The invention and use of cryptocurrency and it’s underlying technology – blockchain enables us to access a global decentralized database that is constantly updated and hosted on millions of computers in a synchronous manner and verified using digital signatures and smart contracts where anyone situated anywhere can view and access this information. Unlike centrally run data centers used by companies and authorities which are prone to theft, blockchain is secured with operations and data being verified by other computers on the network.
The blockchain is decentralized and distributed across the globe with records being made public thus to tamper with existing information, therefore, cheating the system by faking documents or transaction becomes a nearly impossible task that requires a vast amount of computational power.
The primary goal of blockchain technology is to increase transparency and accountability and by doing so drastically reduces corruption rates and tampering. As an example, if a governmental body has undertaken a city development project you or any authority can now view where the money is spent and also track exactly where the finances were transferred in what corresponding timeline.
A process such as accessing the above-mentioned files without blockchain would take months if not years to access with long drawn-out processes, but with the technology, you or anybody can access this data within a few seconds.
An introduction of blockchain will act as an obstruction to accepting or offering bribes, be it in the public or private sectors but with benefits that could save billions of dollars each year and put an end to corruption and money laundering.
Voting Systems – securing the voting process via blockchain would provide for an honest and fair election thus will succeed in reintroducing voting integrity and voter confidence because with blockchain technology no central unit can be erased, tampered with or malfunction and once data is entered onto the blockchain it cannot be deleted.
Here’s a look at how Blockchain can tackle corruption:
About Bank Of Hodlers
Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.
We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.