The potential of blockchain in enhancing transparency

in Tron Fan Club3 months ago

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Well transparency is well making sure things are clear for everyone which helps creates accountability in any firm and ensure nothing is hidden or kept in secret ensuring for transparency and blockchain technology has the potential in offering transparency to lots of sectors beyond every reasonable doubt, be it politics or educational or industries across many sectors of life, the potential of blockchain in offering this is undeniable I must say.

I will be breaking down below how I believe blockchain could potentially do this, that's enhance transparency.

How blockchain could potentially enhance transparency

Well one thing that's for sure is this, in human even one can't trust any other thing you can trust a human to do what they always does that is what is in their nature, in that same way blockchain nature is what am trusting and believing is has the potential to ensure for transparency in any sector.

One of such nature is the fact it's decentralized, yes decentralization is a very key feature of blockchain which helps to guarantee it could enhance transparency as decentralized nodes on blockchain ensures that authority doesn't rest in a centralized location or single entity which means no one person no matter how corrupt could put the chain at risk as they don't possess all the power to, if it were a centralized network then we could have that argument that it could be easily manipulated and risk induced, since it's decentralized it ensures for greater potential of offering transparency.

The blockchain is immutable, that's one of it's core features infact it's the very nature of blockchain, once information are logged in or recorded on the chain it can't be altered at all by anyone, yes information on the blockchain are immutable in that way and this helps to reduce lots of risk associated with frauds and since the data on blockchain can't be easily deleted once logged in and confirmed it means the data on blockchain can be vouched for as the integrity is not in question and ofcourse when things are always the way they should be then people don't have any need to hide anything, so blockchain integration into any sector has the potential of offering transparency due to its immutable nature.

Also there is this natural feature of most blockchain that makes it most suitable in ensuing transparency to any sector, public ledger is one thing that's often maintained in most of the blockchain networks, well how does this help ensure transparency? Well a public ledger simply means the transactions I mean any and every transactions done on the blockchain are clearly visible to all participants of the networks, I mean this is truly highlighting how blockchain ability to offer transparency is undeniable, this public ledger ensures not only transparency but accountability as well.

When information or transactions are carried out on blockchain it's done in such a way that they could be auditable, yes blockchain provides auditable records as every transactions are often timestamped which means auditing teams who are investigating can at all times without any hitches trace any transactions, the time it was carried out, the date and other essential details, these are all processes that ensures the potential of blockchain in offering transparency.

Well another good thing that means blockchain could offer transparency is due to the fact they are secured, the security measures blockchain employs is next-gen, I mean transactions are secured through cryptographic techniques which means none I mean literally no one can either mess or change datas in the chain, a technology which can hack into this advance sophisticated and robust technology hasn't been made yet and really doubt it will ever exist as blockchain is secured in a way it's completed impossible for anyone to hack so yes the secured nature of blockchain no doubt shows it has great potential to offer enhanced transparency to any sector.

Conclusion

Indeed blockchain offers a great potential to enhance transparency to any sector it is being implemented in due to the fact it's decentralized, secured, immutable and public ledger feature. Now transparency is not just what it offers it could completely improve any sector it's integrated on, I mean any sector at all.

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Upvoted! Thank you for supporting witness @jswit.

A very nice article on how blockchain can potentially increase transparency, very nice as you explained it very well,

I appreciate your comment.

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