How Blockchain Technology Can Help Reduce Corruption
The Philippines is dead last in almost all statistical categories. We are, however, among the world's leaders when it comes to corruption. Name every category there is about corruption I guarantee we are among the top 10. Heck cheating and murder occurs in local neighborhood governments. One could only imagine what happens at the national level.
What is Blockchain
As explained by Google's dictionary, blockchain is a "digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly."
It is essentially an online ledger of all cryptocurrency transactions that occur.
How Blockchain Can Solve the Problem
I understand that no matter what technology or rules are set in place you can never completely eliminate corruption. It can significantly reduce it though.
a) Government Funds Are Released Via the Blockchain
Blockchain transactions are available to the public. A policy where the receiving wallet address of all politicians in the country is made public can do a great deal. It will allow the public the ability to trace where the funds are going and which are mysteriously vanishing into politicians' pockets.
b) Major Projects and Government Agencies Have a Publicly Known Address
The government could also release a specific wallet address for certain large scale projects. So the public can audit if the funding really went to that project. The public could also easily track how much many went in and how much was actually used as well and compare these with actual results. This is to see if subcontracting was performed or overpriced materials were used to hide corruption. Right now millions are lost to imaginary land development projects.
With regards to government agencies, the public can likewise audit how much the agency received and how much it has spent. This will make it harder for officials to put money in their own pockets and into actual projects. The Department of Education, for example, which is among the most corrupt in our country, this can help ensure that funds are actually used to improve the quality of education.
c) Taxes are paid through the blockchain
The Bureau of Internal Revenue is arguably the most corrupt government agency in our country. It is the Philippine equivalent of the IRS. Their main form of corruption is falsely accusing companies of none payment of taxes or creating false accusations forcing you to pay unconscionably high fees.
Having records of tax payments in a blockchain can safeguard individuals and companies against this age old tradition of f*ckery.
These are simply my opinion on the matter. These have their own pros and cons.
My company in Utah is named Internet of Things and IoT. IoT and Blockchain are starting to boom and will greatly change our world. The ledger system does increase security and records each transaction for all to see forever.
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Blockchain tech provides anonymity over who owns a backaccount. But not what's on the account.