According to a recent report published by the UN, the blockchain is a type of software made up of records of digital transactions that are grouped together into “blocks” of information and shared securely across computers on a shared network. When a new block is added, it is connected or “chained” to the previous block, making it difficult to change past information.
All computers on the shared network retain a complete record of transactions as they occur, representing the entire blockchain. These computers are called nodes. Transactions submitted to a blockchain can only be added and previous data cannot be removed or modified.
Blockchain has three primary use cases: record keeping, transfer of value and automated logic, increasing from the most basic application to the most complex.
Civic Ledger uses blockchain to digitise government services like licences, permits and certificates where there needs to be a secure record of who owns what. The technology's ability to automate logic based on the business rules allows citizens, businesses and governments to instantaneously make and verify transactions with each other without the need for onerous reporting to prove ownership and compliance.
The result is a more open, transparent and publicly verifiable system. Blockchain will fundamentally change the way we think about exchanging value and assets, enforcing contracts, and securely sharing data.
Countries from China to Honduras, the United Kingdom to Canada, are exploring blockchain to fight corruption and reduce red tape. Most importantly, they are improving interactions between governments and citizens.
Since delivering our first Proof of Concept in 2016, we have seen the technology mature, the global effort to agree on standards, and the shifting of digital transformation to the mainstream.
The common theme that links our use cases is that we break down data silos that often plague organisations enabling different organisations that may not trust each other access the same information seamlessly. The result is increased efficiency and reduction on costs to businesses, and improving the customer experience through building confidence in the data and trust in the transaction.
During the design phase of the project we work with our customers to identify business goals and set a time schedule for development.
After the successful completion of a project, the next phase is the technical delivery of a demonstrable product. This often involves a complex series of “sprints” as well as multiple stakeholders.
Platforms establish a third-party application marketplace to accelerate service delivery and to encourage innovation.
Blockchain is a powerful tool that can help organisations achieve their objectives if used effectively.
As we see more and more governments globally learning to use the technology, Civic Ledger can help them explore ways to strategically integrate blockchain into its business functions in order to maximise its benefits and avoid potential pitfalls.