Alan McQuinn

The Internet era has enabled many types of transactions to become digital, such as financial deposits and withdrawals, but records of these transactions are still maintained by a centralized gatekeeping organization, such as a bank. Blockchain is a powerful new technology that creates a distributed digital ledger—a database—that allows multiple parties to engage in secure, trusted transactions with one another without an intermediary. Because all parties can have their own copies of the data, blockchain applications increase transparency, enables auditing, and eliminates any single points of failure. Therefore, blockchain applications offer a unique opportunity for governments to embed trust in their programs and services. For example, some governments have adopted blockchain applications to improve the efficiency and trust in public records databases, such as land registry and licensing.

Page 2 of 2