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Author Topic: Can Blockchain technology curb corruption in our financial institutions?  (Read 130 times)
Kelvinikke
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June 30, 2018, 01:10:50 PM
 #1

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.
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jack.anroid
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July 01, 2018, 02:39:04 PM
 #2

Blockchain technology is working on its security department and making it more secured than before. Probably, the financial institutions will will get benifitted with it.
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July 01, 2018, 07:07:43 PM
 #3

Definitely, it can. Blockchain is the modern technology that will reduce human activities to save time and assure transparency. So it has the ability to root out the corruption through its distributed ledger technology.
pixie85
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July 01, 2018, 07:13:50 PM
 #4

It won't do much as long as there's still fiat money and you can keep paying under the table. You could make all your employees accept Bitcoin and make their wallets public but you can't stop them from receiving additional money or gifts and favors. How will you prevent that from happening?

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July 01, 2018, 07:51:34 PM
 #5

of course, it is one of the values and functions of a blockchain ledger, did you know that a few months ago the agreement between south korea and north korea was stored in ETH blockchain ledger.

so, I think blockchain can also manage and make the financial system better, and of course this will be a threat to corruptors.

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July 01, 2018, 07:58:10 PM
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Blockchain technology is very safe and secured. No one would be hack it so easily. Besides, ts technology is increasing day by day.
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July 01, 2018, 08:08:15 PM
 #7

I'm sure that the blockchain can help, but there certainly is a downside. All things can be used for good and with evil intent. I hope that humanity will not spoil this technology.
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July 01, 2018, 08:26:05 PM
 #8

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.

I believe the blockchain can go a long way in eradicating corruption in the economy on a high level. Today is some countries in the 21st century you see a public servant leaving above his/her means and still flaunt it to anybody who cares and nothing can be done to either call him to order or stop it because no one knows how much he is earning and how exactly he spending it as well. There is also the issue of budget padding in some countries where the amount approved by the legislature is different from the one signed by the head of the executive and nothing can be done. Another is the issue of election where all over the world, there is no fool proof electoral system.

With the blockchain, all of these human error or human connivance can be eradicated and everyone would be able to see what was approved, what was disbursed and what was spent. Be able to compare the budgeted with the actual. When this is solved, whole lot of issues have been solved and that is where the blockchain is going to solve corruption cases.

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July 02, 2018, 01:27:32 PM
 #9

in this reading market you are the owner and you are the controller of your assets no middle man involvement is need so who you will be corrupted? of course this system has to be completely corruption free , there is no need or chance to do anything like this even the holder can get their essential information by their own.
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July 02, 2018, 01:34:23 PM
 #10

may be as well as certain, because they can get the money by looking for a company search and persistence we can be paid as well so this is also the first step of corruption it could not exist.

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July 02, 2018, 07:22:28 PM
 #11

This can be a way to control corruption through blockchain as we know this is a very fare technology. But I think we need to study a bit more if it is actually possible.
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July 02, 2018, 08:03:13 PM
 #12

Most of the cryptocurrency users are wants to invest on bitcoin. Because it is a good project and they have no corruption history. Everything is going by the rules and regulation by the authority.
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July 02, 2018, 08:07:50 PM
 #13

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.
I think blockchain technology can limit corruption. But corruption will never disappear in this world. In addition to cryptocurrency, there are many other things that can help with corruption such as gold or fiat currency
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July 02, 2018, 08:35:46 PM
 #14

I believe Blockchain Technology will curb corruption in financial institutions because of it decentralized nature, for example; a member of Nigeria House of Assembly made a proposal on the incorporation of Blockchain technology into some parastatals recently. If the proposal is approved I believe it will transform the Economy of the Country.
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July 03, 2018, 08:32:39 AM
 #15

Block-book can and should be considered as an instrument of fighting corruption. His ideology implies the openness and accessibility of the data that is stored in it. The blochein will allow you to go even further. You can build a chain of movement of funds from the allocation of their budget to specific estimates and expert estimates for their effective development. In addition, this information can not be either faked or changed retroactively. Also, the results of the work of controlling bodies, firemen and sanitation inspections can be conducted in the detachment, so that everyone has access to this information. This will prevent many unpleasant events. Corruption within companies can be defeated by the circulation of information across all departments. For this, there is a block technology
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July 03, 2018, 09:34:34 AM
 #16

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.

But how do you propose to replace the current system that is Swift technology on which the whole traditional banking stye works? How do you see that all the countries will be agreeing on accepting the blockchain and then implementing it throughout the world. Problem is not with the blockchain but it lies in the political pressures and different government and unfriendly countries! The swift made it successfully when the time was right but now countries are falling apart and they all have their own ego. They wont be agreeing to accept everything at the same time and when it comes to the blockchain then they think about it as risky stuff.


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qwertyup23
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July 03, 2018, 09:47:09 AM
 #17

The beauty behind the blockchain technology primarily focuses on unparalleled security it provides to transactions. Since it cannot be altered or changed by anyone (since it is being protected and monitored by a network of computers), countries may utilize this potential to inculcate into transactions using an RFID system before purchasing any products. Although this might be the ideal situation where we see a perfect transaction system, it is far from happening into reality as many factors come into picture before implementing as such.

Some countries view bitcoin as a foreign entity which may be destructive due to lack of any government regulation. Countries would not want to take the risk YET as the technology is still on its embryonic stage. Not to mention, countries all over the world must conform to this change and without that prerequisite, I doubt that this would be implemented soon.
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July 03, 2018, 12:04:23 PM
 #18

If the spoilers are the ones who run our financial institutions, they will not accept the Blockchain technology.
The blockchain is nothing more than a tool to show corruption and trace it, but if no system punishes spoilers, it will be useless.
So in the developing countries, I do not expect that the blockchain will have the expected benefit, but it will be useful in countries that fight corruption and seek to punish the spoilers.

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July 03, 2018, 12:46:17 PM
 #19

Blockchain plays a major role in the digital world of cryptocurrency. it helps users to transfer currencies and to hold information. The stronger the blockchain the better for the investors of cryptocurrencies. And if the security of the blockchain is upgraded more investors will enter the market, increasing the activity of cryptocurrency.
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July 03, 2018, 12:57:17 PM
 #20

No matter how secured it maybe, so long as humas made people wil still find a way to bend the rules and be able to launder or practice their corruption even if it is in a blockchain. You can't underestimate human will with these kinds of things. But then again, i heard they've been tightening security so i hope it could curb corruption.

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