[2016-09-29] Firstpost: Blockchains and corruption

Blockchains and corruption: To develop its economy, India will have to root out systemic corruption

http://tech.firstpost.com/biztech/blockchains-and-corruption-to-develop-its-economy-india-will-have-to-root-out-systemic-corruption-338098.html

The blockchain technology has been hailed by the World Economic Forum as Technology Pioneer, with many financial experts terming it as “the next best thing after the Internet.” The impact of the new accounting technology is being considered by industry leaders to be as significant as the introduction of double entry in more than 500 years ago. Apart from being faster and more agile than existing systems, blockchains allow transparency in accounting as every transaction is captured in real time. Governments are looking at blockchains as a platform of choice for eGovernance.

Corruption rampant in India
India is low placed in the ease-of-doing-business world rankings, published by World Bank. According to its report 2016, India is placed 130 out of 189 countries. While China is placed at no. 90, Nepal and Sri Lanka have been placed at 99 and 107 rankings, respectively. Moreover, India is ranked 76 out of 175 countries in Transparency International’s Corruption Perceptions Index, 2015. The data indicates that systemic corrupt practices are striking at the root of India’s development trajectory and preventing it from realizing its true potential. Ways to devise graft will have to be found if India wants to become the #1 destination for businesses and investment and a safe haven for budding enterprises.