Can the use of blockchain help curb corruption?

[Filicit]

To make transactions faster and secure is why block chain and most other types of financial medium use end to end encryption which does not allow reversing transaction

 

[Ceeny007]

Bkockchain could help fight corruption in the sense that since transaction can't be diverted,there will be no diversion of public funds by corrupt individuals

 

[Samknowis]

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 motive of stealing

 

[Trexxxy]

The answer is no. If anything I think the advent of blockchain has helped or created a channel to transact huge amount of money that can't be traced.

 

[linux.poet]

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.

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.

I don't feel block chain will do much in curbing corruption. This is because it is built on a decentralized network that protects users. Most transactions in the block chain can noe be traced so there's no way it would actually help prevent corruption. On the contrary, it might actually make corruption practices easier to carry out.

I agree with these gentlemen. In theory, if all of the government funding addresses and accounts were public record, it would be easy to read the public blockchain for those accounts and see every transaction in or out.

But blockchain is a technology that has been used by criminals - in fact, it governs the currencies of choice for the black market. All you need is one account where the blockchain isn’t public record. Let’s say the government decides to build a road. I agree to such and such road building price, and pay it to my friends’ construction company. His account isn’t public record. He pays me a cut to my personal account, which isn’t public record. The public never finds out about my cut. The road gets built. So it might stop some forms of rudimentary embezzlement, but the embezzlers will get creative and add excuses.

It also doesn’t stop bribery or demanding bribes - those go from the briber’s personal account to the personal account of the one bribed, and never enter the government’s systems. (Worse, who owns those wallets? Who knows?) It’s too hard to track.

In the U.S., we have records of fiat currency that are required to be transparent for our government institutions that they are required to be transparent about by law. What the government is spending money on is news that is talked about by every news media outlet. People caught embezzling funds are thrown in jail or thrown out of public office. So it’s about cultural morality and law enforcement, and won’t be solved by crypto.

 

[Henrywrites]

The answer is no. If anything I think the advent of blockchain has helped or created a channel to transact huge amount of money that can't be traced.

A lot of changes have been happening recently which points to the fact that some transactions on the Blockchain network can be tracked. It is going to take some permissions, but it is now possible to know where those funds were moved to, if you were able to check it.

 

[Riberet19]

I believe that being irreversible and that everyone can see the transactions made in most blockchains since they were created, corruption could decrease drastically, but I believe, that if the blockchain becomes popular in the current financial system, it will be a blockchain created to measure so that the ledger was only seen by a few, like CBDCs, so it will be difficult to achieve that.