Technology has become one of the strongest foundations of transparency, as it allows one to leverage the insights that can be gleaned from the exponential growth of data. Consequently, people in the world wide web are far less tolerant about corruption and have created numerous avenues to expose it. While there are heightened and even inflated expectations about the potential of blockchain to improve the delivery of public services, let’s take a look on how it can push for transparency and strengthen government integrity.
Blockchain aims to combat government corruption by focusing on automating and tracking high-risk transactions, such as public contracts, cash transfers, and aid funds. There has been less experimentation in this area, however. Each year, according to the OECD, an estimated $9.5 trillion dollars is spent on public sector contracts and large public investment projects.
It is estimated that corruption adds up to 10 percent of the total cost of doing business globally and up to 25 percent of the costs of procurement contracts in developing countries. The World Bank estimates businesses and individuals pay $1.5 trillion in bribes every year, which corresponds to 2 percent of global GDP.
A Global Solution to a Global Problem
The total cost of corruption around the world amounts to four to five percent of global GDP, nearly $2.6 trillion USD, according to the WorldEconomicForum. To put that into perspective, that’s like the entire annual nominal GDP of the United Kingdom, the world’s fifth largest economy, completely lost to the underworld of bribes and shady negotiations.
Blockchain can be applied to a variety of use cases that tackle corruption on a global scale. Immediate applications arise from the immutable, transparent, and efficient nature of blockchain technology. These three features alone give rise to an ability to sanitize dirty transactions and voting procedures and weed out corrupt middle-man third parties.
So, the above mentioned features is a manifestation of the basic operating principle of innovative investment platfoms that excludes the possibility of illegal activities — making them an effective tool to fight corruption.
This week’s highlight
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