Empowerment of the masses and demolition of informational boundaries through Blockchain technology
In the digital age, data sharing across borders has become a crucial aspect of global cooperation. However, barriers and challenges persist, particularly in the exchange of information between the European Union (EU) and the United States (US).
A recent revelation by Vasiliy Suvorov, vice president of Technology Strategy at Luxoft, highlights this issue. He stated that governmental information sharing issues have prevented a Korean researcher from transferring valuable data collected for empowering children's digital skills. This difference in values then creates barriers between sharing information from the EU to the US.
Similarly, scientists in the US have been prevented from accessing unique and timely research data on how early exposure to computers and electronic content affects children's intelligence and emotional development. These incidents underscore the need for a more efficient and secure method of cross-border data sharing.
Enter blockchain technology, a distributed ledger system that promises to overcome these challenges. By creating immutable records of transactions, blockchain prevents tampering and fraud, increasing the reliability of shared data across borders.
The technology's potential is vast. It can enhance security and data integrity, improve transparency and compliance, reduce costs and settlement times, enable seamless integration via APIs, support digital identity frameworks, and facilitate regulatory alignment and sustainability.
For instance, blockchain can automate processes via smart contracts and enable atomic settlements where transactions finalize instantly and irrevocably, cutting down traditional waiting periods and reducing reliance on correspondent banks or intermediaries.
Moreover, blockchain platforms often expose APIs that businesses can use to embed cross-border payment and data-sharing functionalities directly into their systems, allowing better automation and reconciliation.
Blockchain can underpin secure digital identity management that is critical for verifying entities across jurisdictions during data sharing. Within the EU, blockchain adoption is promoted alongside frameworks that encourage interoperability, data protection compliance, and green technologies addressing scalability and energy consumption issues.
However, challenges remain, such as varying global regulations, data privacy concerns on public blockchains, scalability constraints, and difficulties integrating legacy systems. Hybrid models and permissioned blockchains are being developed to mitigate these issues.
On an open blockchain, a Government can look at the rules and sign the smart contract so that if data is provided through that interface, it is automatically approved by the nation state.
The adoption of blockchain technology is expected to be widespread in most industries within the next five years. Governments, including the Trump administration, are exploring blockchain as a way to improve transparency in global markets.
Even in sectors like healthcare, blockchain is making a significant impact. For example, a platform using blockchain has been developed to improve dental hygiene habits by incentivizing patients with crypto currency.
The Women in IT Awards is coming to the US for the first time on 22 March 2018, taking place in New York. Nominations are now open for the Women in IT USA Awards 2018. As blockchain technology continues to empower businesses, even the smallest institutions, with exciting applications, it is clear that its impact will be felt far and wide.
In conclusion, blockchain’s decentralized, immutable ledger system combined with automation through smart contracts offers a robust solution to many cross-border data sharing challenges by increasing security, speed, transparency, and trust while lowering costs and operational complexity. This makes it a promising technology for enhancing international data flows in finance, trade, identity verification, and beyond.
The cross-border data sharing barriers between the European Union (EU) and the United States (US) could be alleviated by implementing blockchain technology, as it promises increased reliability and security of shared data. Governments, such as the Trump administration, are exploring blockchain as a means to improve transparency in global markets.
By automating processes via smart contracts and offering seamless integration via APIs, blockchain can facilitate efficient and secure cross-border data sharing, addressing some of the challenges encountered in the digital age.
