How Can Blockchain Reduce Corruption

Blockchain technology is not some digital panacea that can fix all of our social problems but it does have the potential to significantly cut down on corruption throughout the world. Therefore, we have a responsibility to see that it’s integrated intelligently and efficiently. The World Bank estimates businesses and individuals pay $1.5 trillion in bribes every year, which corresponds to 2 percent of global GDP. If we could just put a dent in this figure, it could still amount to hundreds of billions of dollars saved, and an incalculable number of lives could be changed for the better.

After revolutionizing the financial markets, blockchain technology is going to be integrated deeper into the operating system of our government. There are so many different blockchain projects out there it can make your head spin. Some of them have merit, and others are digital snake oil. Skepticism is absolutely essential but we need to make sure that non-technical people aren’t led to believe that this is similar to the “darknet” where everything is about guns, drugs, and hacking. Cryptocurrency is based on blockchain technology, blockchain technology can be used without cryptocurrency and has a wide range of applications. Mariana Dahan started the World Identity Network which uses the decentralized nature of the blockchain’s records to fight against human trafficking and money laundering. Getting this technology into our election system and the Department of Treasury should be a top priority if we want a truly transparent government.

One Comment

Add a Comment

Your email address will not be published.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