For all the hype about blockchain technology, the distributed ledger has real potential to allow organizations to break free from the chains of bureaucracy in many industries, particularly government, banking and insurance.
I recently talked with Stefan Gasslitter, head of SIAG and CIO of Bozen, Italy, who shared his vision for blockchain.
“Blockchain could be a game-changer but not because it’s a technology. It’s an incredible new opportunity to organize businesses,” said Gasslitter. “Blockchain provides organizations with the chance to discard inefficient legacy systems, and think in new ways that will revamp operational and business models.”
According to Gasslitter, the public sector generally spends approximately 70 percent of budgets maintaining legacy systems. He told me that it’s high time for this sector and others to upgrade systems. For example, South Tyrol is an autonomous province in Italy with a population of approximately 500,000 people. As small as it is, Gasslitter estimates the government in the provincial capital of Bozen has about 1,000 software applications that collect and use citizen information across the system. Using blockchain, governments like Bozen can build inherently transparent systems of government that comply with regulations, dramatically simplify IT landscapes and deliver a new level of data truthfulness and security.
“Blockchain can help improve citizen services by eliminating redundant processes that often collect the same information from people who are accessing different programs. We can integrate data across applications in compliance with data sharing regulations, saving time and reducing inaccuracies because information is only entered once,” said Gasslitter. “It’s virtually impossible to change data once it’s been entered, so decision-makers can be certain the information stored in the blockchain is the real data.”
Blockchain technology can deliver a new level of data truthfulness and security to organizations
Gasslitter is among the thought leaders speaking at the SAP Next-Gen Boot Camp on Blockchain in Financial Services and Public Sector event, being held April 25-26 in Regensdorf, Switzerland.
Targeted towards people in operational IT, process owners, chief architects, program managers, project members and business experts, the event will feature hands-on learning sessions with innovators from academia, startups, financial services and the public sector who will share their experiences with blockchain. Attendees will have the opportunity to explore ideas, validate concepts, and develop new use cases powered by distributed ledger technology.
As always, the real story about blockchain technology is in the potential benefits to organizations and their constituencies. For example, if government decision-makers can collaborate across departments for information sharing that eliminates not only redundant, but rote tasks, this frees up employees for high-value responsibilities resulting in services that make a difference to citizens. And that’s a game-changing opportunity that applies to every industry.
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