Central to the value of blockchain technology are a handful of core benefits. These include security, immutability, decentralisation, and absolute transparency.
From a world governance point of view, these benefits make it clear just how enormously blockchain technology can benefit the world of global politics.
Voter identification is probably the most critical aspect of a free and fair election process. Blockchain technology can provide a decentralised, tamper-free, and secure system for voter identity verification.
An example of how this would work is to store voters’ ID info on the blockchain – and in a fully encrypted format. As such, the verification process would then get carried out with the help of cryptographic techniques.
Political fundraising is another critical and necessary aspect of politics. It also happens to be an aspect that very often faces a great deal of scrutiny about issues like transparency and accountability – not to mention the influence of big money.
With blockchain’s help, donations will be recorded in the general ledger in an immutable and completely transparent manner. This will naturally lead to an increase in transparency, trust in the process, and accountability.
By the same token, campaign fundraising reporting is another area of political finances that often faces a slew of challenges related to honesty and accuracy. Blockchain technology can provide an accurate and decentralised trail of campaign finance activities.
Governments can implement blockchain technology to protect human rights, including free speech.
Decentralised systems can create a secure and trusted platform for whistle-blowers, activists, and even members of the media to securely report and store information without the fear of censorship or blowback.
Political communication needs to be free of all forms of misinformation. Sadly, this often isn’t the case. But with the help of blockchain technology a verifiable system for political communication is easy to create.
Advertisements, campaign information, and other political communication can be recorded with the help of blockchain. This will help to create a transparent record of all activities and broadcasts.
While lobbying is a common practise in the world of politics, it often raises concerns about undue influence, conflicts of interests, transparency, and related issues.
By using blockchain, it’s possible to record lobbying meetings, communications, and efforts in general without any tampering. This can help prevent unethical activities and practises within the context of political lobbying.
Since blockchain works on a decentralised network, it can be used as a valuable tool for the secure sharing of information among nations.
This secure sharing can help to facilitate negotiations, build international trust, and even resolve disputes and hostage situations.
Government organisations can even use blockchain technology to verify compliance with international treaties and agreements.
Blockchain tech can enhance defense and cybersecurity strategies by keeping an immutable record of critical data.
It does however remain important to take care in considering the implementation of any system within the context of security and politics.