Global fintech and funding innovation ecosystem

The Future of Government… in a Digital Age

Peter Diamandis | Blog | Oct 8, 2018

government of the future - The Future of Government... in a Digital Age

Governments are one of the last strongholds of an undigitized, linear sector of humanity, and they are falling behind fast.

Apart from their struggle to keep up with private sector digitization, federal governments are in a crisis of trust.

At almost a 60-year low, only 19 percent of Americans reported that they could trust their government “always” or “most of the time” in a recent Pew survey. And the U.S. is not alone.

See:  Immersive 2-day Blockchain Developer Training Course (Nov 10-11, Toronto): Decentralized Application Development

The Edelman Trust Barometer revealed last year that 47 percent of the world population distrust their nations’ institutions. Even in Canada, only 26 percent of surveyed Canadians consider regulators and government officials to be credible.

In many cases, the private sector — particularly tech behemoths — are driving greater progress in regulation-targeted issues like climate change than state leaders.

And as decentralized systems, digital disruption, and private sector leadership take the world by storm, traditional forms of government are beginning to fear irrelevance.

However, the fight for exponential governance is not a lost battle.

Early visionaries like Estonia and the UAE are leading the way in digital governance, empowered by a host of converging technologies.

In this blog, we will cover three key trends:

  1. Digital governance divorced from land
  2. AI-driven service delivery and regulation
  3. Blockchain-enforced transparency

Let’s dive in.

Governments Going Digital 

States and their governments have forever been tied to physical territories, and public services are often delivered through brick-and-mortar institutions.

Yet public sector infrastructure and services will soon be hosted on servers, detached from land and physical form.

Enter e-Estonia.

Perhaps the least expected on a list of innovative nations, this former Soviet Republic-turned digital society is ushering in an age of technological statecraft.

Hosting every digitizable government function on the cloud, Estonia could run its government almost entirely on a server.

Starting in the 1990s, Estonia’s government has covered the nation with ultra-high-speed data connectivity, laying down tremendous amounts of fiber-optic cable. By 2007, citizens could vote from their living rooms.

With digitized law, Estonia signs policies into effect using cryptographically secure digital signatures, and every stage of the legislative process is available to citizens online.

Citizens’ healthcare registry is run on the blockchain, allowing patients to own and access their own health data from anywhere in the world — X-rays, digital prescriptions, medical case notes — all the while tracking who has access.

See:  Plowing Ahead: Bermuda Continues Crypto-Friendly Push With Digital ID Partnership

Today, most banks have closed their offices as 99 percent of banking transactions occur online (with 40 percent of citizens using cryptographically secured e-IDs). And by 2020, e-tax will be entirely automated with Estonia’s new e-Tax and Customs Board portal, allowing companies and tax authority to exchange data automatically.

And i-Voting, civil courts, land registries, banking, taxes, and countless e-facilities allow citizens to access almost any government service with an electronic ID and personal PIN online.

But perhaps Estonia’s most revolutionary breakthrough is its recently introduced e-citizenship.

With over 30,000 e-residents, Estonia issues electronic IDs to global residents anywhere in the world. While e-residency doesn’t grant territorial rights, over 5,000 e-residents have already established companies within Estonia’s jurisdiction.

After registering companies online, entrepreneurs pay automated taxes — calculated in minutes and transmitted to the Estonian government with unprecedented ease.

The implications of e-residency and digital governance are huge. As with any software, open-source code for digital governance could be copied perfectly at almost zero cost, lowering the barrier to entry for any group or movement seeking statehood.

We may soon see the rise of competitive governing ecosystems, each testing new infrastructure and public e-services to compete with mainstream governments for taxpaying citizens.

And what better to accelerate digital governance than AI?

Legal Compliance Through AI

Just last year, the UAE became the first nation to appoint a State Minister for AI (actually a friend of mine, H.E. Omar Al Olama), aiming to digitize government services and halve annual costs. Among multiple sector initiatives, the UAE hopes to deploy robotic cops by 2030.

