How the BSV blockchain supercharges the public sector

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Published On

31 Mar 2022

The BSV blockchain is a transparent immutable ledger, making it a powerful tool for honest governments in implementing a traceable yet private ledger.

The BSV blockchain brings traceability across jurisdictions

Tracing money with blockchain not only enables legal and legislative controls within a single country, but also operates across international jurisdictional lines. This enables the government to not only utilise the easiest platform for governments and tax authorities to ensure compliance but also stops corruption and fraud.

Enforcing and automating the payment of tax

In particular, the traceability of all payments in BSV provides a scenario where any individual that attempts to falsify tax records or to underpay tax illegally could be quickly determined. Additionally, payment of owed taxes, such as income tax, VAT/GST etc., can be automated and settled instantly.

The consequential benefits that follow for governments using blockchain-based products are that businesses can remit tax instantly to the government, remove dependencies on intermediaries, and cut the government’s need to establish a large bureaucracy to seek and punish offenders. From the citizen’s perspective, since the ledger is open and transparent, blockchain can be easily used to monitor government actions to align and spend funds for the benefits of the country or state.

Asset tracking with the BSV blockchain

Combined with monetary transactions, the government can implement asset tracking on blockchain such as land registry, which would give them a transparent, auditable view for ownership and movement of assets.

Establishing and verifying digital identity with the BSV blockchain

Regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC) can be easily implemented as they exist today. Using features such as tokenisation, sub-ledgers and payment channels, sophisticated products can evolve.

Transforming the Press with the BSV blockchain

Further, the BSV blockchain can be used to transform press and media operations. In the current ecosystem, multiple sources of information create a demand for countries to hold people accountable for activities such as anonymous trolling, spreading fear via fake news and manipulating information during election campaigns.

Using blockchain as the platform for all such agencies guarantees privacy to the users and businesses, giving them freedom but also holding them accountable as all the actions are traceable.

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