Can blockchain get to the extent of stopping corruption in Africa?

in #blockchain2 years ago

View this answer on Musing.io

Blockchain can get to the extent of stopping many things. Its hard to specifically say if it would stop or reduce corruption in Nigeria`but yes that might be possible.

Only in 2018 till now more than 1.3BN has been invested into blockchain and similar technology. The flow of investment was so high that the market cap of bitcoin reached more than 96BN . This  is to say that in the global finance and economy, blockchain technology is profoundly expanding its far reaching influence and impact. And if Nigeria faces a wild acceptance of blockchain technology and a authority willing to handle the abuses it makes visible then yes, what you are asking might become a reality in the future.


I Am sure you know how blockchain technology works if you have been in the crypto fold for long enough. Its the next evolution in line for the world of digital records. The most pressing vulnerability os these kind of records is that they are easy to be manipulated. Because of our social features organization models being too volatile. But blockchain is immune to such things. 

And with that being said, blockchain has added some key features to the social organizational and financial infrastructure.

1. Security and Trust:

If the system becomes trust worthy, you dont have to put your faith in people anymore. And thats the exact thing that is been proven by blockchain. And if you ask how that is done, that is because blochain removes the need of third partys and decentralizes any transaction.

 Imagine a world where you can access any services without an intermediary doing two things, one, making you lose money and two, cutting short the unnecessary delay. Blockchain by doing that shows what true democracy is. You can be safe with your transaction while doing whatever you want.

Another thing is implementing blockchain technology is fairly easy. If you have a business, any kind of business that might be, you will still be able to use this technology and cutout the middleman while saving you the extra hassle and thus providing privacy and security.

2. Transparency.

This technology has some features such as

            i. Its open to everyone for inspection.

            ii. The technology is protected from any hardware malfunction making it like the words of god. Irremovable from the earth.

          iii. It has the ability to trace transactions while being completely confidential.

This makes the technology as transparent as a financial model will ever get. For example: 

                    keeping track of land ownership is chaotic in countries still developing. On one hand analog report sheets are subject of getting easily destroyed and on the other hand digital records are easily manipulated. But if such a technology is implemented it will keep track of land record for thousand years without any conflict.

So yes, if blockchain technology is applied and financial transactions are kept using such method then yes not only corruption every other crime whether violent or victimless, the guilty will be accountable.

***

This is just my personal opinion. Hope this answer helps you.


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Very Thorough and Thought Provoking Treatise You Have Put Up Here.!!
But I am a Bit Less Optimistic About The Potentials of Blockchain Technology Being An Effective Sentinel Of Corruption and Sundry Financial Crimes In Developing World's!!

Why?? The Drivers and The Developers of The Technology , Eho Are Not Saints ; Would Sabotage It and Even Perfect It For Frauds.

I am an Advocate of Training and Conditioning The Mind To Voluntarily Give Up Crime.

Also, Thanks @zayedsakib Very Much For Your Regular Support In Upvote and Otherwise. I have Followed You Without Your Consent and Prior Approval . Please Excuse My malfeasance.
Thank You Very much !!

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