What Blockchain Means For The Public Sector
With Blockchain (specifically Ethereum) comes massive efficiency. It allows for something called smart contracts which mean programs replacing processes. All sensitive information will be held on the Blockchain, releasing and processing it will be automated. The process itself will be logged in a Blockchain ledger and the world will go about its business. When I come to pay tax I could simple transfer some bitcoin into UKTaxCoin and that’s done, value transferred directly to the treasury. That logs my share of tax and gives me a coin proportional to my share in the UK income system and as the economy grows so does my tax coin. This all could bring together the UK economy and the public purse into one UK Plc (ICO) nicely
But pondering the plight of the public sector workers, the obvious effect is going to be job losses for anyone who deals in bureaucracy and red tape. The two main burdens to government efficiency. Not only that, but putting the age old political question of more government or less for the benefit of the populace to bed for good. The populace will be closer to government process than ever before, with more of a vested interest in what is going on. The treasury will receive their income much more effectively with more to spend on services and government projects, without having to waste funds employing an army of bureaucrats.
The increase in efficiency this will bring will obviously mean more money to go around and be spent. No more middle men in an economy means all the cash which once filled the coffers of multinational service companies will be freed up (businesses of the likes of e.g: Facebook and Google will no longer exist in a Blockchain world, replaced by programs with no need of profit). We could be preparing the ground to implement a full national living wage for all, without the economic costs this would traditionally be thought to bring.
So as bad as losing red tape jobs sounds. The future looks very bright without them.