OVERVIEW
Blockchain is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. A blockchain is a distributed ledger that duplicates and distributes transactions across the network of computers participating in the blockchain.
What Are the Benefits of Blockchain Technology?
Here’s a list of key benefits you can expect to achieve when adopting Blockchain technology into your business:
- It is an immutable public digital ledger, which means when a transaction is recorded, it cannot be modified
- Due to the encryption feature, Blockchain is always secure
- The transactions are done instantly and transparently, as the ledger is updated automatically
- As it is a decentralized system, no intermediary fee is required
- The authenticity of a transaction is verified and confirmed by participants
Increasing Government Accountability
In specific applications, blockchain could reduce government redundancy, streamline processes, decrease audit burden, increase security, and ensure data integrity. One process ripe for streamlining is GSA’s FASTLane process, which manages incoming proposals from vendors. Booz Allen Hamilton wrote it currently takes 40 days to process incoming submissions. However, GSA hopes that a blockchain solution will help process them in 10 days.
