Transparency International UK | By: Jane Smith | GPE – October 10, 2017:
In the dystopian reality of many people’s lives, where kleptocrats gleefully pounce upon myriad opportunities to syphon funds, steal elections and strangle free speech, opacity is key. The lack of transparency enabling these quotidian wrongdoings may now be under attack from an exciting technology which is about to spur a digital revolution.
Originally published March 02, 2017: If you’re new to blockchain, it’s a distributed ledger that lets people transact without a third party, like a bank.
- Records are stored publicly across a network of personal computers and can be seen by any user.
- Each transaction lays down a ‘block’ in the ‘chain’ for all to see.
- Blocks cannot be counterfeited or changed.
This is very different to how we transact today. Payments are made, not between individuals but intermediaries, centrally held records can be hacked or altered by administrators and visibility is limited – you can see money leaving your bank account but not the recipient receiving it.
Blockchain is essentially a platform of transparency and we’ll look at three ways it could help fight corruption…
To read full article – please click here.
