Could this be the case with blockchain?
Until now, the name has mostly been associated with cryptocurrencies. But organizations in the public and private sectors are beginning to understand how the technology can be applied to long-standing business issues so that it really drives value. EY teams have developed applications of the technology, for example in public finance and marine insurance.
But blockchain could have a much larger part to play in both public and private sectors – it has the potential to be a genuinely transformative technology.
Could it, for example, lead to the more efficient running of government, and even help carve out a competitive economic advantage for the organizations and jurisdictions that use it?
To help start a debate about this question, EY has been working with the School of Business and Economics at the University of Canterbury in Christchurch, New Zealand.
Researchers at the school have produced a paper that discusses the avenues through which a public implementation of blockchain could deliver efficiency gains in the running of a government.
The paper addresses some of the current inefficiencies in record-keeping and the improvements that could come about if record-keeping, including keeping track of tax liability, would be “put on the blockchain.”
It discusses some of the current issues with transaction costs and property rights that governments face and how these could be addressed with blockchain.