Blockchain is a critical component of democracy
Blockchain will give each person full control over the government’s decision-making process and hold elected officials accountable in near real-time for their actions. It is also likely to dramatically change our economy by giving people more control over their money and data, making them less dependent on others for financial resources or information about themselves. Blockchain can decentralize power and end centralized, top-down government.
With blockchain technology, each participant can contribute voting rights to any number of delegates. Blockchain records who voted for whom and when. Any delegate can then cast everyone’s vote on the individual’s behalf, anonymously or not.
Those who vote can do so from anywhere in the world via their personal, secure devices with protected voting software installed on them. It will increase voter turnout and engagement on a global level. It also helps to eliminate corruption as there can be a permanent record of all elected representatives’ votes in specific matters. Therefore, potential conflicts of interest can be easily detected by people. Let’s explore how blockchain can bring true democracy.
Blockchain level playing field for voters:
Blockchain-based systems appeal to diverse voters with different political views by allowing individuals to vote directly on issues and anonymously if they wish. Although there may be some resistance in some countries that are used to having their candidates chosen by the ruling party, blockchain technology seems poised to open up all democratic processes worldwide.
Blockchain can also transcend political, religious and cultural barriers, offering instant and secure voting on issues. The individual would use their mobile device to download and install a blockchain voting app pre-populated with their voting preferences. Voters can then use intelligent contracts to complete the vote every time a certain number of votes have been cast.
Blockchain voting can be used by people in all areas of government, including elections, referendums and policy making. By allowing people to vote for issues instead of candidates, blockchain technology increases voter participation and engagement worldwide. Blockchain voting could replace what is currently known as the “top-down” model of elections, where only one party is ultimately elected (as we see in the US today).
Blockchain gives more control over money:
For those who have suffered financial loss due to the actions of a third party, blockchain provides peace of mind. Blockchain can help wipe out the growing wealth inequality in society. A person’s assets, such as property and money, can be stored and transacted using blockchain technology without using an external medium such as a bank.
A person can store money on their device in an anonymous way. Then, if they wanted, they could receive or make payments directly from their device without involving a bank or other third-party financial institution. Also, blockchain technology can help eliminate the possibility of human error by ensuring that people can handle transactions via a secure, decentralized app.
Blockchain will give voters access to their data:
Individuals can now control their data and decide what is made public or shared with others. It is the ultimate level playing field when it comes to who controls information and how it is used. In addition, blockchain technology allows voters to control who they share their data with, as they can choose on which devices and at what times they make their assets available for exchange on a peer-to-peer basis.
Blockchain will force the government to bring more transparency:
Public officials must be held accountable for their actions as the world looks for more transparency and accountability. Blockchain will force those in power to bring more transparency and audit systems to government. In addition, governments can use blockchain to hold each other accountable, which will then reduce corruption.
Government leaders can also use blockchain technology to create new accountability systems and increase transparency in existing governments. For example, the public ledger could allow citizens to access any public document instantly and review every detail on a secure device.
Suppose elected officials try to cover up past mistakes by changing records on the blockchain. In that case, citizens can easily find out about anomalies in the system and prove them wrong, if necessary. Corruption and misuse of funds will be more brutal as all public transactions become recorded and accessible to all. In addition, blockchain technology can help eliminate privacy breaches when a company is hacked or a member of the government gains access to sensitive information.
In addition, people can use blockchain to restore trust in businesses that have previously violated an individual’s trust by abusing their personal information for profit. Companies such as Google, Facebook and others are completely unregulated when it comes to handling sensitive data, which has led to countless privacy breaches.
#FeaturedPost #FeatureByMambaDigital
