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Blockchain has the potential to completely replace noteraries, real state deeds, most types of IDs, medical records, all sorts of contracts and digital signing.
by DanielHB 3y ago
Blockchain has the potential to completely replace noteraries, real state deeds, most types of IDs, medical records, all sorts of contracts and digital signing. A lot of government systems could be put on the blockchain and become interoperable with government systems of other countries. It is hard enough to keep medical records systems within a single country already.
This alone is worth billions of dollars in saved bureaucracy overhead. Unfortunately it relies on governments and bureaucrats relishing control of the bureaucracy so it is really hard to push forward. Especially considering there is not a lot of money to be made in these areas, in fact it reduces the amount of money spent on middle-man.
The icing on the cake is that any country that implements a blockchain systems for a certain bureaucratic function will most likely make it open source (for transparency reasons), meaning other countries could just git clone the algorithms and implement any extra requirements. A lot of the prosperity of the west world came from strong, stable, predictable institutions. Those institutions could be automated and exported to the developing world making it much harder for corruption to take place.