Blockchain Technology: Possibilities for the U S. Postal Service Office of Inspector General OIG

Smart contracts offer automated execution of insurance policies based on if/then parameters that can replace the traditional claims process in a way that is highly transparent and reliable. As an immutable distributed database, blockchain can improve supply chain processes by enhancing traceability and improving coordination between different participants, enabling faster and more cost-efficient delivery of products. Since each participant has their own copy of the blockchain, each party can identify errors, review the status of transactions, and hold counterparties responsible for their actions. No participant can overwrite historical data as doing so would require having to rewrite all subsequent blocks on all shared copies of the blockchain.
Using blockchain in this way would make votes nearly impossible to tamper with. The blockchain protocol would also maintain transparency in the electoral process, reducing the personnel needed to conduct an election and providing officials with nearly instant results. This would eliminate the need for recounts or any real concern that fraud might threaten the election. As reported by Forbes, the food industry is increasingly adopting the use of blockchain to track the path and safety of food throughout the farm-to-user journey.
The first is novelty—the degree to which an application is new to the world. The more novel it is, the more effort will be required to ensure that users understand what problems it solves. The second dimension is complexity, represented by the level of ecosystem coordination involved—the number and diversity of parties that need to work together to produce value with the technology.
The cryptocurrency that started out as a parody less than a decade ago — based on a once-popular meme of a Shiba Inu — has been on a wild ride this year. Individual investors have piled in, with celebrities like rapper Snoop Dogg and Tesla founder Elon Musk publicly backing the coin. As of the end of October 2021, Dogecoin’s market cap was more than $30B. The altcoin adds new blocks to its blockchain roughly every 2.5 minutes, in contrast to Bitcoin’s 10-minute block frequency. In practice, this means that transactions can be confirmed more quickly on Litecoin than on Bitcoin. This looks like a “contract,” because all participants in the Ethereum blockchain hold a copy of this agreement.
Any data stored on blockchain is unable to be modified, making the technology a legitimate disruptor for industries like payments, cybersecurity and healthcare. The first decentralized blockchain was conceptualized by a person known as Satoshi Nakamoto in 2008. The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network. To validate new entries or records to a block, a majority of the decentralized network’s computing power would need to agree to it. To prevent bad actors from validating bad transactions or double spends, blockchains are secured by a consensus mechanism such as proof of work or proof of stake .
The nature of blockchain’s immutability means that fraudulent voting would become far more difficult to occur. For example, a voting system could work such that each citizen of a country would be issued a single cryptocurrency or token. Each candidate would then be given a specific wallet address, and the voters would send their token or crypto to the address of whichever candidate for whom they wish to vote.
Her self-education revealed that most of the real estate industry isn’t interested in doing much with blockchain, but her passion for the possibilities remains unabated. Pinkard has hosted Zoom seminars on the topic for the Carey Business School and is working to move her very traditional industry into the new technology. But, often, the reaction she gets is the one she had five years ago. One of the big advantages of hybrid blockchain is that, because it works within a closed ecosystem, outside hackers can’t mount a 51% attack on the network. It also protects privacy but allows for communication with third parties.
Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. Play-to-earn games is a database of all bitcoin transactions and tracks their ownership. Ethereum is more than a payment system and allows smart contracts and apps to be built on it, making it a more sophisticated blockchain. An example of a blockchain platform includes Ethereum, a software platform which houses the Etherium, or ether, cryptocurrency. With the Ethereum platform, users can also create programmable tokens and smart contracts which are built directly upon the Ethereum blockchain infrastructure.