Meanwhile, the U.K. now has a Select Committee on Artificial Intelligence, and just last month, world leaders convened at the World Government Summit to discuss guidelines for AI’s global regulation.

As AI infuses government services, emerging applications have caught my eye:

  1. Smart Borders and Checkpoints:

With biometrics and facial recognition, traditional checkpoints will soon be a thing of the past.

Cubic Transportation Systems — the company behind London’s ticketless public transit — is currently developing facial recognition for automated transport barriers. Digital security company Gemalto predicts that biometric systems will soon cross-reference individual faces with passport databases at security checkpoints, and China has already begun to test this at scale.

See:  Exclusive: Ant Financial shifts focus from finance to tech services: sources

While the Alibaba Ant Financial affiliate’s “Smile to Pay” feature allows users to authenticate digital payments with their face, nationally overseen facial recognition technologies allow passengers to board planes, employees to enter office spaces, and students to access university halls.

With biometric-geared surveillance at national borders, supply chains and international travelers could be tracked automatically, and granted or denied access according to biometrics and cross-referenced databases.

  1. Policing and Security:

Leveraging predictive analytics, China is also working to integrate security footage into a national surveillance and data-sharing system. By merging citizen data in its “Police Cloud” — including everything from criminal and medical records, transaction data, travel records and social media — it may soon be able to spot suspects and predict crime in advance.

But China is not alone.

During London’s Notting Hill Carnival this year, the Metropolitan Police used facial recognition cross-referenced with crime data to pre-identify and track likely offenders.

  1. Smart Courts:

AI may soon be reaching legal trials as well.

UCL computer scientists have developed software capable of predicting courtroom outcomes based on data patterns with unprecedented accuracy.

Assessing risk of flight, the National Bureau of Economic Research now uses an algorithm leveraging data from hundreds of thousands of NYC cases to recommend whether defendants should be granted bail.

But while AI allows for streamlined governance, the public sector’s power to misuse our data is a valid concern and issues with bias as a result of historical data still remain.

As tons of new information is generated about our every move, how do we keep governments accountable?

Enter the blockchain.

Transparent Governance and Accountability

Without doubt, alongside AI, the government’s greatest disruptor is the newly minted blockchain.

Relying on a decentralized web of nodes, blockchain can securely verify transactions, signatures, and other information. This makes it essentially impossible for hackers, companies, officials, or even governments to falsify information on the blockchain.

See:  Q&A: Walmart’s Frank Yiannas on the use of blockchain for food safety

As you’d expect, many government elites are therefore slow to adopt the technology, fearing enforced accountability. But blockchain’s benefits to government may be too great to ignore.

First, blockchain will be a boon for regulatory compliance.

As transactions on a blockchain are irreversible and transparent, uploaded sensor data can’t be corrupted. This means middlemen have no way of falsifying information to shirk regulation, and governments eliminate the need to enforce charges after the fact.

Apply this to carbon pricing, for instance, and emission sensors could fluidly log carbon credits onto a carbon credit blockchain, such as that developed by Ecosphere+. As carbon values are added to the price of everyday products or to corporations’ automated taxes, compliance and transparency would soon be digitally embedded.

Blockchain could also bolster government efforts in cybersecurity. As supercities and nation-states build IoT-connected traffic systems, surveillance networks and sensor-tracked supply chain management, the blockchain is critical in protecting connected devices from cyberattack.

