Blockchain could help fight corruption

A report published by the Ministry of Foreign Affairs of Denmark during the International Conference against Corruption (IAAC) in which the possible applications of technologies and services based on Blockchain, big data, crowdsourcing and electronic government to combat corruption practices are explained administrative and political.

Blockchain could help fight corruption

Anti-corruption blockchain

A report published by the Ministry of Foreign Affairs of Denmark during the International Conference against Corruption (IAAC) in which the possible applications of technologies and services based on Blockchain, big data, crowdsourcing and electronic government to combat corruption practices are explained administrative and political. The report claims that the use of blockchain technology could build a more transparent transaction and governance system. On the other hand, it will provide individuals with greater rights over their own data.

** Samsung and SK Telecom, announced the launch of the first smartphone with 5G technology in the world that is equipped with identification authentication using blockchain technology.

The ability of blockchain to store records in an immutable and transparent way is what makes it a very effective technology to fight corruption. The creation of a public database based on blockchain would offer immediate access to all citizens and allow them to claim their rights to public aid, money and land without depending on intermediaries. The elimination of intermediary institutions is one of the key solutions that blockchain offers, since the validation work of the procedures carried out by banks, property registries, accountants, vehicle registration, birth and death registration would be replaced by a validation system totally digital and automatic like the one offered by blockchain.

** The Tax Agency of Denmark, Skattestyrelsen has been authorized by the country's Fiscal Council to request information from cryptocurrency users about their transactions, profit and loss reports.

However, the report reveals one of the weak points that blockchain presents with respect to registered data: “Blockchain solutions are only as good as the data entered into them. The data entered in a blockchain cannot be deleted, so erroneous data can have enormous consequences for an individual. ”Without a doubt, it is a problem that must find a solution.