Can Blockchain bring an end to corruption?

After thousands of years of fighting against corruption, blockchain might just be the answer everyone was searching for!

The Roman historian Tacitus once famously quipped “the more corrupt the state, the more numerous the laws”.

Posted on Huffington Post | By Oilprice.com

Every year, roughly 2% of global GDP is lost to public sector corruption alone – at a hefty $2 trillion this equals to Italy’s GDP.

The total cost of corruption stands even higher, at 4-5% of global GDP. Countries across all continents lose substantial parts of their budgets to corruption. Some African nations see up to a third of their budgets go down the corruption drain.

In Africa, where contract procedures are either non-existent or highly opaque (and can lead to the most unpredictable outcomes), Blockchain can streamline business deals by rendering the manifold middlemen obsolete.

After thousands of years of fighting against corruption, blockchain might just be the answer everyone was searching for.

Read entire article Can Blockchain Bring An End To Corruption? | Huffington Post

Share your thoughts!

%d bloggers like this: