Colombia looks to blockchain to stay globally competitive - OhNo "WTF" Crypto

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Colombia looks to blockchain to stay globally competitive

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Recognising the nation is lagging, a Colombian ministry calls for the adoption of blockchain and crypto technology

As blockchain and cryptos become more accepted and integrated around the world, Colombia is looking to adopt the technology after its endorsement by the Columbian Ministry of Information Technology and Communications (MinTIC).

The federal agency published an 88 page document dubbed the Guide for the use and implementation of Distributed Ledger Technology (DLT/Blockchain) in the public sector outlining how to utilise the disruptive nature of the technology and the drawbacks it presents for government institutions.

Another post on MinTic’s website discusses how the country is falling behind in the adoption of the new technology in comparison to its European peers and other nations such as the US, the UAE, Canada and China.

How blockchain can improve the public sector

The guide detailed how blockchain could potentially improve the efficiency of 10 different public services:

  1. Health records
  2. Business records
  3. Payment in crypto
  4. Land registration
  5. Voting
  6. Identity data management
  7. Supply chains
  8. Academic degree filing
  9. Tax management
  10. Public tender management

These services could leverage blockchain in three main aspects – security, transparency, and smart contracts.

Information in a blockchain is cryptographically locked and immutable, preventing data from being doctored or removed.

Additionally, smart contracts could reduce the amount of paperwork governments have to deal with, which is often labour-intensive, costly and prone to human error.

Although there are some detractors, when blockchain has been used by governments in the real world, the results have been encouraging.

A great role model

A primary example of national blockchain adoption is China. After its president’s speech in 2018 advocating blockchain development, the country has spearheaded its effort in implementing and adopting blockchain technology in both the private and public sectors.

In July, Beijing successfully integrated blockchain with 140 government services – which was met with positive results. Through automation with smart contracts, there has been  a 40% reduction in paperwork and boosted efficiency.

Furthermore, governmental blockchain development can play a major role during economic crises, such as Covid-19, allowing undisrupted connection between government agencies and reducing operating costs for both parties.

China reportedly believes that with many applications being digitised, it could potentially save time and fast track economic recovery post-pandemic. Time will tell if this will be a winning strategy.

The post Colombia looks to blockchain to stay globally competitive appeared first on Coin Journal.



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Nicholas Say, Khareem Sudlow