Blockchain technology: it’s the sexiest term on the internet today and not without reason. As companies around the world investigate its life-altering possibilities the one place that could really use this technology is our Indian government. Think about how this will not only create an honest and efficient system of accountability but also save time and assist in proper planning. Especially at a time like now, when India is claiming a seat alongside the other big economies of the world.
Although I dream of a corruption-free India, I’m enough of a realist to accept that this kind of utopia is a long way in the making. In the meantime, I foresee blockchain technology bringing some relief by making Babus more accountable and less able to subject us to B***S*** in the name of “file clearing”. Regardless of the type of asset or transaction involved with government agencies, the red-tape, obscurity of information, and time spent on simply shuffling files from one department to another is in a league of its own.
Dealing with this kind of corruption is a frustrating experience for entrepreneurs and businesses of all sizes. Implementation of blockchain technology in government agencies will help India take giant steps towards its promise of creating an environment of ‘Ease of Doing business in India’.
A highly developed economy is not judged by the number of its billionaires but by the quality of its living standards, that is accessible to the common man. In that sense, India has a long way to go; the lack of good social infrastructure in our country has taken a high toll on overall health and quality of life.
To hear the government’s vision for the Private sector and its goal of attracting FDI and large scale investments is to believe we are on the cusp of a revitalized and roaring economy. Anyone waiting for this to happen is sure to be disappointed. Our age-old bureaucratic style of functioning remains the same, doing its best to discourage inflow of investments into India.
Blockchain can change all of this. Its benefits of speed, efficiency, and security are readily applicable to public sector organizations, and its potential explains why governments of the UAE, Estonia, United States,UK and many other European countries are piloting a blockchain-based system in various public Administrative Services.
Blockchain has the potential to create value for our entire government machinery and bring in transparency, efficiency and speed. It could be the fastest way to draw out corruption from government agencies. Implementing this at the earliest may be the answer to reviving our sluggish economy.