Digital state bond in charge of Blockchain technology
The term that has been trending recently is Blockchain; this is because it could be considered the basic technology of the future, in addition to being considered one of the most exciting discoveries in terms of technology in this century, as well as the creation of the Internet and the devices mobiles.
The scope of the Blockchain has been of such magnitude that governments and private entities have considered it to transform the operation of their processes, making organizations more efficient. Check this site if you are an investor looking to trade in cryptocurrency.
Digitization of institutional processes with Blockchain:
Blockchain technology is impacting society in significant ways. It has not only managed to attract the attention of individuals but also of government entities, which is quite interesting because it allows evaluation of the opportunities this technology offers to the market in general.
The diversification of the functions and utilities that Blockchain technology has guaranteed its users in terms of the validation of processes and the effectiveness of the operations carried out allows agility in processes, security, transparency, and protection in the handling of private and institutional information.
One of the most controversial aspects is the bureaucracy involved in executing administrative processes in government institutions since the manipulation of information is available to everyone. Moreover, it can be modified conveniently for those who manipulate it.
It is the focal point in which the Blockchain allows the information to be used but not transferred or modified without complying with the regular channels since the official who manipulates the information must make proper use of it and not meet interests.
One of the main objectives of governments is to comply with the Agenda of the Sustainable Development Goals (ODS) for 2030, where the use of data in an open way is what will guarantee the effective administration of public management.
Israeli Government Blockchain Bonds:
The Central Bank of Israel made public the statements where the willingness to explore the ecosystem of cryptocurrencies and the Blockchain is something they have in mind, so much so that it has created alliances with Norway and Sweden to venture into the field of digital currencies.
The Government of Israel intends to change the traditional way. The paradigms that the population has concerning digital payments, the essence of the incentives is to use technology so that procedures at the institutional level are much more effective and digitized.
The adoption of technology and the digitization of processes by Israel have reached the point where it has been created in conjunction with the Tel Aviv Stock Exchange, the issuance of a digital State Bond based on Blockchain technology.
The project of automation and digitization of traditional processes and mechanisms adapted to the new technological era is called Project Eden, which will reduce administrative and operating costs and the time lapses of issuance and compensation of bonds issued by the government. , which in turn significantly reduces the risks.
Key factors for governments:
Depending on the use that will be given to the Blockchain in the public sector, specific challenges and approaches will arise, where the main thing to consider is the solution to problems and the feasibility of the technology in the field of action.
It is interesting to evaluate the general context of the application of Blockchain technology from the internal perspective of the processes that take place within the country and when international trade relations are developed.
In this type of transaction, the vulnerability that the accounting process and reconciliations give rise to involuntary errors may occur, which puts at risk a set of elements during the commercial relationship that, if they have the appropriate technology, even millionaire losses are avoided, which in the end affect the country's economy.
The factors to consider before the government application of the Blockchain are the following:
- There must be a technical team that is responsible for the maintenance of the platform.
- A strategic association that guarantees the effective use of networking.
- The impact at the commercial and business level must be evaluated.
- Have the prepared human resource, train the existing ones, and certify the appropriate use of the Blockchain.
- Adhere to the rules and regulations of the new technology.
- Adapt to technological changes.
The evolution proposed by using Blockchain technology is not only at the computer level but also aims to transcend everything related to the economy, finance, and traditional operations that can become digital.
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