Rajesh Sinha, blockchain practice lead at esynergy, argues that blockchain technology could offer the Labour Government a way to enhance public trust and financial accountability. As Rachel Reeves prepares for her first budget amidst claims of a £22bn shortfall in public finances, there is increasing pressure to improve transparency and fiscal responsibility. Sinha suggests that blockchain, traditionally associated with cryptocurrencies but now recognized for its broader applications, could help achieve these goals by enabling more transparent and auditable government processes.

Blockchain’s potential lies in its ability to securely record transactions and data in an immutable ledger, making it a valuable tool for democratizing access to information and preventing fraud. Governments like Singapore, Australia, and the UAE are already adopting blockchain for public sector applications, indicating that the technology is viable at a national level.

Sinha proposes that the Labour Government could introduce pilot programmes, such as a ‘Public Service Dashboard,’ to track spending and project outcomes in real time. This could include transforming Companies House records to a blockchain system for greater accuracy and improving procurement transparency to avoid mismanagement. These initiatives could build public trust and prove blockchain’s benefits before wider adoption.

In the NHS, blockchain could significantly reduce administrative costs by creating a unified patient record system. This would improve data sharing between healthcare providers, reduce duplication, and give patients more control over their data. Patients could even opt to monetize their anonymized data for research purposes.

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Sinha concludes that blockchain could help the Labour Government deliver on its promise of openness and accountability, transforming governance and restoring public trust through the technology’s transparency and auditability.

Source: consultancy.uk

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