Agencies, companies, and departments are becoming increasingly excited about blockchain, part of the underlying technology infrastructure of Bitcoin. But Bitcoin is merely a scratch at the surface of the innovative capabilities enabled by blockchain, as it has many uses and applications across multiple sectors of the economy.
Blockchain and its related technology components allows Bitcoin to operate in a secure and safe fashion, but the same technologies can also be used in solutions outside of the cryptocurrency space. Any application that requires the secure, distributed, and auditable transfer of digital or physical assets can potentially be a fit, as can applications that require the execution of automated business processes across a network of participants with reduced opportunities for fraud and other malicious activity. These applications can include:
- Improving data management, sharing and analysis across government entities
- Gaining the ability to manage data and/or analytic transactions involving users and devices for the internet-of-things applications (IoT)
- Enhancing security and public traveling experiences by reducing redundant checks
- Progressing bio-threat awareness
- Sharing of emergency responder credentials across federal, state, local, tribal and international borders by authoritative parties with no single point of failure
- Creating records and audit logs of data that cannot be manipulated and can be publicly verified
Applying blockchain technology can significantly improve government to citizen, government to vendor, and government to government interactions by increasing security, reducing fraud, improving information sharing, and automating business processes and transactions.
Nelson Petracek – CTO, Strategic Solutions Group at TIBCO Software