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Is Blockchain really ready to Solve Corruption?

The revolution happening in world finance, thanks to the emergence of cryptocurrencies has brought so much comfort to a lot of people who have been waiting for ways through which an individual can have absolute control of his or her finances, without being manipulated and taken advantage of by traditional financial institutions.

These are all thanks to the advancement in technology, now accountability and transparency are words that can be used in every sense of it.

The success of cryptocurrencies hasn’t been without its underlying technology, the Blockchain. The glimmer behind cryptos are all because of Blockchain and now part of the world want to trust it with a bigger task than just making spending your money enjoyable.

The secureness of cryptos has led to the thought that maybe what the world needs to fight the uncontrollable corruption amongst various governments is the Blockchain.

Although many are having a hard time processing this, probably because they haven’t still accepted cryptos as a genuine innovation, others are ready to jump into bed with it.

Technology, as it is, has already made many things better and if it now it has the slightest possibility of solving something which has ruined many countries for centuries, it cannot be overlooked due to some divided opinions on one technological invention.

Ivan Duque, the president of Colombia, is one of the many who expressed interest in trying to use Blockchain to fight corruption in his country, in efforts to put Colombia on the path to greatness.

To him, the Blockchain technology will bring be about transparency in their political setup, freeing it of any corruption and bad doings. The Blockchain technology will also be used to track data as well as equip him with greater control over how public funds circulate throughout the nation.

India is also another nation who are putting plans in place to use the Blockchain technology to combat the numerous cases of corruption and other crimes in their country. Authorities have even begun work with Zebi, a blockchain firm in order to help integrate the technology into the system.

Taking into consideration what Blockchain is about, it can help governments track how each money is being spent, keep tabs on the users of funds and make sure only authorized agents to have access to funds, in any project they decide to undertake.

Whiles this may seem simple and easy, governing a whole country isn’t a walk in a park and besides, “do Blockchain has what it takes to fight corruption at this level” is the question many people are asking, and to top it all, the Blockchain technology isn’t really number one of people’s favorite list.

Disclaimer: Crixfeed’s writer’s opinions are completely self-centered and do not reflect the opinion of Crixfeed. Any information you read on Crixfeed should not be taken as an investment advice, nor does Crixfeed support any project that can be mentioned or linked to in this article. Buying and trading Cryptocurrencies should be considered high risk activity. Please take care of your own before taking any action related to the material in this article. After all, Crixfeed should not take any responsibility to lose your cryptocurrency in currency trading.