With 2018, had shown so much hype and speculation in the crypto market, the year seems to be a good one for Blockchain, the amazing technology associated with the function of cryptocurrency. Being touted as a decentralized and impenetrable network, Blockchain technology is a revolutionary system which is effectively offering a solution to the major issues faced by nations and government like corruption, inefficiency, security etc.
Though, until today, neither a technology nor an organizations model appears to offer a solution to these issues, Blockchain guarantees to solve them through immutability, security and transparency.
Social Security and Blockchain:
Social security is usually a program administered by government bodies that play a vital role in the economic and political development of a nation. Basically, the system is built to empower the weaker section of the society.
Problem with this type Social Security:
Despite the overwhelming advantages that make the social security alluring, there are still 4.1 billion people across the globe that does not have access to the benefits.
Other challenges that affect the social security system are the centralized model that makes it susceptible to breaches, frauds and corruption.
The outdated infrastructure that lacks automation and digitalization is another problem faced by the social security system that makes it inefficient in handling the technological changes in future.
Future of Social Security with Blockchain:
Blockchain-based social security solution offers several benefits in regards to the problem faced by the traditional social security system. The system allows us to achieve a high standard of automation by enabling integrity, immutability, sustainability and real-time analysis of the data available on the network. Moreover, transparency ensures a high-quality system to fight corruption and frauds related to social security.
The concept of integrating social security infrastructure into Blockchain network will offer great potential, taking into consideration various issues faced by them. The implementation will solve various difficulties into the social security system by bringing in together trust, transparency and security from frauds with a scalable decentralized system.
Though deployment of Blockchain into social security has its own challenges, the technology is still new and face number of issues like which Blockchain should be chosen, how Blockchain solutions can be implemented into current infrastructure and many more.
However, when it comes to addressing the challenges of privacy and trust, it is hard to avoid the possibilities of Blockchain in social security.