Bribery gets blocked: Stamping out corruption with blockchain tech

in #hive-148441last month

The latest report by the Danish Ministry of Foreign Affairs is the latest to highlight the potential of blockchain technology to serve as a powerful tool in fighting government corruption.

Moving government transactions such as public procurement contracts to detectable open ledgers can deal a crushing blow to the kind of corruption that can burden taxpayers the most: large-scale schemes in which irresponsible officials champion processes in the interests of specific contractors.

Three keys to using blockchain technology to reduce government corruption consistently appear in all expert accounts: verification of transactions, registration of official records such as ownership rights, and verification of identity.

Finally, the report's authors propose using a blockchain-based solution to ensure the integrity of public records and digitally guaranteed rights to government property and assistance.

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