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Can Blockchain be the Answer to Corruption?

As of right now, a technological revolution is occurring in the global financial industry. Since the creation of Bitcoin, cryptocurrencies to follow have provided people with a much easier time handling their assets. Avoiding banks and other traditional finance companies, through blockchain and cryptocurrency, every user is entitled to all their assets and is in full control of how they’re used. 


 

Never-ending Development


Ultimate control over your personal assets comes as a result of incredible developments in technology and two words, accountability, and transparency, go hand in hand in every sense. Cryptocurrencies would not be nearly as successful as they without their foundation-tech, the Blockchain. 


Cryptocurrencies and their popularity are a result of Blockchain and now countless companies, investors, developers, and individuals are looking to implement and integrate the technology in as many things as they can, providing incredibly innovative ideas of how to utilize the tech in other ways apart from purchasing products.


Given the safety and security of cryptocurrencies and Blockchain in general, a global effort to utilize the technology as a means of combatting governmental corruption is also a highlighted aspect of the new-age innovations. Despite the fact that crypto and Blockchain have yet to be adopted in some countries, many others are beyond eager to get involved.


Technology has consistently made things better for everyone throughout history, taking complex tasks of any kind and simplifying them, providing solutions to everyday difficulties and much more. If crypto and Blockchain are the heralds of possible global collaboration in fighting back against corrupt governments, the technology absolutely cannot be passed over because of something as insignificant as conflicting opinions in light of a much more important issue like anti-corruption solutions.


A Stronger Presence


Colombia’s leading figure, President Ivan Duque, is among the many influential figures involved in utilizing Blockchain to aid in his campaign against corruption within the nation and restore Colombia to its rightful status.


President Duque thinks that Blockchain-tech will provide a much more transparent outlook on the government, eradicating any corruption within. The tech will see additional applications by the President to restore control over how the country and the public financial assets will operate within its borders through data tracking. 


India, despite its recent and restrictive ban on cryptocurrency businesses and exchanges by the central bank, has been developing new solutions for Blockchain to aid with crime and corruption plaguing the country. Another Blockchain-based company called Zebi has collaborated with the government to develop and introduce Blockchain into their systems.


Essentially, Blockchain technology can be incredibly useful to governments in countless ways. Officials can now oversee monetary spending as well as tracking cryptocurrency users to ensure that only the governmental agencies and their agents will be able to use these currencies. However, despite the numerous benefits the tech provides, many remain skeptical and hesitant towards it. People continue asking questions regarding the strength of Blockchain and if it truly can aid in anti-corruption. 

2 years ago

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