Distributed ledger technologies (DLTs) and blockchains have been on the spotlight the last few years. Blockchains are based on the principal that there is no central entity that controls the system and that transactions can succeed without the need of having a trusted third party for verifying them. Moreover, the transactions once performed are tamper-proof and immutable. Even if they started with the form of asset exchange, i.e. cryptocurrencies, they can be used for a plethora of applications.
- Blockchain has the ability to trigger a generational shift from an internet of information to a new-generation internet of value. However, in order to succeed, a multistakeholder consensus is needed on how the technology functions, its potential applications as well as regulatory, cultural and organizational conditions.
- Blockchain technologies could enable cross-country collaboration between public services, eliminating interoperability issues and the use of multiple communication channels.
- Cross-border Business to Business transactions could be simplified without obstacles occurring due to their physical location and local or national legislation.
- Government funding and public expenditure could be completely transparent and verifiable from the citizens, an act which could lead to eliminating public corruption.
- Public services could directly involve the citizens and make their administering simpler and cheaper.