Can the use of blockchain help curb corruption?

[Lyrrex]

Since blockchain transactions are irreversible and can't be edited or altered by anyone, I think financial institutions and governments can employ it as a tool to curb corruption in the financial system.
What are your thoughts on this?

 

[Ehizzy1]

Yea blockchain can be used for many purpose and yes it can be used to track corruption , some countries are already planning on adopting it

 

[Josemendez]

I think it will help to curb corruption because blockchain promotes visibility of activities , and deny manipulation of data .

 

[WhiteHouse]

The chance of corruption happens when somebody approaches stowing away, changing or controlling the data, Right?

However, with blockchain Technology none of it is conceivable. It is an open circulated record, which records all the exchanges and connections it with the past exchange (which is again connected with the past exchanges).

So, with blockchain, everybody approaches see all the exercises or exchange yet nobody change or modify any data whenever it has been recorded.

Be that as it may, this what the innovation at its center, how it would handle debasement eventually relies upon the aim of the public authority and how they are receiving the innovation, and who is the person who approaches data.

So if the public authority needs they can totally kill the corruption out of the framework, yet on the off chance that not it will at any rate improve the regulatory arrangement of the nation.

The beneficial thing is nations around the globe are indicating a positive methodology for receiving the blockchain innovation in various regions of organization.

 

[Bookwormlux]

Block chain technology would really go a long way in helping many nations reduce corruption to a very minimum rate. The issue here is whether the corrupt leaders of such countries would agree to adopt block chain technology since it's not going to support their Ill motives of stealing money.

 

[Ralphjoe]

I love this great idea of yours, blockchain technology is a great mechanism to checkmate corruption most especially in government establishments.
I am going to recommend this technology to the government of my country for them to consider using this technology, as it will greatly reduce corruption to the lowest level.

 

[Oscar]

Blockchain is suitably created to help curb creation in the registry of payments and tracking of transactions between people.it is a distributed-ledger technology that can certify records and transactions without the use of a central database.

 

[Peterlight]

I don't think blockchain can do much when it comes to corruption since corruption is not base on cryptocurrency alone but on individual bases.

If an individual can receive bribe or steal money from a government organisation, then when it comes to crypto, it is inevitable. Anybody can be use to make crypto powerless. Since it is human being who made the system.

 

[Bookwormlux]

It has the potential to curb corruption, but the politicians won't adopt it, that is the problem.. you can see the recent ban on crypto currencies by the Nigerian government is another example. They are the ones at the helm of affairs and it would be difficult convincingly them to accept these development.

 

[Ayokex]

Maybe that is the reason some government of some nations are doing everything possible to stop cryptocurrency. The truth be told , cryptocurrency cannot stop corruption it will rather increase it. If any government official knows that once he/she embezzle some money and keep in cryptocurrency where nobody can trace it, they quickly do it.

 

[Halexcity]

In my own understanding I think block chain can curb corruption up to some extence. Because it can not be easily hack and nobody can tamper with block chain transaction, beacase it is discentralize and its not own by any country.

 

[idhans]

Since blockchain transactions are irreversible and can't be edited or altered by anyone, I think financial institutions and governments can employ it as a tool to curb corruption in the financial system.
What are your thoughts on this?

Blockchain can never stop corruption. Blockchain is only a transparent, independent, and a decentralized structure that breaks the Monopoly in our world's financial system so that you, and I can also make profit in the financial market place just like the big boys in Wall Street.

 

[btaliat]

The intention of the initiator of the blockchains is to reduce if not curb the case of corruption. The way it is structured can testify to this. But the fact is that government won't utilize this features because corruption is what favours them.

 

[Hasan Raza]

Block chain innovation would truly go far in assisting numerous countries with lessening defilement to an exceptionally least rate. The issue here is whether the bad heads of such nations would consent to embrace block chain innovation since it won't uphold their Ill intentions of taking cash.

 

[Profwriter]

The block chain technology has proven to be very secured and providing high security for transactions and it can't be manipulated but this is only true at the moment because science and technology are always on the rise and everyday we keep hearing reports of new inventions in the scientific world.

 

[Judee201]

Fine guilty of corruption in the court face up to 40 years in Prison or Death penalty will be the only way top stop it because just asking Nigerians to stop will not work.

DEATH PENALTY will be the only key and any one found guilty must be killed like the way we use to kill Armed Rubbers (Anini, Osunbor, Iyamu and the rest) in Benin back in the days. Public execution will be better.

 

[Segshowee]

Since blockchain transactions are irreversible and can't be edited or altered by anyone, I think financial institutions and governments can employ it as a tool to curb corruption in the financial system.
What are your thoughts on this?

I do not think blockchain can curb corruption. Once corruption is endemic and deep rooted then there isn't much blockchain technology could do to eliminate it. Eliminating corruption would involve a multifaceted approach.

 

[Taiwoayan]

with my little experience on blockchain I think I should be able to curb corruption

 

[tuna89]

The only way i think the fraud can be controlled within the blockchains is by integrating bitcoin into the central banks and security exchanges to enable them be able to track transactions, reverse transactions as well thereby being able to track and reduce fraudulent activities, as time goes on, more methods would definitely be met.

 

[ronaldlorenzo01]

I think it will not change anything when it comes to corruption.. Everything has its own loopholes. Even the greatest government has a corrupt practice. a crypto is a form of transaction that cannot be traced because it is not fully regulated. So it is a perfect hiding wallet for the corrupt officials.