Blockchain Technology in Government Sector: Market Insights
The global blockchain
technology in the government sector is expected to grow at a high CAGR over the
coming years as it improves the efficiency of government operations. Developed
as well as developing countries have demonstrated a tremendous interest in adopting
blockchain solutions to improve services and save money in the long-run.
Increased investment in developing an appropriate infrastructure
to manage various public services, enhance the outreach of welfare policies,
and quicken the delivery of services & solutions to the general public is
projected to augment market growth over the coming years. Development of smart
cities is expected to foster demand for blockchain technology in the North
American, Middle East, European, and Asia Pacific region.
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Blockchain Technology in Government Sector: Type Insights
The blockchain
technology market for the government sector is segmented on the basis of type
into public, private, and hybrid. Private blockchain enables in improving
operational efficiency to a large extent, however, it limits decentralization.
Public blockchains are expected to grow at a high rate as it allows
interoperability, decentralization, and transparency of operations along with
security. This growth is attributed to the growing practice of the government
and institutions to inculcate open and efficient transactions. The demand for
hybrid blockchain solutions is also expected to grow at a significant CAGR over
the coming years.
Blockchain
Technology in Government Sector: Application Insights
Blockchain technology
for government finds applications in identity management, license renewals,
security management, election & voting, healthcare, education, contract
management, documentation & compliance management, revenue & tax
monitoring, utility payments, among others.
The demand for
identity management solutions is anticipated to grow at a high CAGR over the
coming years. Other services that would be easily adopted by companies are
license renewals, contract management, documentation & compliance
management, and tax payments. Developing countries are also expected to invest
in blockchain solutions as it reduces red tape and improves the delivery of
social welfare benefits to achieve set policy goals.
Blockchain
Technology in Government Sector: Regional Insights
In 2016, Delaware
came up with the Delaware Blockchain Initiative to improve its legal
infrastructure for the shared ledger. Since Deleware resides over 65% of
Fortune 500 companies, blockchain technology increases efficiency and speeds up
business incorporation services. Illinois has also come up with similar
initiatives to harness benefits of using blockchain technologies.The North American and European region is anticipated to witness
large investments in blockchain technology on account of their faster
acceptance of advanced technological solutions. The Asia Pacific and the Middle
Eastern region is expected to grow at a high CAGR over the forecast period on
account of their increasing investments in smart cities and need for improving
process efficiency across government & public offices.
Blockchain Technology in Government Sector: Competitive Landscape
The global blockchain
industry is evolving ata rapid pace on account of its increased preference
across various industry verticals. IBM Corporation has developed Blockchain for
a government which helps secure information exchange, integrating various
business partners such as suppliers, service agencies, and other
community-based organizations.
Other companies
involved in developing blockchain technologies include Microsoft Corporation,
Infosys, Global Arena Holding, Inc., ABB Ltd., BTL Group, Coinbase, 21, Inc.,
Chain, Inc., Deloitte, and Digital Asset Holdings among others. The need for
digitalization of public services to improve transparency and increase policy
outreach is projected to boost the demand for blockchain solutions over the
coming years.
The stakeholders to
the report include government institutions, public sector, research
organizations, and educational institutes among others.
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