Blockchain tecnology against corruption
I was graduated as a Lawyer in Venezuela, and this career always led me to be very strict with the compliance of rules, since most of the rules are made for a particular reason, especially for the resolution of some controversy and the healthy development of the society. In this sense, it has always caused me outrage how governments are the first to violate the rules, especially regarding the transparency of their finances. By the way, Venezuela is among the first in the ranking of the most corrupt according to the Transparency International organization. The transparency foundation Venezuela contains in its web page, all the reports and the corruption barometer, I invite you to visit its website for more information.
Source
Knowing how goverment works, alowed me to see how corruption has undermined it and its processes, especially in my country, where almost all cases go unpunished, without being able to determine responsibilities. On the other hand, It has helped me to understand how Blokchain, could contribute to the transparency in their financial processes. I still have a lot to learn about cryptocurrencies and block chains, but I am optimistic of the future. Recently I read an article of online magazine Revista John Galt, that Blockchain Technology has the following characteristics, and those can contribute to eliminate corruption in goverments:
• Transparency
• Trust
• Speed
• Decentralization
• Immediate audit
There are two paragraphs of the article that I specially noticed, it explained that the digital currencies work without using a trusted third party to certify the transactions and, instead, they create a transaction log shared by the users of the network through the Blockchain technology, which can not be unilaterally modified and safely stores all transactions made with those currencies. Likewise, they explained that instead of keeping a centralized registry of the transactions they have a decentralized one that is shared by all the users of the network.
Most of the States are not yet prepared for this technology, especially Latinos, they will surely be the last to adopt it, but little by little the massification of this technology can be reached. In fact, in Australia The Stock Exchange (ASX) announced this past December, that it intends to implement Blockchain technology to replace its current capital transaction processing system.
This technology appears to be usefull for every aspect of human life, I feel lucky to discovered this world recently, and to be witness how it has changed the lives of many people for good (I hope soon to include myself within them). As for its implementation by Goverments to fight corruption, we heve to wait and see what happens.
Katty
https://transparencia.org.ve/project/biblioteca/
http://revistajohngalt.com/2018/01/03/la-tecnologia-del-bitcoin-el-blockchain-contra-la-corrupcion/
Dear Katty
I like your post, it was very helpfull to understand the situation of corruption in Latin American countries.
Nice.....Good post bro. 👍👍👍👍👍