Continue to the full article --> here

 


NCFA Jan 2018 resize - The Future of Government... in a Digital Age The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - The Future of Government... in a Digital AgeFF Logo 400 v3 - The Future of Government... in a Digital Agecommunity social impact - The Future of Government... in a Digital Age

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - The Future of Government... in a Digital Age




Investing | March 4, 2024 Sprott Family and Peter Grosskopf Announce the Founding of Argo Digital Gold Ltd. The Sprott Family, alongside Peter Grosskopf and a skilled management team led by Michael Petch, have announced the founding of Argo Digital Gold Ltd. This is an exciting development in the world of precious metals.  The innovative platform is set to offer secure, digital access to physical gold in a way that fuses traditional assets with modern technology.  The platform's vision extends beyond mere trading; it aims to be at the forefront of crypto-to-gold transactions and the tokenization of gold. This approach not only promises to enhance the liquidity and accessibility of gold but also to unlock new use cases for this $5 trillion industry. Scheduled for launch in Q2 2024, Argo aims to provide a suite of benefits previously unseen in the precious metals market. Among these are enhanced security measures for gold storage and custody, the convenience of 24/7 trading, the flexibility of fractional ownership, and a commitment to low, transparent fees. Argo has chosen the Royal Canadian Mint as the initial custodian for the gold purchased on its platform, with plans to expand to other secure vaults globally. See:  ...
Freepik lcd2020 Gold - The Future of Government... in a Digital Age
March 4, 2024 Managing small business finances can seem daunting, yet it’s crucial for the sustainability and growth of any enterprise. With the right strategies, you can master the art of financial management, ensuring your business not only survives but thrives in today’s competitive market. Below are some expert tips that’ll guide you through this financial maze, making the process both manageable and effective: 1.   Understand Your Cash Flow One of the first steps in financial management is getting a firm grasp on your cash flow. Knowing how money moves in and out of your business is key. Start by tracking all financial transactions, from the smallest expense to the largest income. This will give you a clear picture of your financial health, helping you make informed decisions. Supporting small tech with Credibly, a financial services provider that offers tools and resources designed to help you monitor and manage your cash flow effectively, can be a game-changer. By leveraging such support, you can ensure a smoother financial operation, pinpoint areas for improvement, and optimize your cash flow management. 2.  Set Up A Budget Creating a budget is essential. It acts as a roadmap for your financial planning, allowing you ...
AdobeStock 631393686 Small business manager - The Future of Government... in a Digital Age
DEI | March 4, 2024 Wall Street Pulls Back on DEI Initiatives Due to Growing Conservative Backlash and Internal Pressures Wall Street has begun to quietly pull back from its Diversity, Equity, and Inclusion (DEI) commitments, marking a corporate shift in America's approach to diversity. This retreat is attributed to a growing conservative backlash and internal pressures, leading to a reevaluation of DEI strategies across major financial institutions. Goldman Sachs has notably opened its "Possibilities Summit" for Black college students to White students, reflecting a broader trend of inclusivity. Similarly, Bank of America and Bank of New York Mellon are rethinking their DEI-focused programs and diversity metrics, respectively, under legal advisories to avoid accusations of reverse discrimination. The retreat is partly in response to legal challenges and the potential for lawsuits alleging reverse discrimination. This cautious approach follows the U.S. Supreme Court's rejection of affirmative action in colleges, fueling concerns over corporate diversity initiatives' legality. There's an undercurrent of resentment among some White employees, contributing to the reassessment of DEI efforts. This internal pushback is a quiet yet significant force influencing corporate decisions. See:  Fast Company Survey Finds Capitalism at Crossroads Despite efforts to improve diversity, the representation of Black ...
Freepik rawpixel.com Diversity - The Future of Government... in a Digital Age
