Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_ad_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-ad.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_authors_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-authors.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_catlist_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-catlist.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_facebook_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-facebook.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_pop_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-pop.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_taglist_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-taglist.php on line 12

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; mvp_tags_widget has a deprecated constructor in /home/thewaitress/public_html/wp-content/themes/click-mag/widgets/widget-tags.php on line 12
Illinois Eyes Blockchain for IDs and Public Asset Management | Pitchily
Connect with us

Illinois Eyes Blockchain for IDs and Public Asset Management

Cryptocurrency

Illinois Eyes Blockchain for IDs and Public Asset Management


An Illinois government task force has outlined a potential direction for applying blockchain technologies in the state’s inter-government operations.

According to a report filed on Jan. 31 by the Illinois Blockchain Task Force to the General Assembly, the state is eyeing the use of blockchain technologies to, at least, manage state residents’ identification, as well as tokenizing assets in the public sector to improve efficiency and reduce entitlement fraud.

The task force detailed in the report that using a blockchain-powered platform would allow state citizens to access and store all their ID information, such as tax, voting, and driver license, etc., as decentralized nodes. This user-centric model would then let citizens own the information and share with different government agencies for public services.

The report states:

“This new model would reimagine the relationship between state and individual, as government would become the verifier, rather than the custodian, of people’s public service identity. Government would move from providing data storage to verifying identity, allowing users to store access to personal data securely on devices.”

In addition, the team also suggested that blockchain technology has potential for Illinois’ public sector in digitalizing assets such as tax credits, social benefits and municipal bonds, and so on.

By tokenizing these asset through blockchain technology, such as the ethereum blockchain, can bring transparency to each transaction, the report said. This improves efficiency by reducing manual paperwork while avoiding benefit entitlement fraud.

Also as part of its research initiative, the task force has also published a database that tracks worldwide initiatives that are currently exploring blockchain and distributed ledger technologies in public sectors.

The long-waited report comes as the latest research effort by the inter-government task force, as required by the legislative house to present potential areas in which the state can utilize blockchain to advance its technological capability.

Formed by law in June last year, the group sees joint efforts from the Illinois Department of Financial and Professional Regulation (IDFPR), the Cook County Recorder of Deeds and the Department of Innovation and Technology. Others include appointees by Illinois’ secretary of state, and leaders from both the state’s House and Senate.

Illinois State Capitol image via Shutterstock.

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.



Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Cryptocurrency






To Top