World Economic Forum: ‘Blockchain can help dismantle corruption’
The World Economic Forum (WEF) has outlined how blockchain technology may help eliminate corruption in government processes in a report published on 5 July 2021.
In a blog article, the WEF believes that Blockchain may eliminate corruption in such sectors as procurement. The research adds that there is potential for financial advantages through corruption in the industry.
WEF highlights procurement phases that are especially susceptible to injury, including as designation, bidding, bid assessment, and implementation.
The post states that transparency is a blockchain technology element which can control the process to prevent unfair tenders. The WEF states:
"The assessment criteria may be amended or business proposals, for example, modified retroactively. Blockchain may guarantee that each modification is made public, the information from the original is kept and the person making the change records."
The Forum further notes that Blockchain technology may help support stakeholder cooperation in the procurement process. WEF says that the technology can also offer a tamperproof and real-time window in permanent procurement procedures, which is easily accessible.
Register Blockchain
Furthermore, the WEF reminds out that blockchain may also be used to eliminate inefficiencies in land registrations. It says that land titling processes are a key area of corruption.
WEF identifies, emerging regions that are able to profit from blockchain technology because of previous legal stability problems. The method is already applicable in Georgia, where by 2018 over 1.5 million land titles have been recorded in the country using the blockchain system.
In addition, a project to test blockchain technology in the digitalisation of land registers is being initiated in Africa. The project aims to remove the load on courts in the resolution of land problems.
The forum emphasizes that technology blockchain offers a number of advantages, but execution is the primary difficulty.
According to the WEF, a wide-ranging blockchain requires enough training and instruments for the size of institutions.
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