Fintech? . . . Get Ready for Govtech, the Blockchain of the Suits is Here

Govtech is the new Fintech

As I mentioned in a post yesterday about blockchain patents, the financial industry has claim to approximately 20% of these patents. This is quite incredible considering that the financial industry has never really been to concerned with such certificates, but now the Government want their own blockchain infrastructure development - "Govtech". Something being brainstormed to streamline the provision of public services.

The United Kingdom's government has pledged £20 million to funding a blockchain project aimed at resolving institutional flaws in key services. Downing Street announced that the plans will aim to provide solutions to three main issues that include "reducing traffic jams, shortening waiting time and increasing observation time at G.P services, and liberating more teachers time in the classroom". This is rather notable in itself as it indicates the governments intent on using blockchain for bettering some of the most crucial parts of our society.

By using automation in industrial growth the plans are intended to streamline services by using artificial frameworks, that will be able to reduce the cost of intermediary bureaucracy in processes. This will reduce the bill footed by us as taxpayers for services that don't perform to the standard that's expected. A gap has been created over the past years between the cost of services and their effectiveness, and we can begin to close this gap with using blockchain by reappropriating the control of services from elected officials to user reflective consensus algorithms.

Bitnation

One project in the works that is aiming to bridge this crucial gap between government and efficient services is Bitnation, a company that aims to revolutionize the way that smart contracts are used to decentralize governance. By using smart contracts they will be able to supersede traditional structures of operations by working past political, economical and geographical barriers. This will help governments to develop more connectivity of communication, services, information, transport and economies to create a digital smart economy structure. The first application intended for release will be a neighborhood watch style program, intended to prevent crime and promote peaceful communities. Funny how the tides can change in less than a decade, blockchain for the win!

Check out yesterdays post about Blockchain patents, and the daily edition of the Welsh Overcast

https://steemit.com/blockchain/@blockchainboom/big-banks-aggressively-seizing-blockchain-patents

https://steemit.com/wales/@blockchainboom/welsh-overcast-no-9