Solving Real Problems In The Public Sector With Blockchain

Governments worldwide have started taking up blockchain as a technology, leveraging the power of immutable ledgers. Countries such as Estonia, Georgia, Sweden and India have embraced the technology to combat fraud, keep a record of any land changes in one country and improve trust in the government. Since the beginning of August 2024, some 14 bonds have been issued on blockchain.

Blockchain technology market value is expected to reach $ 176 billion by 2025.

International Examples of Blockchain Adoption

We can be inspired by the examples of other countries, with quite a few valid use cases.

Estonia, for example, has integrated blockchain into its X-Road platform, a system that connects government databases. Blockchain ensures secure data sharing between systems, so citizens can access services like healthcare records or vote online securely.

International Use Of Blockchain And Property

We also have cases such as India (Telangana), Georgia, Sweden and Dubai which have implemented Blockchain for property transactions. this doesn't only speed up the property transactions from weeks or months but also produces an immutable ledger of ownership. As all transactions can be traced, it cuts out any illegal or fraudulent transactions.

In the case of Sweden, the Swedish Land Registry took hold of the opportunity due to an imminent threat from Russia - if Russia annexed Sweden and burned down the deeds office, the blockchain ledger would still show the original ownership.

Blockchain Driven Governments

In the case of Dubai, many rental agreements and utilities are also on the blockchain. Paired with artificial intelligence and big data technologies in their processes, they are moving towards data-driven and evidence-based decisions and policy making.

Solving Bad Governance And Corruption with Blockchain

Moldova embraced Blockchain for better governance and stamping out corruption. With 25 years of disappointing growth and systemic corruption, the country has been able to leverage Blockchain ledgers to show the inward flow of money into the country, making it more challenging for the money to enter the wrong pockets.

Opportunities For Blockchain In South Africa

South Africa can benefit from blockchain, allowing for a full track record of transactions and entries. Having a single source of truth can assist industries like finance, healthcare, and property to streamline processes, save money and make corruption a lot more difficult.

The South African Property Industry And Blockchain

South Africa faces property disputes due to unclear records. For example, blockchain could replace outdated manual systems used in some municipal land offices. Buyers could verify property ownership and payments through a blockchain, reducing risk.

With Blockchain, one could:

• Digitize title deeds to reduce fraud.
• Securely link property data with government systems such as SARS
• Streamline buying and selling by linking banks and buyers.

Public Procurement And Blockchain

It's no secret that many contracts and tenders are awarded without proper process being followed. By digitising the process, one could easily add the tenders and RFPs on Blockchain, so the public could see what the thought process was. Furthermore, if the original tender and the blockchain tender misalign, there could be legal recourse.

Healthcare and Blockchain

Having a centralised system of patients can be beneficial for various reasons. Imagine being taken to hospital from a motor accident. You have your driver's license with you, but not the ability to explain that you're allergic to certain pain medications. With blockchain, these could be stored and retrieved when needed - and saving lives.

Does Blockchain Matter in South Africa

Blockchain isn’t a silver bullet, but it can solve many problems. Blockchain is often a solution looking for a problem. But if the right problem is solved, it could enable governments and private companies to benefit by saving time and money.

If implemented well, blockchain could bring long-term benefits to South Africa's economy and public services.

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