The prospects that are offered by blockchain are revolutionary. The most important features that it provides come in the form of decentralization, trustlessness, immutability, and transparency. So, can it be used for other purposes besides creating crypto coins? The answer…ofcourse. If used properly, this technology can solve a lot of issues in various sectors besides just the financial markets, and one of such issues in corruption.
Corruption is an issue that has largely targeted a lot of countries like Ukraine, Pakistan etc. Corrupt politicians are responsible for mishandling a lot of the public money and assets in their own interests. There is a strong need of transparent fabrics in the governmental operations across the world. So can this tech somehow help us to streamline this mess? Yes, any framework where transparency is of utmost importance, blockchain can prove to be game-changing.
The employment of the distributed-ledger technology (DLT) at the core of blockchain gives it a transparency fabric. In a blockchain-based framework, there is no central party controlling all the records, which is a framework most prevalent in the modern days. The network formed by this tech is maintained and supported by the nodes present in it. The record of all the happenings of the network is kept by each and every one of these nodes and hence, transparency is maintained with everyone able to see what is going on and what has happened.
Another important feature of blockchain is immutability. Once a transaction has taken place on a network, it becomes immutable, meaning it cannot be changed. With visibility open to everybody and a concrete set of record present, blockchain can prove to be revolutionary in governmental operations prone to corruption.
If public inventories and state registries are kept on a blockchain, the chances of the assets getting mishandled are largely reduced. In an openly visible ecosystem, authorities using public inventories are more cautious as every transaction is being tracked. Leakage of the public assets is eliminated to a large extent.
Recently, the ex-Prime Minister of Ukraine Yulia Tymoshenko also expressed her opinion regarding the usage of blockchain in order to tackle corruption. In a Facebook post, she suggested the storage of public inventories on blockchain so that the problem of corruption is handled.
All in all, blockchain has usage beyond just the financial markets. It can revamp various governmental procedures for good if used properly. It just remains to be seen how many countries target using it in their frameworks to make their workflows more transparent.