Young_Turk
Elder Lister
Source
What is a Blockchain?
A blockchain is a digital ledger.[7] Blockchain technology is also known as “distributed ledger technology” (DLT), because copies of a single, shared ledger are distributed across a decentralized network of multiple “nodes,” or users.[8]
In a blockchain, all transactions that occur within a network are validated and recorded in the ledger by consensus.[9] When a transaction is proposed, all nodes verify that the sell-side account has the promised inventory and that the buy-side account has the promised currency to purchase it.[10] If all nodes validate the transaction, the transaction is executed and cryptographically recorded in the shared ledger.[11] Thus, rather than having an intermediary institution reconcile the sell-side and buy-side’s respective ledgers in order to settle the transaction, the transaction is authenticated and executed in real time by automated network consensus.[12]
In addition to circumventing the inefficiencies of relying on an intermediary, blockchain’s automated consensus technology promises accuracy and security.[13] First, by consolidating data into a shared database, the technology minimizes the chance of accounting discrepancies—and any subsequent disputes—among the parties involved.[14] The technology has been likened to the functionality of Google Docs, in which all permissioned parties have access to a single document at the same time and only a single version of the document exists at any one time.[15] Further, all transactions are recorded sequentially and irreversibly, thus creating an immutable and indisputable audit trail.[16] Finally, since copies of the ledger are cross-authenticated and updated in real time, enormous computing power would be required to corrupt any portion of the data encrypted in the network.[17]
Dr. Muli's Take
Dr. Muli, in this white paper suggests using BlockChain technology protocol. He suggests that using this technology to leverage the over 80% penetration of mobile phones along with a unique trust protocol (perhaps your unique sim card that's tied to your national ID and Huduma number? I'm just thinking out loud!) will reduce voter apathy since 1) There is a reduced chance of vote interference and voter fraud. 2)Convenience of use. One can cast their ballot from the comfort of their home. 3) Reduced cost to government. This technology will cut out the need for centralized voter centers and the consequent voter intimidation one can face when at the voting center. 4)Raise participation rates as the results would be coming in in live time. By the end of the day, we would have a clear winner.
Not only that, but also the ability to vote in real time on an issue would increase citizen participation. This could strengthen our democracy as more people have a say in what goes on in our republic.
This system can also be used
1. Land registry. An example from the US State Georgia shows how officials have used this technology to register land titles and validate property related land titles and regulate property related government transactions.
2.Distribution of welfare payments. The UK government's Department of Welfare Services uses it to reduce benefit fraud, protecting critical infrastructure and registering assets.
3.Public Archives. US State Delaware uses it for distributed ledger technology.
4.Blockchain identity management ,e-voting, electronic health records. Estonia's government makes use of this technology to secure its citizens information and preventing fraud while also simplifying their lives by easing access to public records.
5.Secure Banking. Singapore, arguably one of the largest financial centers of the world, uses block chain technology to secure interbank payments.
6.Future prosperity. Dubai's Global Blockchain Council was setup to explore current and future blockchain applications.
Challenges of Blockchain
Its important to note the cost-benefit analysis weigh strongly in the favor of this technology. However, there are some potential shortcomings.
1. Not all users will be able to comfortably interact with this technology. This can be overcome by implementing user friendly interfaces.
2. The blockchain itself may be very secure but the private keys and passcodes that ensure the security of user accounts (or wallets) could be a point of compromise if they are lost or if they fall into the hands of fraudulent users. This degree of fraud in the cost-benefit analysis is acceptable.
Whether we like it or not, technology will come to replace the current methods of voting. Embracing change now instead of waiting to respond to public demand is the way to go.
What is a Blockchain?
A blockchain is a digital ledger.[7] Blockchain technology is also known as “distributed ledger technology” (DLT), because copies of a single, shared ledger are distributed across a decentralized network of multiple “nodes,” or users.[8]
In a blockchain, all transactions that occur within a network are validated and recorded in the ledger by consensus.[9] When a transaction is proposed, all nodes verify that the sell-side account has the promised inventory and that the buy-side account has the promised currency to purchase it.[10] If all nodes validate the transaction, the transaction is executed and cryptographically recorded in the shared ledger.[11] Thus, rather than having an intermediary institution reconcile the sell-side and buy-side’s respective ledgers in order to settle the transaction, the transaction is authenticated and executed in real time by automated network consensus.[12]
In addition to circumventing the inefficiencies of relying on an intermediary, blockchain’s automated consensus technology promises accuracy and security.[13] First, by consolidating data into a shared database, the technology minimizes the chance of accounting discrepancies—and any subsequent disputes—among the parties involved.[14] The technology has been likened to the functionality of Google Docs, in which all permissioned parties have access to a single document at the same time and only a single version of the document exists at any one time.[15] Further, all transactions are recorded sequentially and irreversibly, thus creating an immutable and indisputable audit trail.[16] Finally, since copies of the ledger are cross-authenticated and updated in real time, enormous computing power would be required to corrupt any portion of the data encrypted in the network.[17]
Dr. Muli's Take
Dr. Muli, in this white paper suggests using BlockChain technology protocol. He suggests that using this technology to leverage the over 80% penetration of mobile phones along with a unique trust protocol (perhaps your unique sim card that's tied to your national ID and Huduma number? I'm just thinking out loud!) will reduce voter apathy since 1) There is a reduced chance of vote interference and voter fraud. 2)Convenience of use. One can cast their ballot from the comfort of their home. 3) Reduced cost to government. This technology will cut out the need for centralized voter centers and the consequent voter intimidation one can face when at the voting center. 4)Raise participation rates as the results would be coming in in live time. By the end of the day, we would have a clear winner.
Not only that, but also the ability to vote in real time on an issue would increase citizen participation. This could strengthen our democracy as more people have a say in what goes on in our republic.
This system can also be used
1. Land registry. An example from the US State Georgia shows how officials have used this technology to register land titles and validate property related land titles and regulate property related government transactions.
2.Distribution of welfare payments. The UK government's Department of Welfare Services uses it to reduce benefit fraud, protecting critical infrastructure and registering assets.
3.Public Archives. US State Delaware uses it for distributed ledger technology.
4.Blockchain identity management ,e-voting, electronic health records. Estonia's government makes use of this technology to secure its citizens information and preventing fraud while also simplifying their lives by easing access to public records.
5.Secure Banking. Singapore, arguably one of the largest financial centers of the world, uses block chain technology to secure interbank payments.
6.Future prosperity. Dubai's Global Blockchain Council was setup to explore current and future blockchain applications.
Challenges of Blockchain
Its important to note the cost-benefit analysis weigh strongly in the favor of this technology. However, there are some potential shortcomings.
1. Not all users will be able to comfortably interact with this technology. This can be overcome by implementing user friendly interfaces.
2. The blockchain itself may be very secure but the private keys and passcodes that ensure the security of user accounts (or wallets) could be a point of compromise if they are lost or if they fall into the hands of fraudulent users. This degree of fraud in the cost-benefit analysis is acceptable.
Whether we like it or not, technology will come to replace the current methods of voting. Embracing change now instead of waiting to respond to public demand is the way to go.
