Blockchain technology, a means to fight corruption in Nigeria

The absence of central authority is the main reason governments are afraid of blockchain and cryptocurrency. Lack of education about the technology has brought about so many assumptions the blockchain and crypto industry are used basically for crime facilitation.

Blockchain technology seeks to address the safety and integrity of data when there is a high risk of data privacy and increasing concerns about data privacy and lack of trust in government. Also, it helps to guarantee the authenticity of the information.

Blockchain technology has transformed several organizations although, the technology cannot eradicate the problems but can be a tool to minimize them.

To reduce the rate of corruption in the economy. The technology can be used in some aspects and are but not limited to;

Releasing Public funds through blockchain

These will answer individual assumptions about the unutilized government funds issued, and tracing transactions can be easy. Where wallet addresses of those in government are made public, the ascertainment of the usefulness of the fund will not be a problem.

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Having a Relevant Address for Projects

Several projects are going on in the country, and there are billions of dollars allocated to specific projects. Projects should have a publicly known address. It will help to have a brief understanding of the nature of the project, trace every penny to the receiver, and the status of the ongoing project.

Initiating a blockchain-based voting scheme

We’ve one way or the other heard about ‘free and fair elections.’ The bone of contention is, are these so-called free and fair elections free?

It is grim to conduct a free and fair election with the various electoral bodies and their technology. But with a blockchain-based voting scheme, a free and fair election is possible since blockchain is a publicly accessible ledger for recording transactions.

The technology also has its lapses but can solve several government issues. Before government opts for blockchain technology, they should analyze the problems they want it to solve, the viability of the technology-based solutions, and the value it will add to the economy.

What do you think? Share your comments below.

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