Could the Blockchain End Bureaucracy?
Bureaucracy, Ludwig von Mises explained in 1944, is "always applied with an opprobrious connotation", and such connotations – that it is time-consuming, frustrating and costly – have stood the test of time. If you wanted to ask a question about a self-assessment tax return in October, you'd have been waiting 47 minutes to do it. In 2014-15, the public-sector wage bill was £150bn. New thinking can change this, however. Blockchain – a distributed public ledger capable of recording transactions securely (explained here) – is a key means. Businesses are proselytizing the technology....
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The ability to increase efficiency has made Blockchain technology appealing to governments. The potential to usurp current business processes with something more efficient, while also reducing costs, has captured the attention of governmental bodies across the world. However, bureaucracy remains a key factor in how soon this disruptive technology will become fully adopted by government institutions. Government-inspired Blockchain. Government-inspired Blockchain initiatives are taking shape all over the place. Estonia, Russia, the United States, Singapore, Sweden and South Korea all have....