2. Blockchain - The Future

Blockchain’s decentralised architecture and consensus mechanisms can help organisations and governments alike in restoring trust and eliminate corruption. This is done by removing any centralised authority of control, and focusing on a distributed and consensus-based source of truth. Immutability also plays a big part in the equation in moving to a trustless mechanism as no single entity or person has control or power to sway and modify data inside the blockchain once it has been recorded.

Blockchain’s traceability and immutability mechanisms mean that an organisation or government has to be absolutely transparent with all transactions that are recorded on the blockchain. Streamlined governance via smart contract also means that execution of processes are totally autonomous, exponentially more accurate and more fail-safe than manual intervention, with the ability to preserve traceability and enforce accountability of all actions by keeping operations on-chain.

“To a hammer, every problem is a nail.”

Let’s zoom out and get some perspective; not all things will require Blockchain Technology, and Blockchain does not solve all problems. But to discount Blockchain Technology altogether as a potential solution to any major key problems in governments / organisations is unwise.

In the future, we see an increasing number of autonomous organisations that are fully governed by code (DAO), real-estate settlements execute digitally and autonomously, and organisations / governments that provide transparency towards its customers and citizens to almost become a pre-requisite and expectation amongst the general population.