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Blockchain Complete Guide  

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Governance

Governance can consider adopting Blockchain for reducing operational costs, increasing efficiency, coordinating different public departments to bring on the same network and bring transparency.

It could reduce the number of inherent flaws in the existing system.

Decentralisation is an intrinsic feature of blockchain. Numerous computer nodes maintain a blockchain network which works together to verify and validate all data. All nodes in the network need to reach consensus and agree on the state of the database.

Using Blockchain in governance can help us make a network with different governmental bodies, citizens, NGOs as part of the network as validators. With this, each party will have a fair fit of control of the network.

Also, Blockchain can be a play a significant role in Voting with many parties (election Commission, Voter, Governing body, judiciary) as part of the network. It will give a transparent election process.

Blockchain can help improve the efficiency of governmental organisations.

While its easier to imagine how blockchain can be used to improve Governance. There are a few limitations as well.

Garbage in,  garbage out. We need to validate the data before putting onto the ledger. If bad data becomes part of the ledger, it will forever be on the ledger.  Immutability might also harm the long term benefits of blockchain.

However, few blockchains are designed in a flexible way that allows data modifications.

Privacy concerns are also a factor, as records added to a blockchain would remain permanently on-chain.

In spite of potentials disadvantages attached, Blockchain provides a number of uses in existing governance systems like Land Registry, Digital Identity, Tax collection etc.

Blockchain can help industrial applications in supporting the digitization, data protection and in collaboration with other industrial chains. Its features are going to impact multidimensionally.

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