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There are a number of ways in which governments can benefit from blockchain which is Ethereum based. For instance, they can provide voting systems in which participants can act as nodes in a network through the usage of a specific client. While many legislators are concerned about blockchain and its potential for abuse, they also recognize the many advantages that it provides.


What Role Can Blockchain Play in Governmental Functions?


These platforms allow governments and their citizens to have influence in the management of various decisions involving laws, transportation, urban planning and more. Aside from traditional activities such as political elections, blockchain and cryptocurrencies can be used by governments to generate the capital needed to fund various projects, without the need to raise taxes.


Because of the transparent nature and security of Ethereum, citizens can contribute to a project knowing that they have recourse in the event that the funds are not being used in the manner specified. Put another way, blockchain technology can hold political figures accountable in a manner that was impossible in the past. For example, if a local or state government issues tokens for the funding of a specific project, should they not meet the deadline or project demands, citizens can remove their capital and due so anonymously.


How Does Blockchain Benefit Governments and Their Citizens?


It does this in a number of ways. First, it eliminates the need to levy taxes on the public. Taxation has always been a source of contention in many countries and in the past has even led to revolutions. Blockchain and cryptocurrencies offer a much more palatable solution, where governments issue tokens to those who are willing to fund specific projects and initiatives, and then reward them once they are completed. In this way, funding is only received from those who want to provide it, as opposed to taxation, where citizens are compelled to pay by other means.


Blockchain can also create an unprecedented level of trust between governments and citizens due to its structure. It uses a collection of “authorities” that are essentially nodes which are specifically allowed to produce new blocks so that the blockchain is secured. Since the chain has to receive the signature of multiple authorities, it produces a record which is permanent. Since each citizen will act as nodes in a network that is peer to peer, this allows them to count votes upward which allows the results to be authenticated in real time.


Why Should The Government Industry Choose Blockchain Developers?


The systems that we provide require less computation than other systems, and as a result have greater predictability since the blocks will be issued in specific time intervals. This will allow voters to interface with it through a parity client that is compatible with Ethereum. Our systems are also capable of keeping pace with large amounts of incoming data, and can handle numerous transactions per second. Our dependability, data processing speed and synchronization node accuracy are unrivaled by the competition and will allow complete blockchain integration to occur with ease.