Fighting corruption with blockchain

Other | Thursday 15th February 2018 | Gassy

When you hear the word corruption you might instantly think of less privileged countries but corruption nowadays is everywhere. Some countries just know how to hide it better.

It is no secret that most countries in Africa contain most of the world's wealth. From gold, diamonds to petrol, yet these resources are used to make European countries rich instead. Today Africa is described as the world's poorest continent and relies heavily on aid to survive. 

However, there is a solution that could end corruption and promote transparency - blockchainBlockchain is an information storage and transmission technology that is transparent, secure and operates without a central control body. It is a database that contains the history of all the exchanges between users.This database is shared by various users and allows everyone to check the validity of the chain. So, if someone tries to modify it, all the users will be able to see it. For example, a public block-book is like a large public accounting book, anonymous and unmodifiable.

Here is an example of how a typical blockchain transaction would work: 

In Myanmar and Indonesia, companies are already using the blockchain system to prevent corruption. Large information block ledgers are open and can be submitted to the public. It contains all the financial transactions that are not hidden by a nation's elite. Any modification can be viewed by anyone.

So, the potential benefits for blockchain are huge because it can be used for voting, financial transactions or even a refugee’s fingerprints.

Overall, blockchain could beat the crap out of corruption and give Africa a fighting chance.