The recent hype in technology is all about Blockchain. The scenarios are similar to that of AI and Data Science, at around 2013. With blockchain getting in the limelight after almost 10 years of its existence numbers of startups with their own very unique use cases are emerging day by in the field. Big corporate-like JP Morga, IBM, Facebook has already come up with their own concept in the field.
With emerging corporate projects highlighting use cases and the importance of Blockchain, many government bodies are actively participating day by day to explore blockchain and utilize its advantage. Some good examples are the Government of Dubai already sifting its documents in Blockchain to make it secure and easily accessible around the country.
The government of India actively participating in similar projects and so on. With said that it’s high time for Nepal to get started with the adoption of technology before it gets too late.
In this article, we are going to explore various aspects of where and how the Nepal government can use the advantages of this technology.
1) Personal Id management
All the data leaks that were reported in the past regarding one’s personal information had to do with how Personal Id management works with blockchain. Your personal information is connected to a 12 digit unique number. This number does not hold any meaningful information itself but a service provider (your bank or telecom service provider) can use this number and authenticate against information provided by you to verify your identity.
2) Remittance Based Blockchain
Since 29% of Nepal’s GDP is contributed by remittance, Nepali people can take a huge advantage if the government adopts Blockchain technology for cross border remittance. The traditional method includes an investment of huge time and high commission by the third party. If we could adopt blockchain technology in remittance, the transfer of money from one country to another is possible in a snap with a negligible amount of charge.
3) Real estate
How blockchain-based smart contracts could revolutionize commercial real estate in the case of Nepal is the real question. The entire process can ease purchase and sale transactions in commercial real estate as the seller and buyer both are validated in blockchain and the entire transaction is verified via transactions itself. There will also be cost benefits of blockchain, as well as increased security and transparency that the technology could drive across the purchase and sale process.
There is a common misconception that voting cannot be done online in a secure way. However, the introduction of blockchain technology is changing the conversation and could play a huge role in our country. Our government can use Blockchain to permanently record each vote, which ensures that there can be no manipulation of those votes or voting twice.
5) Supply Chain( Agricultural Industry)
Blockchain agriculture is one of the compelling use cases that makes the process of growing and supplying food simpler and is very necessary for an agricultural country like Nepal. The agriculture supply chain can provide all involved parties with a single source of truth. Blockchain technology-enabled food to be traced from farm to grocery store in just a few seconds.
Blockchain also helps to keep tabs on abundant commodities and reduce cases of illegal harvesting and shipping fraud.
Blockchain technology helps educational institutions make their certificates always valid, verifiable by the employer, and impossible to duplicate or hack. It keeps the track of the validation of users with a particular degree. All data is encrypted and cryptographically hashed using extremely secured hashing algorithms on Blockchain and cannot be seen by everyone. The only valid authority will be given access to the validation.
Show this is how our government can use technology for its benefit. Our government has banned cryptocurrency because there are some cons of the technology, but in fact, they should be able to analyze the ratio of Pros over cons.
If proper regulations are implemented over the use of the technology and its application we could easily bring things into a track where none of the body is violated in fact all of them could jointly take the advantage of the technology.