Can Blockchain technology curb corruption in our financial institutions?

1Referee

legendary

Activity: 2170

Merit: 1427

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

member

Activity: 476

Merit: 17

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

newbie

Activity: 95

Merit: 0

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

newbie

Activity: 99

Merit: 0

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

newbie

Activity: 1

Merit: 0

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

member

Activity: 812

Merit: 11

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

newbie

Activity: 182

Merit: 0

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

Activity: 322

Merit: 2

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

full member

Activity: 672

Merit: 127

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

newbie

Activity: 168

Merit: 0

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

full member

Activity: 239

Merit: 100

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

full member

Activity: 966

Merit: 153

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

full member

Activity: 686

Merit: 146

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

member

Activity: 994

Merit: 14

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

newbie

Activity: 126

Merit: 0

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

newbie

Activity: 27

Merit: 0

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

member

Activity: 224

Merit: 41

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

Activity: 364

Merit: 1

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

full member

Activity: 448

Merit: 103

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

full member

Activity: 462

Merit: 100

ANONYMOUS MOBILE PAYMENTS

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.

zinson01

newbie

Activity: 266

Merit: 0

Blockchain plays a major role in the digital world of cryptocurrency. it helps users to transfer currencies and to hold information. The stronger the blockchain the better for the investors of cryptocurrencies. And if the security of the blockchain is upgraded more investors will enter the market, increasing the activity of cryptocurrency.

hugeblack

legendary

Activity: 2702

Merit: 4002

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.

qwertyup23

hero member

Activity: 2268

Merit: 789

The beauty behind the blockchain technology primarily focuses on unparalleled security it provides to transactions. Since it cannot be altered or changed by anyone (since it is being protected and monitored by a network of computers), countries may utilize this potential to inculcate into transactions using an RFID system before purchasing any products. Although this might be the ideal situation where we see a perfect transaction system, it is far from happening into reality as many factors come into picture before implementing as such.

Some countries view bitcoin as a foreign entity which may be destructive due to lack of any government regulation. Countries would not want to take the risk YET as the technology is still on its embryonic stage. Not to mention, countries all over the world must conform to this change and without that prerequisite, I doubt that this would be implemented soon.

Ctn

sr. member

Activity: 644

Merit: 259

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.

But how do you propose to replace the current system that is Swift technology on which the whole traditional banking stye works? How do you see that all the countries will be agreeing on accepting the blockchain and then implementing it throughout the world. Problem is not with the blockchain but it lies in the political pressures and different government and unfriendly countries! The swift made it successfully when the time was right but now countries are falling apart and they all have their own ego. They wont be agreeing to accept everything at the same time and when it comes to the blockchain then they think about it as risky stuff.

opg777

member

Activity: 170

Merit: 12

Block-book can and should be considered as an instrument of fighting corruption. His ideology implies the openness and accessibility of the data that is stored in it. The blochein will allow you to go even further. You can build a chain of movement of funds from the allocation of their budget to specific estimates and expert estimates for their effective development. In addition, this information can not be either faked or changed retroactively. Also, the results of the work of controlling bodies, firemen and sanitation inspections can be conducted in the detachment, so that everyone has access to this information. This will prevent many unpleasant events. Corruption within companies can be defeated by the circulation of information across all departments. For this, there is a block technology

Elachious12

newbie

Activity: 129

Merit: 0

I believe Blockchain Technology will curb corruption in financial institutions because of it decentralized nature, for example; a member of Nigeria House of Assembly made a proposal on the incorporation of Blockchain technology into some parastatals recently. If the proposal is approved I believe it will transform the Economy of the Country.

Hughes_Ryan

member

Activity: 364

Merit: 10

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 think blockchain technology can limit corruption. But corruption will never disappear in this world. In addition to cryptocurrency, there are many other things that can help with corruption such as gold or fiat currency

bitcoindiary

newbie

Activity: 84

Merit: 0

Most of the cryptocurrency users are wants to invest on bitcoin. Because it is a good project and they have no corruption history. Everything is going by the rules and regulation by the authority.

blacknight789

newbie

Activity: 98

Merit: 0

This can be a way to control corruption through blockchain as we know this is a very fare technology. But I think we need to study a bit more if it is actually possible.

Bitdressa

member

Activity: 303

Merit: 12

may be as well as certain, because they can get the money by looking for a company search and persistence we can be paid as well so this is also the first step of corruption it could not exist.

angelfaria

newbie

Activity: 280

Merit: 0

in this reading market you are the owner and you are the controller of your assets no middle man involvement is need so who you will be corrupted? of course this system has to be completely corruption free , there is no need or chance to do anything like this even the holder can get their essential information by their own.

audaciousbeing

hero member

Activity: 1330

Merit: 569

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 believe the blockchain can go a long way in eradicating corruption in the economy on a high level. Today is some countries in the 21st century you see a public servant leaving above his/her means and still flaunt it to anybody who cares and nothing can be done to either call him to order or stop it because no one knows how much he is earning and how exactly he spending it as well. There is also the issue of budget padding in some countries where the amount approved by the legislature is different from the one signed by the head of the executive and nothing can be done. Another is the issue of election where all over the world, there is no fool proof electoral system.

With the blockchain, all of these human error or human connivance can be eradicated and everyone would be able to see what was approved, what was disbursed and what was spent. Be able to compare the budgeted with the actual. When this is solved, whole lot of issues have been solved and that is where the blockchain is going to solve corruption cases.

Markmolotok1488

newbie

Activity: 322

Merit: 0

I'm sure that the blockchain can help, but there certainly is a downside. All things can be used for good and with evil intent. I hope that humanity will not spoil this technology.

WOLFinTheStreet

newbie

Activity: 126

Merit: 0

Blockchain technology is very safe and secured. No one would be hack it so easily. Besides, ts technology is increasing day by day.

Al-e_x

member

Activity: 560

Merit: 11

of course, it is one of the values and functions of a blockchain ledger, did you know that a few months ago the agreement between south korea and north korea was stored in ETH blockchain ledger.

so, I think blockchain can also manage and make the financial system better, and of course this will be a threat to corruptors.

pixie85

hero member

Activity: 2184

Merit: 531

It won't do much as long as there's still fiat money and you can keep paying under the table. You could make all your employees accept Bitcoin and make their wallets public but you can't stop them from receiving additional money or gifts and favors. How will you prevent that from happening?

Roche44

newbie

Activity: 210

Merit: 0

Definitely, it can. Blockchain is the modern technology that will reduce human activities to save time and assure transparency. So it has the ability to root out the corruption through its distributed ledger technology.

jack.anroid

newbie

Activity: 58

Merit: 0

Blockchain technology is working on its security department and making it more secured than before. Probably, the financial institutions will will get benifitted with it.

Kelvinikke

member

Activity: 350

Merit: 10

A Blockchain Mobile Operator With Token Rewards

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.

Topic: Can Blockchain technology curb corruption in our financial institutions? (Read 272 times)