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Author Topic: [2016-08-12] Blockchain to Kill Corruption in the Developing World?  (Read 301 times)
BTCManagerOfficial
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August 12, 2016, 03:25:23 PM
 #1

Since the Blockchain technology first appeared with the launch of the digital currency bitcoin in 2009, it has has been hailed to become as revolutionary and impactful on society as the Internet. This decentralized, open-source ledger software can be augmented to create a range of highly applicable functions ranging from transparent financial transactions and ‘smart contracts’ to voting systems and proof of ownership.

The financial industry, for example, is highly interested in Blockchain technology as it could be used to cut costs and prevent fraudulent transactions. Many experts in the financial sector believe that the Blockchain technology will be used to handle the settlement and clearing of financial securities and therefore drastically reduce back-office administration costs for large banks.

However, the Blockchain can not only improve efficiency, transparency, and reduce fraud in the corporate world. It also has the potential to eliminate corruption, especially in developing parts of the world where corruption often runs rampant.

Read more here:
https://btcmanager.com/news/commentary/will-the-blockchain-kill-corruption-in-the-developing-world/
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August 14, 2016, 04:23:33 PM
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'The transparency inherent in blockchain is what developing/underdeveloped countries need to combat corruption. You can't steal money and hide it anymore... you will be caught red-handed Grin

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August 14, 2016, 06:52:42 PM
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These corrupt countries will never adopt Bitcoin if it is successful at stopping corruption. These governments will simply ban Bitcoin if it sees this as a threat to curb corruption. Any government serious

about stopping corruption MUST definitely look into Blockchain technology. I have visited some of these countries in my travels, and I can tell you from experience that these countries are not looking

for technology to stop corruption. Try telling someone like Mugabe from Zimbabwe to adopt a western technology that will help to stop corruption... You will be out on your ass in one second.  Roll Eyes

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August 14, 2016, 09:41:39 PM
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It can't stop corruption in general. If Bitcoin is implemented in governments, banks, corporations, etc, then they will lose out on many billions of dollars every year. It's not in their interest to give people more power over what they own, and what they can do and achieve in the current world economy. If Bitcoin grows too large, then they will simply go into attack mode and ban everything related to Bitcoin. No chance.


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