What problem does it solve? Outdated technology. The State -- government in general -- is "behind the curve" in regards to the technology it deploys to meet operational requirements. Blockchain is cryptographically-secured distributed ledger technology that records transactions chronologically, permanently, and unalterably. Data redundancy, transparency, data immutability and consensus mechanisms are primary features of Blockchain. It can be used to build trust through open, transparent, and collaborative networks. What is your solution and who does it apply to? New Jersey should form a "Blockchain Initiative" to explore the ways in which Blockchain and Smart Contract technology can be utilized and deployed. In doing so, NJ would join Illinois and Delaware as State leaders in exploring this "next evolution" of technology. It applies to all State entities. After identifying key areas that would benefit from the deployment of this cutting-edge technology, the Initiative could begin a strategic, phased implementation. This will allow NJ to dramatically enhance the technological capability of the State and transform the way NJ operates. The State would benefit from increased cybersecurity, enhanced efficiency, cutting costs, greater operational speed, and a higher degree of trust and transparency between the State and its citizens. What is the anticipated impact? Blockchain will usher in a new era of technological progress and capability, and transform the world in a more profound way than the internet has. “By accelerating transactions and simultaneously lowering their costs, blockchain can help to eliminate layers of redundancy, ease regulatory compliance burdens, introduce record keeping efficiency, and generally smooth government operations across a number of areas. Harnessing those advantages and applying them toward public institutions’ mission goals provides an opportunity for realizing both agency-specific and whole-of-government benefits that can foster more efficient and effective mission delivery in these challenging times.” -Deloitte Insights (full article here: https://www2.deloitte.com/insights/us/en/industry/public-sector/understanding-basics-of-blockchain-in-government.html)
There is a potential for a Task Force to look into this very matter, Bills S2297 and A3613 were passed by the legislature which they should be pending the governor's signature.
The potential time savings with more timely shared information access and the estimated potential cost savings in financial services makes me want to see a fully executed example all the way down to line item savings.
It is a feasible. Security of data can also improve but specific areas need to be prioritized.
The state needs to move to at least electronic signatures and away from paper first. This is a BIG leap!
Blockchain and Smart Contract Technology The potential benefits from this endeavor shall be recognized by a wide variety of State entities.
Andrew Clark, NJDOT
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