It might certainly be overwhelming for the person who first wrote the code for the distributed ledger technology to witness what a force of technology the invention has become. The technology is threatening to turn the world upside down with what it promises to accomplish. The potential application of the blockchain technology seems endless. Every new day witnesses a new way in which the blockchain technology can be harnessed to either remedy an endemic problem or improve an initially good situation. Every business entity and government agency is jumping onboard the blockchain train to experience the benefits that come with it.
Interestingly, this blockchain euphoria has brought together unlikely players and it promises to do more wonder. The media space is awash with reports of government agencies collaborating with private entities to leverage the blockchain technology. In an effort to limit cash transactions and their attendant issues, some government agencies and local governments have decided to be the latest users of the blockchain technology in the rollout of digital vouchers that can be used in some areas instead of cash. They seek to limit the scope of corrupt deals and to put a cap on the haemorrhaging of income from tax and other levies upon which they rely for their smooth operation.
Speed, accuracy and efficiency
With the potential of blockchain technology to deliver a very high speed of transactions, which are not only accurate but unadulterated, the local governments and government agencies seek to leverage this quality in order to increase the income that stems from small transactions like parking fees and other transactions that are carried on daily basis in their jurisdictions. Additionally, the decentralised nature of the protocol of the blockchain technology is important aspects that will help avoid the negative impacts of too much discretion in the hands of a single, deeply secretive authority.
The rush to move from cash transactions to digital vouchers is a proactive step by the entities to put themselves in a better position to be able to compete favourably in a future that promises to take everything digital. Distributed ledger technology is the platform that nobody should miss to take advantage of because the future is digital.