Blockchain technologies can become anti-corruption tool

lupafilotaxia (75)in Project HOPE • last year

Corruption practices ride by leaps and bounds in every corner of the world, from the least developed states to the states with the highest technological and social growth, corruption evolved fundamentally by the traditional economic and financial schemes, hence the new Blockchain technologies can become anti-corruption tool.

The philosophy of generating verifiable blocks is one of the things that the Blockchain can provide to prevent corruption and improve transparency in the management of economic and financial resources, and thereby decrease the exponential corruption data.

It has been mentioned, that blockchain technology is a shared, decentralized, immutable and transparent database. Due to its characteristics, it is capable of responding to confidentiality problems and storing data over time, ensuring traceability that is impossible to modify.

Undoubtedly, tools based on blockchain technology are perfect to be implemented in obsolete administrative and financial systems that are not very robust in terms of IT security, since it provides digital records that cannot be altered.

Namely, in less developed states located in South America such as Colombia or Peru have seen the positive results of how this technology can prevent corruption, for example, in Medellin a program has been developed to monitor the selection and contracting process of suppliers of a school feeding program, and in Peru a public procurement project has been developed.

In the case of Venezuela, tools based on blockchain technology are perfect to counteract the escalation of corruption that our country is experiencing, even in recent months in officials linked to companies that used cryptocurrencies were singled out for acts of corruption.

Let's hope that the environment continues to advance in favor of the implementation of blockchain technologies, which will help us to greatly reduce this scourge that harms those most in need.