Crypto | March 4, 2024 Hong Kong's Crypto Exchange Licensing Regime - Global Insights Hong Kong's Securities and Futures Commission (SFC) saw a last-minute surge in registration applications of 24 crypto exchanges applying (albeit many a day after the deadline).  What are broader implications for Hong Kong's ambition in setting a new global standard in fintech regulation, with its comprehensive approach to cryptocurrency exchange licensing aiming to enhance market integrity and protect investors. As of the February 29 deadline (including the Friday, March 1), a total of 24 crypto exchanges had pending VATP applications with the SFC including prominent platforms like OKX, Bybit, and Huobi HK, . This reflects the significant interest and investment in meeting Hong Kong's regulatory standards, with Web3 firms reportedly spending up to $25 million on compliance and infrastructure.  Notably, all major crypto exchanges with ties to mainland China or Hong Kong, including giants like HBGL Hong Kong (an affiliate of HTX, formerly Huobi Global) and HKVAEX (an affiliate of Binance), have applied for licenses. This demonstrates the scheme's appeal to established players seeking regulatory clarity and market stability. While this level was significant interest it fell short of Singapore's 70 applicants following a similar regulatory ...
Freepik Bitcoin business - The Future of Government... in a Digital Age
March 4, 2024 Running a small business requires careful financial planning. Every dollar counts, and striking the right balance between cost-cutting measures and achieving ambitious growth goals can be a challenge. This article aims to equip you with smart budgeting strategies and guide you toward making strategic investments that deliver maximum impact for your small business. By optimizing your spending, investing thoughtfully, and leveraging useful financial tools, you can secure a path to long-term success. 1.  Prioritizing Investments For small businesses, wise allocation of resources is crucial. Instead of spreading yourself thin, it's essential to identify and concentrate your resources on core business activities that directly generate revenue or contribute significantly toward your growth goals. This requires understanding the difference between fixed costs and variable costs. Fixed costs remain constant regardless of your activity level, such as rent and utilities. On the other hand, variable costs, such as inventory and marketing expenses, fluctuate with your business operations. Prioritizing investments often involves optimizing variable costs while ensuring adequate resources are allocated to maintain essential fixed costs. By focusing on core activities and strategically managing variable expenses, you can ensure your budget supports the areas that matter most for your small business ...
AdobeStock 524580206 Small business meeting - The Future of Government... in a Digital Age
March 4, 2024 In today’s dynamic business landscape, having an advanced IT infrastructure is essential for staying competitive. Upgrading technology enhances efficiency, strengthens data security, and supports expansion efforts. However, the financial commitment for such upgrades is significant, demanding careful planning and strategic financial management. Considering IT infrastructure upgrades necessitates a detailed evaluation of your organization’s current and future needs. Despite the substantial investment, a well-timed upgrade can significantly improve productivity and operational efficiency. Read on to learn how to effectively finance your business’s IT infrastructure upgrades and begin your journey toward technological advancement. Explore Various Financing Options Financing your business’s IT infrastructure upgrades is a pivotal step toward future-proofing your operations and enhancing efficiency. Selecting the right financing option can make a significant difference in the implementation and success of these technological improvements. Below are some key avenues to consider when looking to fund your IT infrastructure upgrades: Business loans: Opting for secured or unsecured loans offers a straightforward way to access the capital needed. Secured loans might come with lower interest rates, given the collateral involved, whereas unsecured loans provide quick funding without the need to pledge assets. This makes business loans a versatile option for businesses seeking ...
AdobeStock 720815334 IT Infrastructure - The Future of Government... in a Digital Age
Campaign | March 2, 2024 Ontario regulator introduces an online tool to check financial advisors' qualifications The Financial Services Regulatory Authority of Ontario (FSRA) has initiated an educational campaign aimed at encouraging consumers to verify the credentials of financial advisors before seeking advice. With the introduction of the new online Check Credentials Tool, individuals can now easily confirm if their financial professionals possess the necessary qualifications to use titles like Financial Planner or Financial Advisor in Ontario.  The Check Credentials Tool allows consumers to verify if financial professionals hold the required credentials to use specific titles, ensuring they meet minimum education standards and are under proper supervision. See:  Ontario’s FSRA Spearheads Insurance Innovation with Direct Access Model FSRA's research indicates a concerning trend where 50% of respondents spent more time researching their last cellphone purchase than verifying the credentials of their financial advisor.  The tool is designed for convenience, enabling users to quickly check a financial professional's standing, including any disciplinary actions.  In Canada, financial advisor scams have evolved, becoming more sophisticated and causing significant losses to consumers. Huston Loke, Executive Vice President of Market Conduct, FSRA: "In many cases people are entrusting their life savings to financial professionals and ...
