How’s Life in the Digital Age? by OECD

Author:OECD
Language: eng
Format: epub
Tags: socialissues/industry/science
Publisher: OECD Publishing
Published: 2019-02-26T00:00:00+00:00

Blockchain may enhance the safety of transactions and information exchange

While the digitalisation of information exchange in areas like health, government and economic interactions can pose threats to individuals’ security and privacy, technologies themselves offer potential solutions to improve digital security. One emerging technology that could improve security gains in the future is Blockchain (i.e. distributed ledger technologies), a decentralised database of information allowing networks of actors to safely conduct transactions and exchange information between each other, without the risk of corruption of data. This is because evolutions of the data are available to all blocks of the chain, and each transaction is recorded and must be approved by every node in the network. In addition, the encryption of the data makes any infringements of personal data highly unlikely. The benefits of these technologies can have numerous different applications. For example, blockchain technologies have already been used to record ownership of land parcels, in public procurement processes and even in ensuring the integrity of election processes. Finally, blockchain has been at the core of crypto-currencies, which have proved to be useful already for cross-border payments, and may have a utility for cross-machine payments in the internet of things. On the other hand, crypto-currencies have also been used for criminal purposes such as money laundering and tax evasion.

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