Exploring Blockchain Technologies for Collaboration and Partnerships

Abstract

Blockchain technology offers secure and transparent collaboration tools, particularly useful for government bodies. However, its potential has been overshadowed by technical jargon and cryptocurrency controversies. This report, informed by diverse research methods, highlights blockchain's benefits in fostering trust, streamlining coordination, and enhancing transparency. Yet, challenges like immutability, power imbalances within decentralised networks, and the inherent need for trust persist. For public sectors considering blockchain, a decision-making framework is proposed, emphasising clear objectives and stakeholder engagement. While blockchain holds promise, its application requires careful, case-specific evaluation, balancing its potential against inherent challenges.

Keywords: blockchain, contracting, public finance, collaboration