Paul Krugman can say what he wants about the dubious utility of blockchain, but it does not seem to stop the technology from being noticed at the highest levels of research.
In a recent announcement, the National Research Council of Canada (NRC) shared its initiative to study blockchain in a specific capacity.
As the Government of Canada’s leading research organization, NRC has been at the forefront of analyzing some of the world’s breakthrough technologies and their effective usage in the past. Continuing from that tradition, it will now run a “live-trial” of Ethereum through its Industrial Research Assistance Program (NRC IRAP).
The organization aims to run the trial not for cryptocurrencies but for one of the other innovative concepts that the platform brings to the table, which as you might have guessed by now, is the function of smart contracts.
What will be researched in smart contracts?
Since the very function of blockchain is built upon sharing data in the fastest manner possible while also ensuring that it remains transparent, secure, and safe from any alteration, the government has the notion that it can be used for drafting, storing, and sharing government contracts more efficiently.
The project is being led by the NRC IRAP with a Canadian blockchain platform business by the name of Bitaccess joining in as a research partner. The project will obtain funding from a government program.
Through the collective minds and efforts of these entities, the project is already live. The NRC IRAP is currently working on the Ethereum blockchain where it is drafting, storing and updating “contribution agreements” to see how simple the process will be for real-world usage and how secure the stored information is afterward.
This is just the start
However, the project is not only limited towards learning the effectiveness of smart contracts in government agreements. It also aims to devise if the smart contracts can be applied to other utilities that may be beneficial to the government.
The NRC aims to collect valuable information and insight through this experiment and hopes that it will be able to develop and present beneficial ways to use this revolutionary technology of blockchain to assure transparency in the government and its related bodies.
How beneficial is this going to be for the blockchain community?
Needless to say, it is very positive news.
Almost everyone from the blockchain and cryptocurrency community is aware of the benefits that smart contracts offer to blockchain users. They are not just limited to one capacity and can be adapted to various settings. Similar to blockchain, their potential is virtually limitless.
The NRC IRAP, in this situation, is very capable. It is just a matter of time before the organization – like almost everyone else who tested blockchain before this – announces that it is adopting blockchain for good.
As the process is just beginning and there is much more work to be done in this regard, we will be staying up to date and providing further news as it comes about.