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The prospects offered by blockchain are revolutionary. The most important features it provides are decentralization, reliability, immutability and transparency. So can it be used for other purposes besides creating cryptographic coins? The answer … of course. When used correctly, this technology can solve many problems in various areas beyond the financial markets alone and one of these problems in corruption.
Corruption is a problem that has largely affected many countries such as Ukraine, Pakistan, etc. The corrupt politicians are responsible for the mismanagement of a lot of public money and assets in their own interest. There is a strong need for transparent fabrics in government operations all over the world. So this technology can somehow help us simplify this mess? Yes, any framework in which transparency is of the utmost importance, blockchain can turn out to be a game change.
The use of DLT technology (distributed-ledger technology) at the center of the blockchain gives it a transparent structure. In a blockchain-based structure, there is no central party controlling all records, which is a prevalent structure in modern days. The network formed by this technology is managed and supported by the nodes present in it. The recording of all network events is handled by each of these nodes and, therefore, transparency is maintained with anyone who is able to see what is happening and what has happened.
Another important feature of the blockchain is immutability. Once a transaction has taken place on a network, it becomes immutable, which means it can not be changed. With open visibility to all and a concrete set of records, the blockchain can be revolutionary in government-oriented corruption-prone operations.
If public inventories and state registries are held on a blockchain, the chances of the assets being mistreated are greatly reduced. In an openly visible ecosystem, authorities using public inventories are more cautious as each transaction is monitored. The loss of public assets is largely eliminated.
Recently, former Ukrainian Prime Minister Yulia Tymoshenko also expressed her opinion on the use of blockchain to combat corruption. In a Facebook post, he suggested archiving public inventories on blockchain in order to deal with the problem of corruption.
All in all, blockchain has a use that goes beyond the financial markets alone. It can reorganize various governmental procedures for good if used correctly. It remains to be seen how many countries aim to use it in their frameworks to make workflows transparent.
SEE ALSO: Can Blockchain technology be used to conduct elections?