Freepik rawpixel.com verify identity - The Future of Government... in a Digital Age
AI Innovation | March 1, 2024 Streamlining Investment Documents and Democratizing Deals with AI Per VentureBeat's briefing, Allocations, a pioneering fintech startup, has achieved a huge milestone by surpassing $2 billion in assets under administration, showcasing the burgeoning demand for alternative investments and the transformative power of artificial intelligence (AI) in the financial sector.  Founded by Kingsley Advani, Allocations uses AI to streamline the process of private capital fundraising, making it faster, more efficient, and less costly. The platform's AI capabilities enable the instant generation of customized legal documents necessary for fund launching, such as private placement memorandums and operating agreements, a task that traditionally consumed hours of legal work and significant financial resources. By employing machine learning models trained on over 100,000 investment documents, Allocations can generate legal paperwork in seconds, a stark contrast to the traditional, labor-intensive process. This efficiency allows each employee at Allocations to service up to 70 funds, dramatically outperforming the industry average. See:  Revolutionizing the Legal Function Through Legal Process Automation Allocations is not just about efficiency; it's also about accessibility. The platform has facilitated investments in high-profile deals, including a $23 million investment in Leeds United and SPVs for SpaceX, OpenAI, and Anthropic ...
Image Allocations website - The Future of Government... in a Digital Age
AI | Feb 29, 2024 Canada's tech sector voices concern over slow AI adoption, risking its global AI leadership status Canada's reputation as a frontrunner in artificial intelligence (AI) is under threat due to its sluggish pace in adopting AI technologies, according to voices within the country's tech community. At the MaRS Impact AI conference in Toronto, experts discussed the critical need for Canada to embrace AI more rapidly to sustain its position as a leader in this innovative field. Krista Jones, Chief Delivery Officer at MaRS Discovery District, highlighted the slow adoption of Canadian-made AI technologies as a significant challenge, potentially jeopardizing Canada's leadership in AI.  Note, Canada ranked 5th on last year's Global AI Index and Deloitte reported that there were 670 Canadian AI startups with good potential. See:  How AI is Shaping the Future of Financial Services in Canada A KPMG study revealed that only 35% of Canadian companies had adopted AI by last February, compared to 72% of U.S. businesses, underscoring the urgency for Canada to close this gap. Canadian companies face several obstacles in embracing AI, including funding shortages, risk aversion, and a lack of clear starting points for implementing AI technologies. Catherine Fortin LeFaivre ...
Unsplash Matteo Vistocco Rowing - The Future of Government... in a Digital Age
March 1, 2024 The iGaming industry is one of the biggest and fastest-growing industries in the world and is constantly being shaped by the latest advancements in technology. One of the key areas helping to revolutionise the experience for players is the Fintech (financial technology) sector, which has transformed how people deposit and withdraw on Canada’s most trusted iGaming sites. Let’s dive straight in and take a closer look at some of the latest trends and emerging Fintech innovations that are helping to shape the future of iGaming websites. How are the latest emerging innovations and trends in the Fintech industry changing the iGaming industry? The global Fintech industry is changing the iGaming industry for the better in many ways. It has opened up the online gambling experience to a broader audience, making payments more convenient, quicker, and far more secure than ever. Here are several Fintech solutions, technologies, services, and tools that are impacting several key areas of the global iGaming industry and helping take it to the next level: The mass adoption of blockchain networks and cryptocurrency payments is opening up the iGaming industry and making globally renowned sites like the official com online casino and sportsbook in ...
Pixabay TheDigitalArtist Bitcoin  - The Future of Government... in a Digital Age

 

Leave a Reply

Your email address will not be published. Required fields are marked *

three × 1 =