The underlying technology behind Bitcoin and the rest cryptocurrencies is the Blockchain. This technology can be incorporated in various sectors of a national economy (finances, agriculture, industries, education, supply chains, etc) and governments around the world are already experimenting and trying to establish platforms for exploration and integration of blockchains into the existing systems.
The immutable aspect of blockchains and their decentralized nature is the reason they can be integrated into governance and help create a transparent environment while reducing maintenance costs, decreasing corruption and provide top-notch security.
The latest important news comes from Bangladesh after the Bangladesh Computer Council (BCC) and IBM announced the result of their partnership in the development of a distributed ledger blockchain solution for the modernization of the countries Teachers' Pension System.
IBM and BCC announced yesterday (June 12, 2020) the release of the new blockchain-based pension system. A PoC (Proof-of-Concept) system is used to protect the network from cyber-attacks and ensure the security of private data while running on the IBM blockchain platform.
Teachers will be able to access their private data through mobile and desktop apps through a transparent and secure blockchain network. Blockchain technology is revolutionizing governance as well besides every sector of an economy and it will be the basis of future interconnected technologies as Artificial Intelligence, Robotics, and the Internet of Things, due to the features it contains.
Many countries have already begun exploring the implementation of blockchains in the financial and industrial sectors of their economies. Hopefully, during the next few years, we will begin watching the blockchain technology being used widely and adding to the economic progress and prosperity of national economies.
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