Can Blockchain technology curb corruption in our financial institutions?

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legendary

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Quote from: orions.belt19 on July 03, 2018, 08:47:07 AM

I’m betting that people will still find a way around it despite the transparency which blockchain technology presents. Even in this day and recent times where technology has allowed us to have more opportunities, corruption is still present. As long as there is still greed, then it is likely that corruption will not be eradicated even with the greatest technologies. A greedy mindy will find ways and go through extreme extents if one has bad intentions. I’d like to think the blockchain technology will help lessen corruption but it may still be present.

People think the blockchain is a miraculous piece of technology, but it really isn't, and when it comes to financial institutions adopting blockchain technology, it definitely won't be immutable.

Financial institutions thrive on reversing and correcting information in their massive database, not sure why people think they will ever make use of a truly immutable ledger. It goes against everything they stand for and their way of doing business. They make the rules, bend the rules, remove rules when they start to work against them, and spit on people like they are nothing but potential income for them. It's their game and without Bitcoin we would be subject to these financial institutions for many more years.

People should grow a thicker skin and stop hoping for the blockchain to save the world. It won't.

niteroy

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Yes, of course, blockchain could eradicate corruption, but the fact is that for this you need to implement blockchain technology in different spheres of life, for example in the field of public procurement, income declaration, taxation and business. If the salary were paid in Bitcoin, and purchases were made only for Bitcoin, then corruption would disappear completely, because all transactions would be visible to everyone and none of the officials could buy anything and remain unnoticed.

JohnHendry

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Well, for starter, the blockchain did help out the transactions of coins such a bitcoins. it is believed that the blockchain technologies are getting an upgrade, but there are countries where the crypto market is banned or where there are high government regulations on such activities. It needs the cooperation of both the government and the people along with crypto to make it successful.

AnthonyLa

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If it really happens someday, then it would be very great. But the blockchain system is a decentralized system. The local banks do not want to introduce it to their system as they won't have a control over it.

atiyeh-jafari

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Quote from: Kelvinikke on June 30, 2018, 08:10:50 AM

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.

I agree with this

setialovers

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Quote from: Kelvinikke on June 30, 2018, 08:10:50 AM

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.

Blockchain is good and transparant system. I am believe blockchain can curb corruption in any institutional not only financial. Its unhackable system, hackers almost impossible change data transaction

glyncrypto

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The blockchain system is decentralized with high security value. People cannot cheat on these exchanges so there are very low chances of corruption and also it can block corruptions in our financial system.

Akpuv

jr. member

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Maybe someday this might be possible. Since the blockchain is a very transparent and decentralized system, I think it will be a very good idea for the financial and government institutions to incorporate it in their businesses or transactions.

criz2fer

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Quote from: HertzCoin on July 03, 2018, 09:38:03 AM

I don't think blockchain will significantly alleviate corruption. Transparent transaction don't remove the human factor and most likely people with authority would still find a way around. It's more likely bitcoin will show how inefficient fiat money and taxation systems are and people start realizing that a lot of governmental branches are inefficient, useless and sometimes harmful.

Government officials that only want money. Corruption will still be inevitable because people are using the system to a form of transaction, paying bill, loads and other money involving fiat. I think it will be still the same in terms of transferring from person to person.

weiweianll

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The data of the blockchain cannot be modified and cannot be deleted. Every data is true and effective, and the information is more transparent and accurate!
It can effectively solve the corruption problem in management and reduce the possibility of corruption.

HertzCoin

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I don't think blockchain will significantly alleviate corruption. Transparent transaction don't remove the human factor and most likely people with authority would still find a way around. It's more likely bitcoin will show how inefficient fiat money and taxation systems are and people start realizing that a lot of governmental branches are inefficient, useless and sometimes harmful.

vintages

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The blockchain technology is a good establishment but I doubt if most government will ever adopt it and those who won't accept it are the government whom have hidden agendas and 'skeleton in their cupboards' because every of their actions will be accountable . blockchain technology is a very transparent system and should not only be in the financial institutions of a country but in all sectors of the state.

orions.belt19

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I’m betting that people will still find a way around it despite the transparency which blockchain technology presents. Even in this day and recent times where technology has allowed us to have more opportunities, corruption is still present. As long as there is still greed, then it is likely that corruption will not be eradicated even with the greatest technologies. A greedy mindy will find ways and go through extreme extents if one has bad intentions. I’d like to think the blockchain technology will help lessen corruption but it may still be present.

Victorik

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Yes, it certainly can curb corruption, as the transaction can be broadcast for all to see when requested, the blockchain network can not be manipulated unlike the traditional methodology wherein things are forged and altered.

Chachen19

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Blockchain technology can reduce corruption in financial institutions as it recognizes the differences between gaps and furthermore it will avoid the monopoly of certain organizations taking advantage of the benefits.

ParadoxXx

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Quote from: hugeblack on July 03, 2018, 07:04:23 AM

If the spoilers are the ones who run our financial institutions, they will not accept the Blockchain technology.
The blockchain is nothing more than a tool to show corruption and trace it, but if no system punishes spoilers, it will be useless.
So in the developing countries, I do not expect that the blockchain will have the expected benefit, but it will be useful in countries that fight corruption and seek to punish the spoilers.

The Blockchain could be a game changer against the corruption. That's why some governments want the blockchain and bitcoin far away from their countries.

Mind Control

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Quote from: Kelvinikke on June 30, 2018, 08:10:50 AM

The blockchain ledger is an incorruptible system within which any information that is entered into it can not be altered or better still deleted. Would it not be advisable that governments and banks inculcate the Blockchain technology into their financial transaction so that there can be transparency and orderly arrangement of transactions.

Oh c'mon. The government has been very good in that kind of matter, corruption. Regardless of the implementation of blockchain as transparency aid for the financial aspect, these people will continue to find ways in corrupting the national funds. Just like the old saying, if there's a will, there's a way, people will find a way to patch their will. As of now I have no idea how but others will figure things out.

Bountyl

jr. member

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Maybe and maybe even create additional jobs, but I think our people will always be able to find some way to bypass this system. Although, we will hope for the best.

santino11

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Bad sides are always in every story.
corruption do exist a long time ago with FIAT.
lets not get into this topic as long as people want to make corruption it will happen.

squog

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No matter how secured it maybe, so long as humas made people wil still find a way to bend the rules and be able to launder or practice their corruption even if it is in a blockchain. You can't underestimate human will with these kinds of things. But then again, i heard they've been tightening security so i hope it could curb corruption.

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