While a system like that has some of the potential to curb corruption, there's a high likelihood that anyone in a position of power can just make another address (and if they really care under a false identity) and they can use that as a way to skip past all the other checks. It never has to go into their own wallet, just somewhere that they can access it.
Shell companies also kind of wreck the dream posted in the OP, as, even though companies can be investigated, enough layers or contracts given to companies that authorities have their hands in would be all that's required to game the system.
Topic: Can Bitcoin be effectively used to curb corruption? - page 3. (Read 1191 times)
It is impossible for cryptocurrency to be used in curbing corruption because corruption is an element of dishonest conduct. Bitcoin / cryptocurrency is far away from that. Corruption is immortal. At some point, I'm afraid of what is going to happen in the future. Now, bitcoin has a lot of circumstances contribute with the development.
Is not possible for Bitcoin to be used in curbing corruption because when you go by definition of corruption which has the element of dishonest conduct you will come to a conclusion that bitcoin is far away from the instruments of curbing corruption rather another easy way of moving stolen funds from one country to another without restriction.
Get out wrong but it seems to me that Bitcoin has a lot of circumstances contributing to the development of illegal activities and the first of these features is the opportunity to avoid taxation in any country, when the crypto currency is still illegal. But corruption is such an infection that corrodes the state from within and it seems to me that this is not going to help anything.
Is not possible for Bitcoin to be used in curbing corruption because when you go by definition of corruption which has the element of dishonest conduct you will come to a conclusion that bitcoin is far away from the instruments of curbing corruption rather another easy way of moving stolen funds from one country to another without restriction.
Corruption is immortal. There are many ways how to enrich themselves at the expense of the state Treasury. I'm afraid that someday under the guise of fighting corruption will cancel the cash and there will only be electronic money. The corrupt will find a way out and we didn't.
Till governments support corruption whatever methodologies were implemented people will be continuing to do the same mistake in one or other way. Some might say that when things go digital corruption can be stopped. This is simply a delusional statement. When things go digitalized the ease of corruption can be felt all around from common men to higher political personalities.
I came across an article online that is quite interesting and it goes thus;
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
Quote
"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
The problem is that there are tumblers out there so it won't stop corruption but it can provide accountability, for instance the coins go to some unknown place you can demand an explanation from the person involved and if they can't properly explain it then you know something isn't right.
Nope. Let us say the government transfers X bitcoins to a contractor.
There is no way to say that the contractor performs work up to the standard. Similarly there is no way to say that kickbacks have not occurred.
The money trail is just one aspect.
There is no way to say that the contractor performs work up to the standard. Similarly there is no way to say that kickbacks have not occurred.
The money trail is just one aspect.
Here's a good article: http://www.zmescience.com/research/technology/bitcoin-blockchain-corruption-04232/
and very good opposite topic: https://bitcointalk.org/index.php?topic=1865814.260
and very good opposite topic: https://bitcointalk.org/index.php?topic=1865814.260
I came across an article online that is quite interesting and it goes thus;
"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
It is very feasible since the blockchain is like a public ledger wherein you can trace transactions coming from an address. It can be done if all government agency as well as every government official must have a registered and official bitcoin address so that when he makes purchases it will appear on the blockchain and the people can monitor how are their taxes are being used.
I came across an article online that is quite interesting and it goes thus;
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
Quote
"Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. And it has indeed shown how a money can survive only on public consensus, without needing government and central banks. It is now being used for plethora of purposes: to buy essay, goods, products online, as well as a mean to simplify cross border remittance.
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
The real beauty of Bitcoin, however, is its underlying public ledger system known as blockchain. The trustless system automatically executes, confirms and stores transactions on a public database; it leaves no scope for a middlemen or government or any financial authority to take participation in the ongoing transaction, ensuring that the system remain authority-free, hence decentralized.
Bringing the power of blockchain technology to government offices sounds like a far-fetched fantasy, but the open source nature of Bitcoin could make it possible. Imagine deploying public funds entering into such an open system, where money could be allocated to other government subsidiaries, and be used for many public welfare initiatives.
With every transaction going into a public directory, watchdogs can easily trail money to check on its conclusive spending. Private and public sector banks, as well as income tax authorities, could utilize blockchain to create private chains. These chains could then be attached to the main ledger as its branches. It will save money in terms of data handling as well.
If every single government office house enrolls into such a system, there would be no corruption. But again, all policymakers need today is intention."
What do you think? Do you think something like this can actually work effectively if implemented? What are your views or other ideas?
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