Blockchain: The Game Changer to Fight Against Corruption

By Jyoti Nigania |Email | May 11, 2018 | 11004 Views

Governments around the world struggle with public corruption. So the blockchain can be the game changer in global fight against corruption. Most industrialized companies have strong laws and regulations to control this curse.  But some of the most venerable communities still suffer from weak governance that allows extensive public corruption. 
With governments across the world embracing the use of technology for improved governance, Blockchain offers an actual means to fight corruption and guarantee common man's interests are protected as it is very transparent technology. 

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How we can fight with public corruption:
Public Corruption thrives where governance and government system are weakest.  Current technological systems are ill- suited for this task because they lack "Traceability". Traceability is being able to draw casual linkages between specific inputs and outcomes. But new applications for emerging technologies called "BLOCKCHAIN" which might provide the traceability required to make public corruption impossible to hide. 

Several countries are already experimenting with keeping land registration on blockchain, but to really make an impact on public corruption we need to know if blockchain can be used to support a government's integrated financial management information system. 

Everything is now going digital so the government's across the world are going digital, to revolutionize their bureaucracies and change the relation with citizens.  Technology is rapidly changing how governments are predicting to meet the increasing expectations of citizens in relation to quality, speed, and honesty. Digital citizens are expecting more from their governments, asking better services and better accountability

Firstly, it provides a record level of security of the information and the morality of records it manages, assuring their reality. It rejects opportunities for alteration and the risks related with having a single point of letdown in the management of data. 
Second, blockchain delivers a transparent and decentralized system to record a sequence of transactions.
Blockchain is particularly suited to fight corruption in the registry of assets and the chasing of transactions such as obtaining processes. By leveraging a shared and distributed database of ledgers, it eliminates the need for intermediaries. Governments round the world have started pilot testing a variety of blockchain-based applications to reinforce public integrity.

Source: HOB