Blockchain would give every person complete control over their government’s decision-making process and hold elected officials accountable in near real time for their actions. It is also likely to drastically change our economy by empowering people with more control over their money and data, making them less dependent on others for financial resources or information about themselves. Blockchain can decentralize power and end top-down centralized government.
With blockchain technology, each participant can contribute voting rights to any number of delegates. The blockchain records who voted for whom and when. Any delegate can cast the vote of all on behalf of the individual, anonymously or not.
Those who vote can do so from anywhere in the world through their personal and secure devices with protected voting software installed on them. It would increase voter participation and engagement globally. It also helps eliminate corruption, as there could be a permanent record of each elected official’s votes on specific issues. Therefore, people could easily spot any potential conflict of interest. Let’s explore how blockchain can bring true democracy.
Blockchain’s Level Playing Field for Voters:
Blockchain-based systems appeal to diverse voters with different political views by allowing people to vote directly on issues and anonymously if they wish. While there may be some resistance in some countries that are used to having their candidates selected by the ruling party, it would seem that blockchain technology is poised to open up all democratic processes around the world.
Blockchain can also transcend political, religious, and cultural barriers, offering instant and secure voting on issues. The individual would use their mobile device to download and install a blockchain voting app pre-loaded with their voting preferences. Voters could use smart contracts to execute the vote every time a set number of votes have been cast.
Blockchain voting could be used by people in all areas of government, including elections, referendums, and policy making. By allowing people to vote on issues rather than candidates, blockchain technology increases voter participation and engagement around the world. Blockchain voting could replace what is known today as the “top-down” model of elections, where only one party is ultimately elected (as we are seeing in the US today).
Blockchain provides more control over money:
For those who have suffered financial loss due to the actions of a third party, blockchain provides peace of mind. Blockchain can help eliminate the growing inequality of wealth in society. A person’s assets, such as real estate and money, can be stored and transacted using blockchain technology without using an external medium such as a bank.
A person could store funds on your device anonymously. Then, if they wanted to, they could receive or make payments directly from their device without involving a bank or other third-party financial institution. Additionally, blockchain technology could help eliminate the possibility of human error by ensuring that people can handle transactions through a secure, decentralized application.
Blockchain will give voters access to their data:
People can now control their data and determine what is released publicly or shared with others. It is the maximum level playing field as to who controls the information and how it is used. In addition, blockchain technology allows voters to control who they share their data with, as they can choose on which devices and at what time to make their assets available for peer-to-peer exchange.
Blockchain will force the government to bring more transparency:
Government officials must be held accountable for their actions as the world seeks more transparency and accountability. Blockchain will force those in power to bring more transparency and audit systems to governments. Additionally, governments can use blockchain to hold each other accountable, which would then reduce corruption.
Government leaders could also use blockchain technology to create new accountability systems and increase transparency within existing governments. For example, the public ledger could allow citizens to access any government document instantly and review every detail on a secure device.
Suppose elected officials try to cover up past mistakes by changing records on the blockchain. In that case, citizens can easily discover discrepancies in the system and prove them wrong, if necessary. Corruption and misuse of funds will become more brutal as every government transaction is recorded and made available for all to see. Additionally, blockchain technology can help eliminate privacy breaches when a company is hacked or a government team member accesses sensitive information.
Additionally, individuals can use blockchain to restore trust in companies that previously violated an individual’s trust by mishandling their personal information for profit. Companies like Google, Facebook, and others are not regulated at all in handling your sensitive data, which has led to countless privacy breaches.