Summary

• Bryan Daugherty, Global Public Policy Director for BSV Blockchain Association, emphasises the benefits of integrating blockchain technology into government regulatory systems.
• Blockchain’s transparency is valuable in supply chain management, ensuring consistent and secure data for the delivery of goods and services, and promoting ethical practices and accountability.
• Blockchain can revolutionise voting systems by providing a secure, transparent, and tamper-proof method for recording votes, enhancing election integrity and public trust.
• Blockchain has potential use cases in government beyond voting and supply chain management including land registry and property rights, identity verification, public procurement, intellectual property, and environmental regulation.
• The BSV Blockchain Association supports regulation and advocates for legal compliance to foster lawful conduct and innovation. The Association engages with policymakers to provide advice on positive policy development for the global adoption of blockchain technology.

As countries around the world begin to grapple with the benefits of blockchain, governments are introducing new and exciting ways to integrate the technology within their BSV Blockchain Association, who was recently speaking in an interview with the Evening Standard.

In the context of supply chain management, blockchain’s transparency becomes a vital asset, he said. ‘It enables end-to-end visibility in government-led projects or procurement processes, ensuring that data related to the delivery of goods and services remains consistent and secure, which is critical for upholding ethical practices and accountability.’

‘When it comes to voting systems, the utilisation of blockchain can revolutionise the electoral process. It offers a secure, transparent, and tamper-proof method for recording votes, thereby maintaining the integrity of election outcomes and boosting public trust.’

Exciting blockchain use cases for the public sector

The potential use cases for blockchain technology in government are vast and extend far beyond voting and supply chain management. Below, Daugherty detailed a few noteworthy examples:

• Land registry and property rights: Blockchain can provide an immutable and transparent ledger of property rights, reducing disputes and simplifying the process of buying and selling property. This can be particularly transformative in countries where land rights are unclear or contested.
• Identity verification: A blockchain-based digital identity system can provide a secure, efficient, and tamper-proof way for citizens to prove their identity, whether for accessing public services, opening a bank account, or even verifying age. It could replace cumbersome paper-based systems and provide a single source of truth.
• Public procurement: The public procurement process involves significant resources and is often subject to inefficiencies and corruption. Blockchain can provide transparency to these processes, making it more difficult for fraudulent activities to take place, and easier to audit and hold individuals accountable.
• Intellectual property rights: Blockchain can provide a transparent and immutable record of intellectual property rights, reducing disputes and providing a clear trail of ownership and licensing agreements. Example: Rare Generation, ImmutableBooks, and StreamableFM enable content creators to publish content and IP ownership in a timestamped transaction to the blockchain, enabling future content payments to be divided and sent instantly to owners.
• Environmental regulation: Blockchain can help track and verify compliance with environmental regulations. For instance, with Proof of ESG (ProofofESG.com), business owners can certify efficiency improvements, utilising the blockchain for time-stamped auditability of activity. Furthermore, utilising the same platform, Proof of ESG, in partnership with Virginia farmers, enables real-time capture of IoT data from sensors strategically placed within Hemp fields, providing the first authenticated CO2 credits.

The pro-regulation blockchain

The BSV Blockchain Association is pro-regulation and believes that the global adoption of blockchain technology requires enterprises and lawmakers to become comfortable with legal compliance by industry participants.

To ensure the development of a regulatory environment that both fosters lawful conduct and facilitates innovation, the Association regularly engages with leading policymakers to advise on the development of positive policy.