Can Blockchain Technology Stem Government Corruption?
Marc Prosser is a freelance journalist who has been involved in many businesses as an executive, advisor and investor. In this article, he explores why blockchain technology could become the backbone of a new generation of government systems. Blockchain technology is frequently touted as the answer to inefficiencies in the financial sector, but it also has the potential to make a wider societal impact if implemented by governments. In May, it was revealed title software firm Epigraph and decentralized record keeping startup Factom were working with the Honduran government on a pilot....
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The use of blockchain technology has now expanded to the fight against corruption as well. Among the many advantages of the digital currency, the transparency associated with transactional data stored over the blockchain is the most attractive one. The very property comes in handy when it comes to maintaining transparency and preventing corruption in sectors where blockchain-based applications are used. The digital currency technology is already being considered by few government representatives, institutions and other social organizations in their fight against corruption. The blockchain....
Blockchain can reportedly return billions of dollars back to Kenya’s budget. Blockchain technology can help countries like Kenya from losing billions of dollars to corruption, according to an official at the United Nations’ drugs and crime agency.David Robinson, the regional anti-corruption advisor at the UN’s Office on Drugs and Crime, believes that new technologies like blockchain will help Kenya combat government corruption and other economic crimes.According to Nation Media Group on Nov. 3, Robinson claimed that blockchain-based solutions can provide full traceability of transactions,....
A mayor in Puerto Rico pleaded guilty to accepting a bribe of more than $100,000 in cash last week. Following another corruption scandal, the government of Puerto Rico is reportedly seeking to improve its anti-corruption efforts by adopting blockchain technology.Puerto Rican House Speaker Rafael “Tatito” Hernandez announced that lawmakers will hold meetings with local blockchain enthusiasts this month to discuss the potential adoption of blockchain technology to reduce corruption.The implementation of blockchain and smart contracts could bring more transparency and accountability to the....
The U.K.’s former Prime Minister David Cameron said on Monday that the blockchain can be used to fight government corruption and that he is ‘excited’ about the potential that the technology presents. Speaking at the opening of FinTech startup Blockchain’s new London offices, Cameron said that what ‘most excites me is the potential that your technology has to fight corruption and to deal with failures of governance and governments and the rule of law all over the world,’ reports Business Insider. Talking about countries where so many people are trapped in poverty with corrupt and failed....
The specter of corruption rules the world. Indeed, over 6 billion people live in countries afflicted by an acute corruption problem. Brazil is a case in point. In the scandal du jour, the government-controlled oil company, Petrobras, allegedly has lost billions of U.S. dollars due to fraudulent contracts, bribery, and money laundering. Fortunately, there....