Copy link
Increase text size
Decrease text size
Link copied

How blockchain can help combat corruption in governments

The World Economic Forum published a report discussing how blockchain technology can help tackle government corruption.

Image by mmi9 from Pixabay

Wed, 15 Jul 2020, 05:12 am UTC

Most people know blockchain as the technology behind the world’s most popular cryptocurrencies such as Bitcoin, Ethereum, or Ripple. However, the application of the technology isn’t limited to digital assets alone.

According to the World Economic Forum (WEF), blockchain can also be used to help governments tackle corruption. “Blockchain offers a range of valuable qualities, particularly related to tamper-evident and permanent databases and record-keeping, that can help tackle government corruption,” the Cologny, Switzerland-based NGO noted.

One possible way that the technology can be used to fight corruption in the government is to use blockchain in the government contracting or public procurement process, an area described by the WEF as the “greatest source of official corruption worldwide.” This is especially problematic since the processes for vendor selection are complex and opaque where a high degree of “human discretion” is involved in the decision-making process.

The corruption-risk factors can be addressed with a blockchain-based process since it will easily allow third-party oversight. In addition, the transactions entered into the blockchain are tamper-proof, which enhances the procurement process’ transparency and accountability of all parties involved.

The technology could also greatly enhance security and voter registration integrity in electronic voting. “Blockchain’s decentralized, transparent, immutable, and encrypted qualities could potentially help minimize election tampering and maximize poll accessibility,” the WEF noted.

Some governments give grants to supports the arts, education, social assistance, and humanitarian aid efforts. However, the process is opaque and inefficient which could potentially allow corruption to take place.

A blockchain-based system is more transparent and could reduce intermediaries. “Blockchain can potentially be used to build public trust in such systems,” the WEF said. “The ability to disintermediate and reduce the number of actors involved in grant awards, disbursements, and management could streamline the process, reduce costs, and minimize opportunities for illicit financial siphoning.”

Existing processes on land title registries are often antiquated and vulnerable to corrupt practices. To help address the issue, some governments are now experimenting on ways to integrate blockchain in their titling systems.

“Blockchain-based land registries can potentially provide a secure, decentralized, publicly verifiable, and immutable record system through which individuals could definitively prove their land rights,” the NGO said. “These qualities reduce the opportunity for self-interested manipulation of land rights and increase the resilience of land ownership more generally.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.07.20 10:48:32
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all ..............
  • 0
  • ·
  • 0
  • wilson
  • 2020.07.15 10:50:59
Do you know that you can earn daily, weekly or monthly profits from the comfort of your home? AONEINVESTMENT is here to actualize your dream to become a bitcoin millionaire, this company implement best practices of trading & earning in the forex market, and also offer suitable investemnt plans for those who will like to participate in this

Here is the investment plans

Invest $300 Earn $3000 in 3 days
Invest $500 Earn $5000 in 3 days
Invest $1000 Earn $10000 in 3 days
Invest $2000 Earn $20000 in 3 days
Invest $5000 Earn $50000 in 3 days

If you interested in this investment offer simply contact on email: [email protected] or whatsapp: +27633586789
  • 0
  • ·
  • 0
  • Bitcoin (btc) $50,610.00 (+2.66%)
  • Ethereum (eth) $1,745.32 (+5.53%)
  • Binance Coin (bnb) $238.38 (+5.51%)
  • Cardano (ada) $1.15 (+2.41%)
  • Tether (usdt) $1.00 (+0.32%)
  • Bitcoin (btc) $50,610.00 (+2.66%)
Mar 8, 2021 (Monday)
Loopring CEO: We Will Never Get Involved In NFT
StaFi announced, "rETH Staking Pool and #rETH/#ETH #Uniswap LP farming is coming very soon."
Rapper Soulja Boy Mints His Tweet To An NFT Through Valuables
Crust Maxwell Decentralized Storage Market To Undergo Several Upgrades In Mid-March
CoinNess Market Surveillance Mar. 8: BTC Trading Above $50000 Level
Armor.Fi tweeted, "Based on feedback from the $ARMOR community, we recently extended the Armor rewards program from 24 weeks to 2 year."
Big Data Protocol Alliance Adds Another Data Provider, Collaborative Stock Trading App, ClosingBell
BTC Drops by 1.14% Within 5 Mins, Marking 50,711.69 USDT
Curve Proposes To List 5 New Pools
02:08 Launches Yearn Partners Program
Ethernity Chain To Postpones NFT Sale Of Boss Logic
BTC Tops List Of Crypto Net Outflow With $128.11 Mln In Past 10 Hours
Data Summary Of's Perpetual Contract: Mar 6
Mar 7, 2021 (Sunday)
BTC Drops by 1.03% Within 5 Mins, Marking 50,644.69 USDT
BTC Surges by 1.11% Within 5 Mins, Marking 50,660 USDT
Mar 6, 2021 (Saturday)
BTC Surges by 1.0% Within 5 Mins, Marking 47,593.6 USDT
Mar 5, 2021 (Friday)
BTC Surges by 1.01% Within 5 Mins, Marking 49,319.7 USDT
BTC Surges by 1.01% Within 5 Mins, Marking 49,372.49 USDT
BTC Surges by 1.02% Within 5 Mins, Marking 48,924.57 USDT
BTC Drops by 1.12% Within 5 Mins, Marking 47,696.6 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.