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Blockchain Technology Can End Federal Corruption and Bureaucracy

Blockchain Can End Federal Corruption & Bureaucracy

<p>Corruption in government departments is a nuisance every nation struggles with&period; Federal departments and institutions who are responsible for the welfare of citizens and country are found flagrant in deep corruption&period; The problem of corruption is deeply engraved from a single office to a major public corporation&period;<&sol;p>&NewLine;<p>It entails detrimental consequences on the wellbeing of citizens and the prospect of development in the country&period; Most nations face unrelenting challenges and wiping out corruption from governmental departments&period; Yet&comma; it is certain that no country can ever detach from the problem&period; Corruption fuels poverty&period; It puts the country’s position in different areas such as finance&comma; economy&comma; society&comma; politics&comma; and the damages are born by citizens&period;<&sol;p>&NewLine;<p>In the modern age&comma; governments are finding solace in the power of technology to fight different battles&period; Ever since the integration of advanced technology in public offices has taken place&comma; governmental affairs have dramatically transformed&period;<&sol;p>&NewLine;<p>On the other hand&comma; governments are required to forge trust and be transparent and collaborative in their methods&period; Taxpayers have a constitutional right to understand the work of government and corruption can only mean the worse for them&period; In an attempt to ensure utmost transparency&comma; governments can use blockchain as a tool&period;<&sol;p>&NewLine;<p><strong>Blockchain technology explained<&sol;strong><&sol;p>&NewLine;<p>In layman’s terms&comma; a blockchain is a digital ledger that is completely decentralized&comma; distributed and public&period; It records all sorts of transactions in a very transparent manner&period; No record on a blockchain can be modified retroactively without having to alter the entire chain of blocks&period;<&sol;p>&NewLine;<p><strong>Challenge corruption and beat the bureaucracy<&sol;strong><&sol;p>&NewLine;<p>Blockchain can be integrated in order to defeat bureaucracy by streamlining financial transactions&comma; citizen interaction&comma; managing contracts&comma; etc&period; Research states that governments are launching projects and revamping systems with the integration of blockchain to transform every process&period; Regulatory affairs&comma; identity management&comma; public services and contract management are key areas that are being worked on&period; A study by IBV called &OpenCurlyDoubleQuote;Building trust in government&colon; Exploring the potential blockchain for government”&comma; sheds light on how different governments are moving forward with it&period;<&sol;p>&NewLine;<p><strong>Estonia’s example<&sol;strong><&sol;p>&NewLine;<p>A remarkable example comes from Estonia where the government has introduced a digital identity card incorporated with blockchain technology&period; It allows users to access public services and so they can verify their data and records stored in government databases on the blockchain protocol&period; They can also control the access of all their information&period; Besides&comma; the government of Estonia is also looking forward to introducing blockchain technology to safeguard healthcare records&period;<&sol;p>&NewLine;<p>The digital ecosystem is certainly booming in Estonia with blockchain technology being the paramount example&period; Companies like Moniat Group that is heavily engaged in developing blockchain&period; Moniat has also introduced cryptocurrency &lpar;MAT&rpar; that can strongly work as a medium of payment on an Ethereum blockchain&period; In addition&comma; Moniat Group is also working on a blockchain-based social media platform and blockchain-based identity apps&period; The platforms will use Moniat as the sole decentralized app payment method&period;<&sol;p>&NewLine;<p>Moving on&comma; blockchain would definitely endorse transparency in government dealings&period; By registering records&comma; details of assets&comma; data&comma; etc&period; on a shared ledger&comma; transparency would certainly be the factor&period; Important information cannot be withheld and would be shared widely on the protocol&period; Real-time transactions can be verified&period; Smart contracts will increase automation and so increase the pace of processes taking in public offices&period;<&sol;p>&NewLine;

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