Blockchain is a distributed digital ledger that combines low-cost peer-to-peer networking of computers with leading edge secure cryptographic technology. It is a governance technology that mathematically creates trust to secure publicly verifiable transactions (of value, information or digitalised assets) between parties in a highly secure, tamper evident, transparent and cost efficient manner. Smart contracts are programmable business logic that communicate with the blockchain and self execute upon certain events taking place.
The blockchain and smart contract technology, sometimes referred to more broadly as Distributed Ledger Technology, significantly reduces the costs to transact, reconcile and contract thus greatly reducing the need for labour intensive layers of centralised authorisation or intermediaries.
Blockchain and smart contract technology open up the future possibilities of new business models that seamlessly enable digital collaboration between governments that share a similar focus but may be operating from seperate legacy systems, non connected databases or even separate jurisdictions. Blockchain technology offers particularly powerful value proposition in positively disrupting ‘wicked problems’ that have been unable to be solved through existing paradigms, institutions and cultures.
Governments around the world are now evaluating the application of blockchain technology for more efficient and effective delivery of services to citizens. Countries such as China, Estonia, Dubai, Hondura, Ukraine, United Kingdom and Canada are exploring blockchain to fight corruption, reduce red tape, improve interaction with customers and to redirect public sector resources to higher order functions.
Blockchain technology is an emerging way for businesses, industries, and governments to almost instantaneously make and verify transactions -streamlining business processes, saving money, and reducing the potential for fraud.
At its core, a blockchain is a data structure that is used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers.
The result is a more open, transparent, and publicly verifiable system that will fundamentally change the way governments can think about exchanging value and assets, enforcing contracts, and securely sharing data across industries.
The applications using blockchain are almost limitless, ranging from loans, bonds, and payments to more efficient supply chains to even identity management and verification.
Civic Ledger has a strategic perspective for longer term success for its clients. We work with clients to identify information technology that can enable game changing transformation in the way they operate.
We support our clients where blockchain is strategically advantaged and highlight alternative technologies and vendors where that is not the case. We iterate the process with clients, experimenting and refining to land on blockchain applications and platforms that create lasting impact and increased end user satisfaction.
Where blockchain is the most advantaged technology for a specific use case, Civic Ledger works with clients to re-engineer processes and disrupt service delivery models to deliver savings through efficiency gains or find new ways to generate revenue.
During the analysis and design phase of the project we will work with our customers to identify the business processes that both: delivers value to the ecosystem and is feasible to implement in the time allocated for development.
After the successful completion of a project, the next phase is the technical delivery of a demonstrable product which can involve a series of sprints that are more complex and usually involve multiple stakeholders.
Platforms provide key services that support a core set of applications and establish a third-party application marketplace to accelerate service innovation.
The current problem with Government 1.0 is that our data is locked in silos, resulting in cost to transact due to managing counterparty risk, cost to contract between parties in the transaction, and cost to reconcile data through auditing.
At Civic Ledger, we understand the challenges that governments face with expectations to improve reliability and responsiveness of service delivery to citizens, whilst also being under pressure to reduce red tape and improve accountability and transparency to the public.
Civic Ledger solves this problem for government by greatly reducing the need for labour intensive layers of intermediaries in a transaction by verifying, structuring and securing data in government managed registries, by removing the friction from the transaction by digitalising government services such as licenses, permits, rights, and certificates, leading to increased efficiency and reduction on costs to businesses, and improving the customer experience through building confidence in the data and trust in the transaction.
The Blockchain is a governance technology that encourages collaboration internally within government and between organisations. At Civic Ledger, our specialty focus is research and development and the building of custom made blockchain and smart contract software solutions including registries, digital validation and certification solutions, digital issuance of rights and entitlements, “know your customer” technology, trade platforms and digital tokenisation to enable peer to peer trading of government-issued digitalised assets.