Increased Transparency

One of the most often touted reasons for integrating Distributed Ledger Technology (DLT) into public services is the opportunities it creates for transparency. While not easily defined, transparency in public services typically refers to making “reliable, relevant and timely information about the activities of government…available to the public”. When government data, processes, and decisions are transparent, they are more easily observed by citizens, the media, and watchdogs..

DLT-based solutions offer increased transparency in systems, operations and processes – creating immutable and traceable tracks that can be made available to other actors (citizens, journalists, other public entities). When designed with transparency in mind, DLT can allow the consistent monitoring of things such as how public funds are spent and ensure that records are not tampered with, for example in cases such as land registries and voter registration.

Permanent Ledger

Blockchain is a type of shared database that differs from a typical database in the way that it stores information; blockchains store data in blocks that are then linked together via cryptography.

As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.

Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions.

In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control. Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.

Cost-Effective

By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.

It can also give those in countries with unstable currencies or financial infrastructures a more stable currency with more applications and a wider network of individuals and institutions with whom they can do business, both domestically and internationally.

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