Blockchain has successfully branched out into many areas and now they are getting dirty with politics. Since the beginning, politics has been a crude business and they always have something up their sleeve.
Transparency has been a pertinent issue but how is blockchain introduced into this equation?
Blockchains are an immutable ledger that uses sophisticated cryptography, distributing the database across thousands of participating computers. This makes it comparatively less hackable as compared to other databases.
So, what’s the solution?
Adding blockchain to the mix could solve most of the problems. Here’s how:
Well, first of all, we know that the electoral system is increasingly dysfunctional and ineffective. A range of options have been explored but nothing really seems to make the cut. With the increasing diversity, everyone wants recognition and rightfully so. So how does one keep all the communities happy?
At first glance, it might be a foreign field but it isn’t a matter of discrete and unemotional transactions rather its deeply grounded in social, cultural and economic identity.
One of the most obvious application is the voting itself. We are all aware that the current voting systems are easily hackable and thus the results can tip in anyone’s favor wrongfully. This makes us question the integrity of elections and nullifies the concept of democracy.
Where does blockchain come into play?
Well, according to the workings of a blockchain, votes can be stored in many “independent nodes”, which would make modification and tempering “theoretically impossible.”
Just like untangling your headphones or Christmas lights!!
Each voter will be assigned a wallet – which will serve as its identification – and they will cast their vote using a coin – serving the role of a ballot paper.
Governance is now a code
With, decentralized groups like rLoop are capable enough to potentially govern themselves with blockchain-based tools and make robust, real-time decisions then there is less room for doubt that blockchain can’t do the same for our political system.
Public support cannot be enough to turn the tables, especially when all those in power consciously work towards maintaining the status quo. The only industry you can lean on to are the tech companies.
National identity will loosen its hold.
As everyone joins blockchains, the barriers are diminished. It’s a global technology and it will enable you to do things across the border. The world will become more integrated and national identity will become less relevant.
A check on policies
It seems that the blockchain could help us identify what policy affects us in what way. We would truly be able to understand if something is working in favor of an average citizen or its just lobbyists and politicians trying to push forward their agenda.
Incentives to expose corruption
Do you know how prediction markets work? I wasn’t aware of this until I found out that if someone can bet on the outcome of a decidable event they are loosely termed as “wisdom consultants.”
So, if you have any scoop over something or have a strong foresight then you can use platforms such as Gnosis, a wisdom market built on Ethereum, where people seeking the truth in certain situations might post a “consulting fee” to surface information that might affect the business or political activity. So, people who put value behind that quest for truth can be incentivized through the blockchain system. Hence, breaking the infrastructure that supports deep, systematic corruption.
A low-corruption future already has our mind tingling.