Key Trends in Blockchain
There is much hype around Blockchain. Most of this is about the use of Blockchain to underpin the Bitcoin crypto currency. Whilst IBM understands its value in underpinning a Crypto currency, we are more interested in exploring the broader application of Blockchain Government should be at the heart of this revolution. Not only will it be involved in transactions on its own account, but it will also be responsible as a regulator for many other industries or commercial models. Blockchain has the potential to allow Government to discharge their regulatory responsibilities without any additional cost being placed on the parties to the transactions. Government policy could be enshrined in the Smart Contracts that underpin a Blockchain transaction and thereby ensure trust in the execution.
This technology is new and will take time to mature. Some say that it is already approaching the peak of inflated expectations on the hype curve and the only way now is down into the trough of disillusionment. We believe we can avoid this dip if we adopt a focused and agile approach to proofs of technology with our clients. Later in this document we describe the use cases that have relevance for Government and discuss a method to prioritize those that can best prove both the technology and the business model required to create value. We also look at the use cases that are bubbling to the top at the moment that would lend themselves to a proof of concept and technology project.
But first let us illustrate via some examples, what cities, municipalities and governments around the world are currently doing and planning with blockchain technology in the first half of 2016.