Stand with Ukraine and Donate here

UN Experts Believe Blockchain Technologies Could Be Used To Fight Corruption

Nov 6, 2020 | News
UN Experts Believe Blockchain Technologies Could Be Used To Fight Corruption

This is exactly what David Robinson, an adviser from the UN Office on Drugs and Crime, said. At the same time, the emphasis was placed on such extremely important properties of blockchain technologies as transparency and immutability.

The first means that anyone can view any transaction recorded in the distributed ledger. And the second is that no one can remove information about their activities from the network.

So, according to Robinson: "By tracking transactions, you can quite effectively fight corruption, prevent fraudulent schemes and attempts to falsify." This can be especially useful for developing countries of the Third World, which annually lose almost a third of their budget due to corruption schemes. This is the case, for example, in Kenya.

By the way, the situation with Kenya is quite interesting. Despite the relatively difficult economic situation, representatives of the country's central bank are considering, following the example of their colleagues from more developed countries, issuing their own CBDCs. This was once announced by the head of the central bank of Kenya - Patrick Njoroge.

A rather interesting situation is developing. On the one hand, many UN representatives are skeptical about blockchains precisely because of the possibility of using them in corruption schemes - due to the anonymity and irreversibility of transactions. On the other hand, they believe that these technologies, on the contrary, could be used against corruption. And both sides are right since they focus on different features of distributed networks. But whether high technologies can help cope with the difficult economic situation in some African countries - only time will show.

Published on the EXBASE based on materials from forklog.com