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Blockchain will transform government services, and that’s just the beginning

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Blockchain will transform government services, and that’s just the beginning

Governments are tasked with bringing fair and efficient services to the public. Unfortunately, providing transparency and accountability often results in a reduction in efficiency and effectiveness or vice versa. Governments are usually forced to choose to improve one at the cost of the other. On rare occasions, technology comes along that enables governments to improve fairness and efficiency.

The move from paper-based record keeping to computer databases was one such technology. The internet was another. Blockchain is the next. Like the internet before it, blockchain will not only improve how the public interacts with government services, it will have broad economic and social implications.

Related: Is crypto approaching its ‘Netscape moment?’

How government can use blockchain

Blockchain will have a wide and varied impact on government services. Here we explore some promising examples.

Identity

Identity forms the cornerstone of interaction with government services, but current systems are flawed in many ways. Let’s look at two. First, identity requires extensive and expensive infrastructure. While developed nations enjoy the benefits of strong national identification, many developing countries struggle to provide robust identification. The World Bank estimates approximately 1 billion people do not have official proof of identity. Second, current identity systems are not secure. For example, India’s biometric authentication number system, known as Aadhaar, is vulnerable to a wide range of frauds, including those involving land transfers, procuring passports, getting loans, casting votes and more.

Blockchain’s strengths align remarkably well to mitigate the weaknesses mentioned above. Blockchain’s decentralized design makes its deployment and coordination much less expensive than centralized designs. Its trustless nature makes it more secure.

Related: Decentralized identity is the way to fighting data and privacy theft

Procurement

Public procurement accounted for 29% of general government expenditure in OECD countries in 2013. Unfairness and lack of transparency in the procurement cycle open the door to corruption. The OECD estimates that up to a third of investment in publicly funded construction projects may be lost to corruption.

Blockchain-based solutions have the potential to affect almost every aspect of the procurement cycle, such as major reforms around transparency and stakeholder participation. This pilot project concluded that despite challenges, “blockchain-based e-procurement systems provide unique benefits related to procedural transparency, permanent record-keeping and honest disclosure.”

Related: The UN’s ‘decade of delivery’ needs blockchain to succeed

Voting

Despite the advent of the digital age, paper-ballot-based voting remains the dominant method of voting. This is understandable, given the importance of elections to the democratic process. Still, paper-based systems suffer from problems related to costs, time and integrity. The replacement to paper-based voting, known as direct-recording electronic (DRE) voting machines, has met with mixed success. Brazil introduced DRE in 1996, yet security concerns persist. DRE in America began in 2001; however, progress and adoption have slowed as incidents with DRE machines continue to occur.

As an even newer technology, blockchain is not yet ready to replace current voting systems, but it is already bolstering current systems. For example, our company, in collaboration with the University of Indonesia, set up an independent blockchain-based verification system to secure the results of Indonesia’s paper-based April 2019 elections. The project was able to report on 25 million votes within hours after the polling stations closed. By contrast, the official results only became public after weeks.

Related: Voting evolved: Blockchain tech outshines paper ballots and e-voting

Beyond government services

Governments experimenting with blockchain are starting to view it as an essential infrastructure. They are beginning to understand that having blockchain infrastructure is important for unleashing economic activity. Governments are eager to have a say in developing standards that will ultimately be adopted globally. China and the European Union are two such leaders and both are developing blockchain initiatives.

China

The Chinese leadership has been extremely proactive in their support of blockchain initiatives. In December of 2016, blockchain was mentioned in the country’s 13th five-year plan as a technology of strategic importance on par with artificial intelligence. This was followed by dozens of local administrations conducting pilot projects using the technology for applications ranging from smart city initiatives to environmental protection. In October 2019, China tested its nationwide Blockchain Service Network (BSN), described as the “internet of blockchains,” which it officially launched in April 2020.

The BSN, due to the scale and power of its backers, is poised to become the world’s largest blockchain ecosystem. Within China, the BSN is likely to form the foundation for improved coordination between businesses and the public sector. Even internationally, the draw towards the BSN is likely to be significant. There are fears that the BSN is potentially being controlled and monitored by the Chinese government, but such concerns may be overlooked by organizations who are seeking closer access to and integration with Chinese business. On the other hand, the profit motive may be surpassed by fears of Chinese influence, particularly if viable alternative global blockchain infrastructure is available.

Related: How the digital yuan stablecoin impacts crypto in China: Experts answer

European Union

Efforts within the European Union to support blockchain initiatives have been proactive in ways similar to those in China, although at a lesser scale and proceeding at a slower rate. The EU Blockchain Observatory and Forum was formed in February 2018, leading to the formation of the European Blockchain Partnership (EBP). In 2019 the EPB created the European Blockchain Services Infrastructure (EBSI), a network of distributed nodes across Europe. EBSI has seven specific use cases for developing government services. To promote public-private cooperation, the International Association for Trusted Blockchain Applications (INATBA) was formed. It brings together suppliers and users of blockchain solutions with representatives of governmental organizations and standard-setting bodies from all over the world.

While Europe’s approach to supporting and encouraging blockchain adoption is at a smaller scale and earlier stage of progress than China’s BSN, its commitment to openness, transparency and inclusion means that international organizations may feel more willing to adopt the frameworks developed.

Related: Europe awaits implementation of a regulatory framework for crypto assets

Conclusion

Blockchain technologies are now taking their place as a foundational infrastructure for forward-thinking governments. The technology has reached the highest levels of national strategic importance, as evidenced by China and Europe’s efforts to build blockchain infrastructure. While it is impossible to predict exactly what form global blockchain infrastructure will take, what is certain is that the technology is on the rise.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Matthew Van Niekerk is a co-founder and the CEO of SettleMint — a low-code platform for enterprise blockchain development — and Databroker — a decentralized marketplace for data. He holds a BA with honors from the University of Western Ontario in Canada and also has an international MBA from Vlerick Business School in Belgium. Matthew has been working in fintech innovation since 2006.

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin drops $1K in five minutes in fresh dip below $60K

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Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

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Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

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Redditors cheer as GameStop assembles team of NFT experts

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Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

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Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

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