Published on March 12th, 2023 | by Bibhuranjan

How is ethereum helping the government authorities?

For the first time in history, a distributed public blockchain protocol called Ethereum makes it possible to create smart contracts between parties on disparate ledgers. A website like https://ethereum-trader.app/ is a wholly automated cryptocurrency platform offering the best features like liquidity, trading tools, and customer support. So what does this mean for the government? Ethereum is uniquely positioned to help solve some of the world’s most challenging governance and social issues by powering everything from electronic voting to birth registries and identity systems.

It has the potential to increase Transparency and responsiveness, reduce corruption, improve business environments, and make more efficient use of resources. A growing number of governments have realized this potential and are already taking steps to implement it into their operations. Here are five ways in which governments are already incorporating Ethereum:

1. Recording Births and Deaths on the blockchain

Before the advent of Ethereum, governments generally used highly manual techniques to keep registers of births and deaths, and this process was costly, time-consuming, and inefficient. For example, one study estimated that the U.S. state of Illinois spends more than $1 million annually on maintaining its birth registry system. Fortunately, a blockchain-based approach offers a much cheaper and more secure solution. The government can have an authentic record of that person contained on an immutable public ledger, which can be verified at any time by anyone else in the world.

2. Run Elections on the Blockchain

Whereas traditional voting machines are vulnerable to tampering by outside forces (a concern that became all too all-too-real after the 2000 presidential election), Ethereum-based voting would be secure against tampering. It would be a digital version of the current paper ballot system. The voter would still have a paper ballot, but people wouldn’t count it until they inserted a cryptographic key to unlock that vote using software on a personal computer. If a recount was necessary, election officials could enter the key and see every vote cast. Voters could also be anonymous on the blockchain, and their votes would still count. 3. Hold Government Officials Accountable With Smart Contracts

Users can program Ethereum smart contracts to hold government officials accountable to the public by automating their workflows. An example is California’s Public Utility Commission, which recently became the first state agency to use blockchain technology. The state agency has built a pilot project that will allow its field engineers to remotely assess and report on utility infrastructure using Ethereum-based smart contracts rather than filling out paper forms and manually submitting them for processing. As a result, the state can save $300,000 annually in reduced labor costs by making the process more efficient.

4. Develop a Smart Nation Strategy on the blockchain

Governments are spending more than ever on national security, including projects such as intelligence gathering, border surveillance, and policing. The same hardware and software used in military applications can help government agencies interact more efficiently and securely with citizens. With general-purpose intelligent contracts, it will be possible to create a secure identity system that stores the digital identities of people in the physical world – not just of those who have mobile phones or email accounts – which would allow them to interact with government agencies in real-time, especially those that are far-flung or under-resourced.

5. Reduce Corruption and Increase Transparency

The idea of a public ledger—public in the sense that anyone can read it but not change it—has enormous implications for reducing corruption and increasing Transparency. It can be precious in countries where contracts must be made and verified outside the legal system. In addition, public ledgers ensure that all parties see each other’s current balances, preventing fraud and theft while making things easier to audit and stopping the kind of abuse we’ve seen from tax collectors who take bribes from taxpayers instead of paying the taxes themselves.

This technology is uniquely positioned to transform how citizens interact with their government. For example, current voter ID requirements and paper ballots limit participation to those who can physically show up to cast an “official” vote. With smart contracts, there would be no need for physical voting booths.

No more waiting in line; no more complex ballot-signing procedures – all votes could be counted immediately, fulfilling the ancient Greek ideal that the user should conduct civic life as quickly and smoothly as possible. Instead, Ethereum leverages the power of blockchain to change government operations in a way that makes it even more accountable, transparent and efficient while also making workflows quicker, easier and cheaper.

Ethereum can prevent money laundering:

Ethereum is good at preventing money laundering because it creates a digital ledger that tracks transactions and makes them transparent to everyone. Money laundering is profitable for criminals because it illegalizes the proceeds of their crimes and legitimizes them by running them through a series of fake businesses and bank accounts. With the help of Ethereum, the government can track transactions and see where they lead. If any wrongdoing is suspected, the government can further investigate it.

With the help of Ethereum, many governments have taken drastic steps against money laundering, which has reduced crime rates worldwide. In addition, most countries with advanced economies are currently seeking to use Ethereum’s Blockchain technology in various sectors of their economy.

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Tags: Blockchain, crypto exchanges, cryptocurrencies, ethreum, ethreum trading platform

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.