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Author Topic: Do you think that bitcoin can reduce corruption?  (Read 2249 times)
darklotus17
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April 19, 2018, 04:59:21 AM
 #721

It can beat not bitcoin, but blockade. It's very simple - when all financial transactions are going to happen in the blockroom, nobody can give a bribe without writing to the block that every user can track on the Internet. This is the whole limit of the new financial system

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brontosafar
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April 19, 2018, 05:18:25 AM
 #722

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  Cool

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     
yup it's something more like people using bitcoin or other cryptocurrency to "clean their hands" or to "save black money". the results is, when my father(common people) is heard bitcoin, they will think bitcoin is not good currency&dont have good future to invest. and Maybe it's one of other factors that some country banned bitcoin?  Grin
romeo23
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April 20, 2018, 09:18:34 AM
 #723

Blockchain technology such as Bitcoin can not just reduce but in fact eliminate corruption, as blockchain is a shared ledger which is shared either publicly or privately between multiple entities. All transactions are recorded on the blockchain, and once added these records cannot be deleted or updated, i.e they remain in the blockchain forever.Moreover, all these records are available for anyone on the network, that is anyone can view and verify these transactions. Therefore since everyone knows all the transactions that have happened in the past, there is no way to cheat the system. That is why, it is known as a trustless trust system. Blockchain provides a secure, efficient and trustworthy way of working. It is because of these advantages that organisations are interested in the blockchain, already a number of banks have invested in blockchain technology. There are various companies that are helping businesses to apply blockchain in different areas.Like in In India as well, companies, like BlockSmiths, a consultancy helping businesses to utilise blockchain technology are coming up. Seeing the elevated interest in blockchain in the recent years, it can be said that blockchain has a promising future, and we can all look forward to a significant decrease in corruption.
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April 20, 2018, 09:22:04 AM
 #724

Well forget the currency aspect. The fact that immutability is now possible I think is absolutely huge to reducing corruption. Think about how many people access government/company files and edit, remove things for under the table favours! this can all be stopped
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April 21, 2018, 11:02:55 AM
 #725

It could be if every person is well educated enough about bitcoin. But first, bitcoin should be legalized.There will no longer corruption especially if every officials of the country will use wisely the bitcoin where they can earn much.
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