Canada is a country which has often set high standards – be it human rights or be it government issues. The country is now taking government transparency to the next level by employing an Ethereum Blockchain based system. National Research Council (NRC) of Canada is now making use of the Catena Blockchain Suite which will make funding and grant information public.
Every time the NRC approves of a grant, the information regarding this would be stored in the blockchain and then uploaded on to a database. What makes this different from existing methods is the fact that the blockchain based system is incorruptible and data that has once been entered cannot be tampered or changed. This ensures a proper transparency between the government and the citizens.
How this system works is that the NRC provides grant data to Bitaccess, which stores this data on the blockchain. People interested in checking out this information can then access the public database and sort this information on the basis of date, money, region and recipient.
A blockchain system is much better than any other system of record-keeping that governments may use. These other methods are not as trustworthy and accountable because the information can be tampered with any time. However – storing information on a blockchain system means that the information is now secure forever!
“Blockchains provide the ultimate in transparency and trust, making this technology a brave new world for organizations that strive to conduct transparent business,” the NRC said in a blog post.
This Ethereum blockchain based system is already live and in action. Those interested in checking out the database of grants can visit the NRC Website. There is a list of all the grants which can be sorted based on a user’s preference. Currently, the largest grant that the NRC has provided is to Ryerson University in Toronto – a grant worth $11,849,091!