Will Governments Really Want Blockchain To Stop Corruption?

in LeoFinancelast month (edited)

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Distributed ledger technology (DLT) gives everyone to access the source of the public data. Blockchain is a kind of DLT. By applying blockchain on administrative works for government institution will minimize fraud and misused database. Government institutions works to serve the administrative records to the public. Currently, all the tasks are done by human with long bureaucratic doors. This occasion encourages bribery and corruption in handling government projects and goals.

According to one estimate, corruption in the public sector eats up between $1.5 trillion and $2 trillion globally every year, which amounts to some 2% of the world’s gross domestic product.

https://cointelegraph.com/news/bribery-gets-blocked-stamping-out-corruption-with-blockchain-tech

BRIBERY AND CORRUPTION ARE TWINS CRIMES

Brybery and corruption have made countries lost million US asset .
Indonesia lost 8 trillion IDR or about 500 Million USD due to bribery and corruption
https://www.cnnindonesia.com/nasional/20181121225442-12-348268/negara-rugi-rp8-t-kpk-janji-tuntaskan-kasus-bank-century
This was only a case in our country. There are more than five big cases that make Indonesian country lost million USD due to bribery and corruption.

Blockchain is potential to minimize corruption

A recent report by Denmark’s Ministry of Foreign Affairs is the latest to highlight blockchain technology’s potential to serve as a powerful tool in the fight against government corruption.
https://cointelegraph.com/news/bribery-gets-blocked-stamping-out-corruption-with-blockchain-tech

We believe that technology will help government to minimize bribery and corruption case. Blockchain is open and transparent ledger that public and access the record data. By applying blockchain in distributing fund and budget, there will be no unrecords transaction missing. There should be watch dog, independent auditors that monitors every transaction in the the government public cashflow. Besides that, blockchain can short cut long bureaucracy . Long human bureaucracy is one of the cause of bribery and corruption.

Will government apply blockchain tech in their funding and budgeting? That is a homework for young people . Old government workers seem to enjoy the current position. They are reluctant to grab new tech to leverage government services to public. Start ups and non profit organization based on blockchain tech should take the pace first actively to promote blockchain to government institution. Poverty is not a big problem for clean government in countries.

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