. At bottom, blockchain is not about money, even though this is the technology underlying Bitcoin and other cryptocurrencies and it’s not fundamentally about destroying governments and replacing them with purely private, decentralized systems, even though it is a system that creates a new kind of decentralized infrastructure. For the government, smart contracts can have implications on how it can regulate more efficiently using blockchain makes sense for the government because much of what it does is actually record-keeping. This can be the foundation for smart contracts to handle liens on properties or the need for additional information, said the entire report of Time of India. Must Read recommended by The post How Blockchain Can Transform Government appeared first on OWLT Market.